Third Joint Workshop by the Bank of England, European Central Bank, and the OFR, "Setting Global Standards for Granular Data"
Published: June 16, 2017
This workshop on March 28-29, 2017, the third in a series, was an opportunity to continue discussions about best practices and emerging issues in the usage and standards of granular financial data. The workshop brought together policymakers, international organizations, and financial industry practitioners from around the world. Participants agreed that the time is right to move forward in establishing clear, internationally mandated data collection standards. The success of these efforts, led by regulators from around the world, depends on industry engagement and collaboration. Workshop topics included semantic technologies, natural rules languages, big data techniques, developments in standards such as the Legal Entity Identifier, and the impact that collecting granular data will have. Presenters were from the regulatory community, academia, standards groups, and industry. The three sponsoring institutions will continue their work along with other organizations under the theme “Sharing the Challenge.”
Today, OFR Director Richard Berner, Oliver Burrows from the Bank of England, and Aurel Schubert from the European Central Bank are publishing a joint report about the workshop and the need to continue to pursue better collaboration with industry to promote data standards and access globally.
Also, the OFR and the European Central Bank signed a memorandum of understanding this month to share macroprudential data and analyses.