Service Performance
The Data Quality Framework sets out the principles, governance and high-level processes through which the quality of post-trade transparency reports is monitored and managed, from the point of receipt through to publication within the consolidated tape. It is principles-based and operates alongside the broader operational and regulatory arrangements of the consolidated tape.
Each submitted trade report is assessed through a layered set of checks. The outcome of a check depends on the nature of the issue identified, ranging from technical rejection through to publication with a data quality indicator applied:
Every identified issue, including the relevant evaluation code, severity and reason, is recorded and communicated to the data contributor, supporting investigation and remediation at source and, where appropriate, the submission of cancellation and amendment reports. The application of the DQ Indicator Flag and advisory notifications is intended to enhance transparency for users of the consolidated tape and does not constitute a determination of factual error, nor imply fault or liability on the part of any data contributor.
Each check is assigned to a category that reflects the type of control through which an issue is identified and determines whether the report is rejected or published. Checks that test for missing fields, invalid formats or invalid combinations of conditional values set out in the regulations result in rejection of the report. Advisory and reference data checks result in publication with the DQ Indicator Flag set to FALSE and a notification to the contributor. Outlier checks, which test economic details such as price and notional amount against expected ranges, result in publication with the DQ Indicator Flag set to TRUE.
In addition to its category, each check carries a severity rating that indicates the importance of any identified issue. Ratings range from Good (0), where no issue is detected, through Minor (1), Medium (2) and Major (3) for issues that do not affect the core economics of a record, to Severe (4) where an issue with key economic information has been identified, and Critical (5) where a record does not conform to regulatory instructions and cannot be processed or published. The DQ Indicator Flag is set to TRUE only at severity level Severe.
The categories, checks and severity levels are kept under review and are expected to evolve over time in line with market experience, regulatory guidance and ongoing governance oversight by the Data Quality Committee.
For full details on the data quality checks applied, including exact test specifications and severity assignments, refer to the Data Quality Framework on the Documents page.
