Came across this gem today. The DTCC’s position is that regulators must tell the trade repositories what fields they require for aggregation and what standards to maintain on them.
Yes, that’s all true and makes tons of sense. Except that it’s only smart for a repository to maintain some data standards of their own. It shields their customers from downstream demands on harmonization.
We’ve covered that topic specifically last year. Standards mean that when regulators want to harmonize ACROSS repositories, there’s minimal impact upstream to data participants.
If you are reporting to a repository that doesn’t have data validation, be prepared for extra work when the regulators start applying standards. If instead you bore the pain of meeting validation up front…well then rest easy my friend. You have chosen wisely.