On December 11, 2015, ESMA launched a consultation on revised RTS on data access and operational standards for comparison and aggregation of data under EMIR. ESMA is proposing to revise the existing RTS to take into account both practical developments and international developments. It will also address certain structural deficiencies in data access which have resulted in an inability of regulators to perform adequate systemic risk assessments. Particular targets of concern are low quality data, limited capabilities for data querying and for access to large datasets, difficulties in aggregating and comparing data across trade repositories due to lack of standardization and difficulties in obtaining real direct and immediate access to trade repository data. ESMA is therefore proposing: (i) common provisions for operational standards for aggregation and comparison of data; (ii) common output formats; and (iii) common provisions for operational standards for access to data and data exchange procedures between trade repositories and national regulators. The consultation closes on February 1, 2016.

The consultation paper is available at: https://www.esma.europa.eu/press-news/consultations/consultation-paper-access-aggregation-and-comparison-tr-data.