Market Data Strategy and Charter
Data is a foundation of the non-household market and key to leveraging operational efficiencies and driving evidence-based improvement; and, 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 is no single, complete, and adopted Market Data Strategy or Charter.
To address this, we have begun working with 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 Market Data Strategy that is aligned to the wider purpose, vision and strategy of the market and that can enable tangible improvements in 2021/22 and beyond.
We believe that developing and sharing a clear Charter and Market Data Strategy will drive engagement and adoption of existing and future data initiatives by clearly articulating what the market wants to achieve. This, in turn, will support the formalisation of clearer data ownership and robust data management standards.
Market Data Charter
The development of the Charter will underpin the Data Strategy and aim 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 market participants and MOSL understand what they can achieve through improved use of data.
Market Data Strategy
Following the development of the Charter, we will then define the Data Strategy, which will:
- Shape and inform wider data priorities
- Provide a clear understanding to market participants what is expected from them, an indication of what value can be derived from data, and how to incentivise improved market data quality
- Help the market to evaluate and prioritise in-flight 'data-related' initiatives, demonstrate the benefits of future work and provide guidance to market participants about where the focus will be in the future
- Provide a basis for an in-depth review and proposal of data ownership for key data fields and the role of the market operator (for example exploring a central data cleanse and enrichment service).
Both documents will be published on the MOSL website upon completion, which will be in early 2022.