ESMA has published its annual report on its supervision of credit rating agencies (CRAs) and trade repositories (TRs), covering its activities during 2015 and its main supervisory priorities for 2016. Key priorities for the supervision of CRAs in 2016 include the governance and strategy of CRAs and the quality of CRAs' credit ratings and credit rating activities. Key priorities for the supervision of TRs in 2016 include data quality, data access and information security risks. ESMA will also focus on financial risk for TRs, including TRs' costs and fee structures.