As indicated in Section 4 of this Final Report, the amended Guidelines on transfer of data between TRs under EMIR and the new Guidelines on transfer of data between TRs under SFTR have the aim to (i) remove portability obstacles from the competitive TR environment, and ensure that TR participants can benefit from the multi-TR environment; (ii) to ensure the quality of data available to authorities, including the aggregations carried out by TRs, even when the TR participant changes the TR to which it reports and irrespective of the reason for such a change; and (iii) to ensure that there is a consistent, standardised and harmonised way 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.

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 few cost-benefit aspects outlining the qualitative assessment of the impact of the guidelines to market participants and TRs.