Market Data Strategy and Roadmap
Data is a foundation of the non-household market and key to leveraging operational efficiencies and driving evidence-based improvement; however, whilst there are a number of strategic market initiatives (outlined in our Data Insight improvement programme) related to improving the quality, flow and governance of market data, there has been no single, complete, and adopted charter or strategy.
To address this, we have worked with the information management consultancy Aiimi, and a select group of stakeholders (including the Digital and Data Committee and Technology Advisory Group), to develop a charter and strategy that is aligned to the wider purpose, vision and strategy of the market and that can enable tangible improvements in 2022/23 and beyond.
We believe that developing and sharing a clear charter and strategy will drive engagement and adoption of existing and future data initiatives by clearly articulating what MOSL and the market stakeholders want to achieve with data. This, in turn, will support the formalisation of clearer data ownership and robust data management standards.
The overarching vision of the strategy is to enable the market to deliver successful customer and environmental outcomes by realising the full potential of its data.
We have complimented the charter and strategy with a roadmap of planned activities designed to deliver against the commitments in the charter and the outcomes of the strategy. Together, these provide market participants a clear and transparent view of what to expect from MOSL regarding data, information, and analytics over the next five years and beyond.
- Data and Information Charter: Defines the principles of data and information management and outlines MOSL’s
commitments to the market - Market Data Strategy: Building on the charter, sets out how data and information will be used to achieve the goals of
the market - Data and Analytics Roadmap: Outlines the underlying activities and timings that will be undertaken to achieve the
outcomes contained in the strategy.
Data and Analytics Roadmap
The Data and Analytics Roadmap was published in June 2022, and acts as a living document as work progresses and evolves through the proposed phases.
You can navigate the roadmap by holding down the right mouse button and view the roadmap in fullscreen by hovering over the bottom right navigation bar and clicking the two arrow buttons. Outputs from the roadmap activities are linked within the roadmap.
Market Data Strategy
Following the development of the charter, we defined the Market Data Strategy, which outlines the principles and approach to the management and use of data.
The strategy been grouped into four strategic themes that aims to: (i) establish a framework for prioritising data activity based on the cost and value of data; (ii) address long-standing data quality issues that impede market operation; (iii) develop an enduring market framework for managing and governing data; and (iv) identify how data can be used most effectively to deliver value to the market, the environment, to trading parties and their customers.
Theme 1: Reduce the cost and increase the value of market data
Investigate the model cost of managing and using market data to enable effective prioritisation
Theme 2: Increase the completeness and accuracy of market data
Address persistent data quality issues by increasing the completeness and accuracy aof core customer and asset data
Theme 3: Develop a Market Data Management Framework
Develop and embed an enduring framework for managing and governing market data
Theme 4: Use data proactively to uncover risks, issues and opportunities
Use data to manage and identify risks and drive increased value and opportunities for trading parties and their customers.
The draft version of the Market Data Strategy was sent to stakeholders in December 2021, with the final version published in March 2022. Please read the strategy below:
Market Data and Information Charter
The development of the charter will underpin the Market Data Strategy and aims to:
- Set out the principles or commitments that will support MOSL and the market over the next three to five years, to assess which initiatives should be prioritised and help inform other decisions
- Help define the principles of data and information management.
We published a draft of the Market Data and Information Charter in October 2021 in order to seek feedback. The final charter was published in March 2022.