The European Securities and Markets Authority (ESMA) on Thursday unveiled its ambitious Data Strategy for the next five years, signalling a commitment to bolstering data-related technologies, slashing compliance costs, and enhancing data accessibility within the European Union’s financial markets.
ESMA›s forward-thinking Data Strategy encompasses a range of pivotal objectives for the 2023-2028 period. At the forefront is the agency’s vision to become an advanced data hub, optimising the accessibility, interoperability, and usability of data and information. By harnessing synergies and economies of scale, ESMA aims to streamline data processes, positioning itself as a trusted and authoritative source of information.
Verena Ross, Chair of ESMA, expressed the agency’s determination, stating, «The new strategy will strengthen ESMA›s role both as a supervisor and as a data and information hub in the EU.»
Aligned with its mission to facilitate seamless access to financial data, ESMA intends to expand data sharing with both EU and national authorities. Initiatives like the European Single Access Point (ESAP) aim to broaden the availability of critical financial information, ensuring that retail investors and market participants have unfettered access.
ESMA›s Data Strategy for 2023-2028 focuses on six key objectives:
- Enhanced data hub: ESMA aims to solidify its position as the premier data hub for EU securities markets, concentrating on improving data accessibility, interoperability, and usability while maximising economies of scale.
- Accessible data of public interest: The strategy aims to provide market participants, including retail investors, with easily accessible and usable information in machine-readable formats through user-friendly search and analytical interfaces.
- Data-driven supervision: ESMA plans to spearhead cutting-edge, intelligent, and effective data-driven supervision through technological innovation and collaborative endeavours.
- Increased data collaboration: ESMA seeks to enhance data standardisation, quality, and reusability while fostering the adoption of innovative technologies within the financial industry.
- Efficient data policy output: The strategy aims to lighten the compliance burden by eliminating redundant and inconsistent reporting requirements, optimising reporting processes, and championing emerging technologies.
- Facilitated systematic data use: ESMA intends to establish robust processes, methodologies, and tools to enable evidence-based policy development, supervision, and risk assessment through systematic data utilisation.
ESMA asserts that its Data Strategy underscores its dedication to streamlining data processes, improving accessibility, and harnessing technological advancements to drive efficient financial market oversight and informed decision-making. By reducing compliance costs and enhancing data reporting, ESMA said its strategy paves the way for a more transparent and interconnected financial ecosystem within the European Union.