Reasons for publication

Since 2017, the EU TR landscape has undergone major changes as a consequence of multiple TR registration withdrawals as well as Brexit. This has required ESMA to formulate expectations and provide guidance to TRs and market participants with regards to portability-related issues which were not covered in the current Guidelines on transfer of data between Trade Repositories.

The existing Guidelines on transfer of data between Trade Repositories contribute to the establishment of a competitive TR environment, and to ensure that high quality data is available to authorities, including the aggregations carried out by TRs. They also establish a consistent and harmonised process to transfer records from one TR to another TR and support the continuity of reporting and reconciliation in all cases including the withdrawal of registration of a TR.

This Consultation Paper contains:

• Amendments by replacement of three Guidelines on data transfer under EMIR

• Inclusions of nine new Guidelines which compile the additional clarifications based on the experience gathered and the on-going guidance provided by ESMA to TRs and market participants for maintaining and ensuring a high degree of data quality, access to historical data for regulatory authorities, and to foster a competitive TR environment; and

• The new SFTR Guidelines, that build on the existing EMIR guidelines as well as on the proposed amendments to those.

Contents

The Consultation Paper is split into different Sections.