3.1 Different data sets TRs should produce for authorities

20. The TRs are the market infrastructures underpinning the EMIR reporting and have a central function in ensuring accurate record keeping under EMIR as well as the calculation of positions for authorities.

21. To ensure the achievement of the objectives outlined in this report there is a need to establish a controlled and consistent process.

22. ESMA assessed the extent to which the various sets discussed later in this paper should be merged in a single set. One of the benefits of having a single calculation would be that an authority would have an immediate view of the exposures between a pair of counterparties. Nevertheless, ESMA is aware of the following:

a) Counterparties can collateralise on a portfolio level, i.e. the information for one collateral would be relevant for many derivatives;

b) Counterparties may not report the collateral information together with the rest of characteristics of the derivative; and

c) The currency positions might not be covered by the same collateral portfolio.

23. As a result, to ensure that authorities have access to data that can be analysed in an effective manner TRs should calculate different positions that include different information.