OFR_2016_Financial-Stability-Report

Despite Improvements, Deficiencies Remain in Data
Scope, Quality, and Access
Financial data must have three attributes to support risk management and
financial stability analysis. Data must: (1) have sufficient scope (comprehensive
and granular); (2) be of high quality (complete, accurate, and timely);
and (3) be accessible to those who need them (shared and secured).
At the same time, managing increasingly complex data requires ever
more resources and attention. Regulators have cooperated internationally to
improve the scope, quality, and accessibility of financial data since the crisis.
But data still fall short on these three key attributes. Because financial markets
are global, many regulators and jurisdictions are involved. International
coordination requires sustained effort and resources.
Scope, Quality, and Access
Financial data need three attributes to be useful for policymakers and
market participants to support financial risk management, measurement,
and reporting:
n
n
n
Scope. Data must cover all relevant financial markets, institutions,
and products, with data sufficiently granular to monitor
and assess risks.
Quality. Data must be complete, accurate, and timely. They
must be easily usable by parties through different systems,
and they must be supported by adequate information technology
and data architectures.
Access. Data must be purposefully and securely shared
among stakeholders, taking into account privacy and
confidentiality.
Scope. Regulators have started new data collections since the financial crisis
from key firms and markets (see Figure 68). These include activities such
as hedge funds and money market funds. But regulators still lack granular
data on key markets. Data on shadow banking activities are incomplete
and product innovation leads to new gaps. The OFR is working with U.S.
and international regulators to improve data about securities financing
transactions.
Key Threats to Financial Stability 77