Basel and the International Organisation of Securities Commissions (IOSCO) are consulting on one of the Financial Stability Board’s recommendations of October 2010. The consultation looks at the role trade repositories (TRs) could play in collection and dissemination of data on Over the Counter (OTC) derivatives transactions. The report looks at the data that should be collected and the tools and mechanisms TRs will need to do it. It suggests a system of standard legal entity identifiers (LEIs) and says TRs should be involved in developing the system. It also calls for a public statement calling for a timely, industry-led development of a standard classification for OTC derivatives products. The consultation closes on 23 September. (Source: Basel and IOSCO Consult on Derivatives Data Collection)