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As part of the ongoing effort to enhance oversight of the over-the-counter (OTC) derivatives markets in response to the financial crisis, the International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures on Thursday issued a consultation paper on governance arrangements for OTC derivatives data.

The paper forms part of an overall effort to harmonize OTC derivatives data reporting to enable regulators to aggregate market data on a global basis.

Regulators are seeking aggregated global derivatives data reporting to ensure that they have a comprehensive view of OTC derivatives markets.

In the aftermath of the financial crisis, the G20 pledged to ensure that all OTC derivatives contracts are reported to trade repositories, in an effort to improve transparency in these markets; with the ultimate goal of mitigating systemic risk and helping to prevent market abuse.

Regulators are seeking feedback on the consultation by Sept. 27.