On 11 April 2024, the European Securities and Markets Authority (ESMA) published its 2023 report on the quality and use of data.

The first two editions of this report covered data reported under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR). The previous edition also included transactions data reported under the Markets in Financial Instruments Regulation (MiFIR).

This year, the report additionally covers:

  • Transparency data published by approved publication arrangements under MiFIR.
  • Data supporting the MiFIR transparency calculations.
  • Data reported under the Securitisation Regulation. 
  • Data on funds collected under the Alternative Investment Fund Managers Directive and the Money Market Funds Regulation. 

Section 2 of the report explains how the objectives to share data and analytical tools with Member State competent authorities (NCAs) (outlined in ESMA’S updated Data Strategy), are linked to data quality and use. This is particularly relevant to the objectives to share data and analytical tools with NCAs to provide data of public interest, to encourage the systematic use of data within ESMA and to improve data driven supervision.

Section 3 provides a high-level overview of the most significant analytical use cases implemented by NCAs, the European Central Bank and the European Systematic Risk Board. This covers transaction data reported to NCAs via approved reporting mechanisms (under Article 26 of MiFIR) and transparency data which is published under Articles 6, 10, 20 and 21 of MiFIR and reported to the ESMA Financial Instruments Transparency System.

Key developments concerning data quality in 2023 are reported in Section 4 of the report for each of the data sets in scope.

Next steps

The report highlights that there remains room for further improvement of data quality, as well as signals of data quality deterioration on certain dimensions, which ESMA will continue monitoring.