The Data Standardization Challenge

Forthcoming in Systemic Risk in the Financial Sector: Ten Years After the Great Crash, edited by Douglas W. Arner, Emilios Avgouleas, Danny Busch and Steven L. Schwarcz (CIGI Press)

Columbia Law and Economics Working Paper No. 598

European Corporate Governance Institute (ECGI) - Law Working Paper No. 438/2019

29 Pages Posted: 28 Jan 2019

See all articles by Richard Berner

Richard Berner

Leonard N. Stern School of Business, NYU

Kathryn Judge

Columbia Law School

Date Written: January 27, 2019

Abstract

Data standardization offers significant benefits for industry and regulators alike, suggesting that it should be easy. In practice, however, the process has been difficult and slow moving. Moving from an abstract incentive-based analysis to one focused on institutional detail reveals myriad frictions favoring the status quo despite foregone gains. This paper explores the benefits of and challenges confronting standardization, why it should be a top regulatory priority, and how to overcome some of the obstacles to implementation.

The paper also uses data standardization as a lens into the challenges that impede optimal financial regulation. Alongside capture and other common explanations for regulatory failures, this paper suggests that coordination problems, delayed benefits, and other banal, but perhaps no less intractable, challenges are often the real impediments to better financial regulation.

Keywords: data standards; financial regulation

JEL Classification: G18, G28, K2, L51

Suggested Citation

Berner, Richard and Judge, Kathryn, The Data Standardization Challenge (January 27, 2019). Forthcoming in Systemic Risk in the Financial Sector: Ten Years After the Great Crash, edited by Douglas W. Arner, Emilios Avgouleas, Danny Busch and Steven L. Schwarcz (CIGI Press); Forthcoming in Systemic Risk in the Financial Sector: Ten Years After the Great Crash, edited by Douglas W. Arner, Emilios Avgouleas, Danny Busch and Steven L. Schwarcz (CIGI Press); Columbia Law and Economics Working Paper No. 598; European Corporate Governance Institute (ECGI) - Law Working Paper No. 438/2019. Available at SSRN: https://ssrn.com/abstract=3323719

Richard Berner

Leonard N. Stern School of Business, NYU ( email )

Bobst Library, E-resource Acquisitions
20 Cooper Square 3rd Floor
New York, NY 10003-711
United States

Kathryn Judge (Contact Author)

Columbia Law School ( email )

435 West 116th Street
New York, NY 10025
United States

HOME PAGE: http://www.law.columbia.edu/fac/Kathryn_Judge

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