Europe’s top markets regulator has toughened its data standards for trade repositories just days after fining Europe’s largest facility for reporting failures. The way in which data is provided has been “insufficient”, it said, as it announced the amended rules.

The European Securities and Markets Authority, which directly oversees trade repositories, said that the initial rules for providing data to national regulators, drawn up in the wake of the financial crisis, suffered from a lack of practical experience, resulting in some major technical issues.