Data gaps are an inevitable consequence of financial innovation and the ongoing development of markets and institutions. And no data initiative can substitute for effective policy design and judgement. However, in the recent crisis, the lack of timely, accurate information has proved very costly. The current data architecture lags well behind the forces driving increased complexity and globalisation of financial systems, institutions and markets. Importantly, there are major gaps in information on the globally active financial institutions that play a key role in the international financial system. There is little consistent information on the major bilateral linkages between such institutions, as well as on their interactions with other key financial institutions and markets across the world. As a consequence, there is a poor understanding of the global financial network which continues to hamper policy responses. 

Comments are encouraged and should be sent by 8 November 2011 by e-mail ([email protected]) or post (Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland). Responses will be published on the FSB’s website unless respondents expressly request otherwise.