About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Office of Financial Research Promotes Data Standards

Subscribe to our newsletter

The Office of Financial Research (OFR) has released its 2018 Annual Report, stating that risks to US financial stability remain in the medium range and noting data initiatives including work to improve financial data standards and proposals to collect data on cleared bilateral repurchase agreements (repos) to improve regulators’ ability to monitor risks to financial stability.

The OFR was established after the 2008 financial crisis by the Dodd-Frank Act to promote financial stability and ‘shine a light in the dark corners of the financial system to see where risks are going, assess how much of a threat they might pose, and provide policymakers with financial analysis, information, and evaluation of policy tools to mitigate them’. It is also required to make a yearly report.

This year’s focus on data initiatives includes advancing the Legal Entity Identifier (LEI) and other data standards. On the LEI, the report states: “In FY 2018, the LEI system moved from a start-up to an operational stage. . .We will continue to provide strong, consistent leadership on the LEI among our fellow regulators in the US.”

The OFR’s proposed repo rule requires all counterparties and intermediaries to obtain LEIs, improving regulators’ ability to aggregate total exposures for risk monitoring. The report also notes continued private sector adoption of the LEI as it is increasingly recognised as a global standard.

As well as work on data standards for the repo market, the OFR continues to work on data standards for derivatives and has been influential in the development and publishing of final technical guidance on the unique transaction identifier (UTI), unique product identifier (UPI), and the 101 critical data elements through 2018.

Making sure its own house is in order, the OFR notes: “We recognised during the fiscal year that we needed to improve our data management to continue providing timely, relevant, and accurate data for our researchers and the Financial Stability Oversight Council (FSOC). In response, we developed a standard operating procedure for data management and a roadmap for improving our data management practices over the next three years.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Are you making the most of the business-critical structured data stored in your mainframes?

Fewer than 30% of companies think that they can fully tap into their mainframe data even though complete, accurate and real-time data is key to business decision-making, compliance, modernisation and innovation. For many in financial markets, integrating data across the enterprise and making it available and actionable to everyone who needs it is extremely difficult....

BLOG

FpML to DRR: TradeHeader’s Journey to the Heart of Regulatory Data Standards

Digital Regulatory Reporting (DRR) has gained momentum as the industry looks to replace fragmented, firm-specific interpretations of reporting rules with a shared, machine-executable model that consistently links regulatory requirements to the data used to fulfil them. Rather than relying on templates, local mappings and bespoke logic embedded deep within legacy systems, DRR provides a common...

EVENT

AI in Capital Markets Summit London

Now in its 2nd year, the AI in Capital Markets Summit returns with a focus on the practicalities of onboarding AI enterprise wide for business value creation. Whilst AI offers huge potential to revolutionise capital markets operations many are struggling to move beyond pilot phase to generate substantial value from AI.

GUIDE

Pricing and Valuations

This special report accompanies a webinar we held a webinar on the popular topic of Pricing and Valuations, discussing issues such as transparency of pricing and how to ensure data quality. You can register here to get immediate access to the Special Report.