ESMA calls on market data experts
European securities regulator ESMA is on the hunt for market data experts.
The watchdog is trying to form a panel of 20 industry insiders to work on market data issues.
Such a working group would then advise and assist ESMA’s market data standing committee (MDSC) on technical standards, guidelines and recommendations.
MDSC works specifically on market data issues, including the reporting of derivative contracts.
Its objective is to enhance the quality of the market data reported to authorities and trade repositories.
Post financial crisis, the importance of data collection and accuracy for risk and financial reporting has taken on increased significance.
Dodd-Frank in the US, for example, now requires derivatives trades to be reported to swap data repositories.
Under EMIR rules, trade repositories in Europe now act as key institutions when it comes to collecting derivatives data.
Applications to join ESMA’s working group on a two year term can be filed up until March 7 this year.
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