133. As indicated in sections 5 and 6 of this final report, these guidelines are establishing a consistent and harmonised approach and a comprehensive procedure to carry out the transfer of data between TRs. The guidelines cover the transfer of data at the request of a TR participant and the transfer of data due to withdrawal of TR registration. ESMA is including a reduced cost-benefit analysis outlining the qualitative assessment of the impact of the guidelines to market participants and TRs.

134. One of the most important aspects of these guidelines is the positioning of the TRs as central market infrastructures responsible for underpinning the smooth and swift transfer of data for TR participants and to contributing to the general objective of supporting quality of data for the authorities. When assessing the different alternatives for portability, ESMA concluded that using the TRs was the most cost-effective and the least error-prone option. This is based on the rationale in the following paragraphs.