ESMA to publish new data completeness indicators
01 October 2018 Paris
Image: Shutterstock
The European Securities and Markets Authority (ESMA) will publish new data completeness indicators for trading venues detailing the delivery of double volume cap (DVC) and bond liquidity data.
According to ESMA, the two indicators the Completeness Ratio and the Completeness Shortfall- will assist trading venues in delivering complete and accurate data on a timely basis.
It will do this by providing performance information on the timeliness and completeness of their data provision
The indicators will be published for the first time on 8 October for DVC data and by 1 November for bond liquidity.
The Completeness Ratio is an indicator that provides information on the completeness of a particular venue taken in isolation, irrespective of the performance of other venues.
Meanwhile, the Completeness Shortfall is a measure that gives an indication of a venue’s performance in terms of completeness compared to other trading venues.
Additionally, it reflects the percentage of missing data for which a particular venue is responsible.
Steven Maijoor, chair of ESMA, said: “ESMA is committed to ensuring data completeness to facilitate the consistent application of the DVC and bond market liquidity rules across the EU.”
“Moreover, we need to ensure a level playing field between trading venues. These goals can only be accomplished if the relevant data from trading venues is consistently complete and correct.”
“The two indicators that ESMA will start publishing from October and November should make trading venues increase their efforts to provide timely and complete data.”
“The DVC and bond liquidity assessments are key building blocks of the second Markets in Financial Instruments Directive objective to increase transparency.”
According to ESMA, the two indicators the Completeness Ratio and the Completeness Shortfall- will assist trading venues in delivering complete and accurate data on a timely basis.
It will do this by providing performance information on the timeliness and completeness of their data provision
The indicators will be published for the first time on 8 October for DVC data and by 1 November for bond liquidity.
The Completeness Ratio is an indicator that provides information on the completeness of a particular venue taken in isolation, irrespective of the performance of other venues.
Meanwhile, the Completeness Shortfall is a measure that gives an indication of a venue’s performance in terms of completeness compared to other trading venues.
Additionally, it reflects the percentage of missing data for which a particular venue is responsible.
Steven Maijoor, chair of ESMA, said: “ESMA is committed to ensuring data completeness to facilitate the consistent application of the DVC and bond market liquidity rules across the EU.”
“Moreover, we need to ensure a level playing field between trading venues. These goals can only be accomplished if the relevant data from trading venues is consistently complete and correct.”
“The two indicators that ESMA will start publishing from October and November should make trading venues increase their efforts to provide timely and complete data.”
“The DVC and bond liquidity assessments are key building blocks of the second Markets in Financial Instruments Directive objective to increase transparency.”
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