5. EMIR and SFTR establish a multi-TR reporting environment. Counterparties and report submitting entities (RSEs) have been reporting under Article 9 of EMIR the details of exchange-traded or over-the-counter derivative contracts to any of the registered or recognised TRs under EMIR and under Article 4 of SFTR the details of SFTs to any of the registered or recognised TRs under SFTR.

6. One of the priorities for ESMA is to ensure that high quality data is available to the authorities to allow them to fulfil their responsibilities and mandates. ESMA is aware that portability, if not properly conducted, can negatively affect the quality of the data available to authorities.

7. Reporting counterparties do not have an obligation to continue reporting to the same TR indefinitely, given there is a competitive TR environment. Likewise, it cannot be assumed that all existing and future TRs will continue to operate indefinitely, since there can be TRs that might in the future cease their operations. Therefore, to better clarify some practical aspects, ESMA published the current Guidelines on transfer of data between TRs on 24 August 2017.