This week, US Federal Reserve governor Daniel Tarullo brought the issue of data standardisation to the attention of the US Senate during his testimony before the Subcommittee on Security and International Trade and Finance, following up on his comments last year about the data challenge related to living wills reforms (see our coverage here). He is proposing to establish a new centralised system of data collection and monitoring and to encourage greater data standardisation across the reference data space, especially in the areas of instrument and entity identification.

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