Canada’s securities commissions have proposed to require transaction data on over-the-counter derivatives to be reported to trade repositories.

“The reporting of OTC derivative transaction data to trade repositories will greatly improve market transparency and is one of the most important components of derivative market reform,” the Canadian Securities

Administrators said in a consultation paper published Thursday.

It’s the first of eight that will be published by the CSA, the umbrella regulation for all of Canada’s securities regulators. Comments are due by September 12.

The CSA’s stance closely matches that of U.S. and European regulators who are following the Group of 20’s recommendations on reform in the swaps market including having OTC contracts tracked through trade repositories and centrally cleared.

Among the CSA’s recommendations for how OTC trade repositories operate:

Meet internationally accepted governance and operational standards related to market transparency, data availability, operational reliability, safeguarding of data and timely recordkeeping.

Make some aggregated information public such as positions, transaction volumes and average prices. Some anonymous post-trade data should also be public provided it is not harmful to market liquidity or function.

Create a board with “appropriate” independent representation and a chief compliance officer

Require back-up systems that can resume operations within two hours of any disruption.