“Senior financial supervisors from 10 countries—collectively, the Senior Supervisors Group (SSG)—today issued a report assessing progress on measuring and reporting of counterparty risk by large, complex financial firms. The report—Progress Report on Counterparty Data—concludes that while firms have made improvements in assessing counterparty risk, on the whole current practices fail to meet supervisory expectations or industry self-identified best practices.  Some firms have met expectations for timeliness and frequency, data aggregation capability and data quality; however, others failed to make as much progress as anticipated.  One particular area of concern remains firms’ inability to produce and submit to supervisors high-quality data on a consistent basis.  The SSG also calls on supervisors to further stress to firms the significance of reliable, timely and accurate reporting of counterparty exposure.  Furthermore, firms should continue to prioritize controls and governance even in times of relatively well-functioning and stable markets.  The Progress Report on Counterparty Data is a result of the insight and experiences gained from SSG’s counterparty exposure data collection program known as the “Top 20” Counterparty project.  Launched in late 2008 in response to the financial crisis, the project was intended to provide supervisory authorities across jurisdictions with information about large firms’ exposure to each other and to common counterparties, and enhance the ability of firms to produce quality counterparty information.  In March 2013, the Top 20 project transferred to a more comprehensive program administered by a new International Data Hub at the Bank for International Settlements.  This report represents a joint effort on the part of supervisory agencies from ten countries: the Canadian Office of the Superintendent of Financial Institutions, the French Prudential Control Authority, the German Federal Financial Supervisory Authority, the Bank of Italy, the Japanese Financial Services Agency, the Netherlands Bank, the Bank of Spain, the Swiss Financial Market Supervisory Authority, the U.K. Prudential Regulatory Authority, and, in the United States, the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the Federal Reserve.”