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  • Policy Challenges and Research Opportunities in the Era of Big Data Conference, National Bureau of Economic Research, Cambridge, MA - S.P. Kothari, SEC Chief Economist And Director, Division Of Economic And Risk Analysis

    Date 29/07/2019

    The term "big data" is new, but the underlying phenomenon is anything but new and it is certainly not unique to financial economics. Consider, for example, the U.S. census, which is taken every ten years as required by the U.S. Constitution. It is a seemingly simple task to count people and report demographic information such as marital status and family size. Yet by 1870, the quickly expanding U.S. population hampered the ability of the Census Office to tabulate results effectively. In fact, the 1880 census, which was hand-counted, took nearly ten years to complete. In other words, the 1880 census involved big data. Herman Hollerith saw the opportunity and left the Census Office before the 1880 census to develop a machine that could count and tabulate the results. His machine was tested in 1887, and it was quickly leased by the Census Office for the 1890 census. His success in 1890 led to contracts with foreign governments and private companies. Hollerith machines were used in 1891 for censuses of Canada, Norway, and Austria; railroad companies used them to calculate fare information; etc. In other words, Hollerith machines efficiently solved many important big-data problems of the day.

  • ESMA Updates Q&As On MiFIR Data Reporting

    Date 29/07/2019

    The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on data reporting under the Market in Financial Instruments Regulation (MiFIR).

  • Refinitiv Data: Pound Sterling Falls To 28-Month Low Vs The Dollar

    Date 29/07/2019

    With the pound falling to a 28-month low vs the dollar, please see below charts from Refinitiv showing the pound’s performance for today and since the beginning of July.

  • ACER Decides On The Methodology For Coordinated Redispatching And Countertrading In Bulgaria, Greece And Romania

    Date 29/07/2019

    The European Union Agency for the Cooperation of Energy Regulators (ACER) published today a Decision setting the common methodology for coordinated redispatching and countertrading in Bulgaria, Greece and Romania (the South East Europe region). The adopted methodology establishes a coordinated use of redispatching and countertrading resources among the three Transmission System Operators (TSOs): ESO EAD (Bulgaria), ADMIE (Greece) and Transelectrica (Romania).

  • Financial Services: European Commission Sets Out Its Equivalence Policy With Non-EU Countries

    Date 29/07/2019

    The European Commission is today taking stock of its overall approach to equivalence in the area of financial services. EU equivalence has become a significant tool in recent years, fostering integration of global financial markets and cooperation with third-country authorities. The EU assesses the overall policy context and to what extent the regulatory regimes of a given third country achieves the same outcomes as its own rules. A positive equivalence decision, which is a unilateral measure by the Commission, allows EU authorities to rely on third-country rules and supervision, allowing market participants from third countries who are active in the EU to comply with only one set of rules. Today's Communication also sets out how recent updates to EU legislation will ensure even greater effectiveness of the EU single rulebook, supervision and monitoring, while also fostering cross-border business in global markets. The Commission has to date taken over 280 equivalence decisions with regard to over 30 countries.