347. The data quality aspect has been among the most widely discussed topics of the EMIR reporting regime. Recital 28 of EMIR REFIT reads that “The insufficient quality and transparency of data made available by trade repositories makes it difficult for entities that have been granted access to those data to use them to monitor derivatives markets and prevents regulators and supervisors from identifying financial stability risks in due time.” Moreover, the same Recital mentions that “further harmonisation of the reporting rules and requirements is necessary”. This need for further harmonisation is then specified as “further harmonisation of the procedures to be applied by trade repositories for the validation of data reported as to their completeness and correctness and of the procedures for the reconciliation of data with other trade repositories.”