Klaas Knot: The need for high quality data in banking supervision and regulation
Word of welcome by Mr Klaas Knot, President of the Netherlands Bank, at the GUUG-CPMI-IOSCO HG workshop, Amsterdam, 25 April 2017.
Welcome to you all here at De Nederlandsche Bank.
Welcome to this highly relevant workshop. Today you'll be paving the way for an optimal governance model for the Unique Transaction Identifier, the UTI. That's quite a challenge. For without an effective and efficient governance we cannot ensure a globally consistent high quality of the data used in the industry.
And high-quality data are just what the industry and regulators alike urgently need. Since being a member of the Financial Stability Board, I have become increasingly aware of this. For both the public and private partners attending today, I won't need to stress the great benefit that high-quality data will bring. Ever since the 2008 crisis, OTC derivative counterparties have been facing a rise in the burden, and consequently, cost of mandatory reporting. A trend that is the effect of bad quality data.