The International Swaps and Derivatives Association (ISDA) has pulled together 11 industry associations to call for harmonisation of derivatives reporting rules across borders.
Signatories to a set of principles for data reporting include the European Fund and Asset management Association, British Bankers Association and the Securities Industry and Financial Markets Association.
ISDA said the principles will aid the further development and adoption of global data standards to address the challenges of cross-border implementation of derivatives reporting rules.
While major progress has been made in providing data to trade repositories and increase transparency, ISDA said a lack of standards and consistency in reporting requirements across jurisdictions was hampering efforts and also highlighted concerns about data quality.
To try and advance reporting worldwide, the ISDA principals will aim to learn lessons from reporting progress.
The principals include ensuring reporting requirements are harmonised across borders, that policy-makers embrace global open standards, collaborate to develop new standards as required, revise laws to ensure policy-makers can appropriately access and share data and benchmarking reporting progress.
All 11 associations will call on their members to adhere to the ISDA reporting principals.