The Global Risks Alliance (GRA)
Markets run on data: prices, trade reports, reference data, identifiers and issuer disclosures. When data are late, inconsistent or wrong, prices mislead, supervisors miss build-ups of risk and investors cannot compare issuers. This page sets out how data quality problems arise and travel through reporting chains, how integrity is measured, which standards make records comparable, and who decides on data rules and their enforcement.
GRA · Established · service level R0
Market data quality is the accuracy, timeliness and consistency of the prices, trade reports, reference data, identifiers and issuer disclosures markets run on. When data are late, inconsistent or wrong, prices mislead, supervisors miss build-ups of risk and investors cannot compare issuers.
For market data quality, in GRA's spatial-finance reading, the map opens on night lights and population density with night lights tonight from NASA GIBS, framed on East Asia; every other NASA layer, live feed and forecast waits in the layer list.
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For market data quality, in GRA's spatial-finance reading, the map opens on night lights and population density with night lights tonight from NASA GIBS, framed on East Asia; every other NASA layer, live feed and forecast waits in the layer list.Satellite and model products as NASA publishes them, each with its own date; indicators, not assessments of any place; claim ceiling INTEGRATED.
Layers and dates
Integrity, disclosures and sources. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.
A wrong identifier, a misclassified instrument or a mistimed trade report travels into indices, risk models, regulatory aggregates and research. Each downstream user inherits the error and may compound it with its own transformations.
Trading spread across exchanges, alternative venues and bilateral markets means no single feed shows the full market. Without a consolidated tape or harmonised trade repository data, aggregate exposures and liquidity must be reconstructed from partial views.
Legal entity identifiers, ISINs, CFI codes and unique transaction and product identifiers let records from different firms and jurisdictions be matched. Lapsed, missing or inconsistent identifiers break the joins supervisors rely on.
Issuers disclose financial and sustainability information under different standards and levels of assurance. Inconsistent, late or unassured disclosure widens information gaps between investors and can raise the cost of capital for the issuers concerned.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Legal entity identifier | A twenty-character code identifying a legal entity in financial transactions, under the GLEIF system. |
| Consolidated tape | A single feed of prices and volumes from all trading venues for an asset class. |
| Trade repository | An entity that collects and keeps records of derivatives transactions for supervisors. |
Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.
| Indicator | Unit | Cadence | Source type | Label |
|---|---|---|---|---|
| Legal entity identifiers with lapsed registration status | share of issued identifiers | monthly | GLEIF Global LEI Index | OFFICIAL |
| Trade repository report rejection rate | share of submitted reports | quarterly | Regulator data quality reports | OFFICIAL |
| Derivatives trade pairing and reconciliation rate | share of reportable trades | quarterly | Regulator data quality reports | OFFICIAL |
| Reference data completeness for traded instruments | share of instruments with complete mandatory fields | monthly | Instrument reference data registers | ESTIMATED |
| Late or missing periodic issuer filings | count per period | quarterly | Regulatory filing systems | OFFICIAL |
| Financial statement restatements | count per period | annual | Issuer filings | REPORTED |
| Listed issuers with assured sustainability disclosure | share of listed issuers | annual | Issuer reports and assurance statements | REPORTED |
The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.
Fig. 02Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.
Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.
| Source | What it gives | Licence class |
|---|---|---|
| GLEIF Global LEI Index | Legal entity identifiers with reference data and parent relationships | CC0, open data |
| ESMA Financial Instruments Reference Data System | Reference data for instruments admitted to trading on EU venues | Free, reuse with attribution under the ESMA legal notice |
| ANNA Derivatives Service Bureau | ISINs, CFI codes and unique product identifiers for OTC derivatives | Free access with registration, DSB terms |
| SEC EDGAR and XBRL financial statement data | Issuer filings and structured financial statement data | Public domain, US government records |
| ESMA and national authority reports on reporting data quality | Findings on completeness, accuracy and timeliness of EMIR, SFTR and MiFIR reporting | Free, reuse with attribution under the ESMA legal notice |
| Swap data repository public dissemination under CFTC rules | Real-time public reports of swap transactions | Public access, terms per swap data repository |
Capital Markets Nexus prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.
| Who decides | The question | Evidence this page serves |
|---|---|---|
| Securities regulators and ESMA | Which reporting fields, validation rules and data quality thresholds to require | Published rejection, pairing and completeness measures |
| The ISSB and jurisdictions adopting its standards | Which disclosure requirements to adopt and on what assurance timetable | Comparability and assurance evidence across issuers' reports |
| Issuers' boards and audit committees | Whether internal controls over financial and sustainability reporting are adequate | Restatement and late filing patterns described as context |
| GLEIF and the LEI Regulatory Oversight Committee | How to improve renewal and coverage of legal entity identifiers | Lapse rates and coverage by jurisdiction |
Benchmarks based on submissions rather than transactions proved vulnerable to manipulation, which led to reforms towards transaction-based reference rates. Prices for thinly traded assets may be estimated rather than observed, so valuations can lag reality. Reference data errors, such as wrong identifiers, can propagate through automated systems.
Disclosures vary in scope, timing and definitions across jurisdictions, making comparison hard. A small number of providers supply much of the industry's indices, prices and analytics, so an error or outage at one can affect many users at once.
Tracing where a data point comes from and how it was transformed. Lineage is often undocumented.
Comparing prices or reference data across providers to detect anomalies, using econometrics.
Assessing consistency of definitions and scope across issuers and jurisdictions.
Mapping dependence on key data providers, with network science and contagion.
The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.