ESMA Calls on NCAs to Improve Data Quality of Derivatives

The European Securities and Markets Authority (ESMA) has published the results of a 2018 peer review of supervisory actions of six European National Competent Authorities (NCAs), including the UK Financial Conduct Authority (FCA), regarding approaches to enhancing the quality of derivative data reported under European Market Infrastructure Regulation (EMIR). The report complements ESMA’s Data Quality Action Plan to improve the quality and usability of derivatives data. Its results are mixed, but on the data quality side, have led ESMA to suggest several initiatives to improve the supervision of EMIR data quality in the short and long term.