not answer these questions. rather, micro data and empirical methods for ( causal ) identification are the basis for well - informed policy decisions. a good data strategy is crucial for policy evaluation. data on trade repositories have, for example, been an important element of a recent evaluation of derivatives market reforms. the financial stability board ( fsb ) recently released a consultative report on the impact of post - crisis reforms on incentives for central clearing. 8 many of the insights in this report are based on trade repository data, but the report also mentions important shortcomings in the use and availability of data. in 2017, the ifc conducted a survey to investigate data collected by trade repositories. the report, which will be released soon, contains interesting insights : data from trade repositories are useful for macroprudential risk assessment, for analysing market transparency, and for microprudential risk assessment. most jurisdictions collect some data on derivatives, but there are still considerable gaps. using these data for policy work remains limited due to incomplete coverage, reporting lags, and the complexity of the existing data. 3. data and new technologies the arrival of new technologies and data sources has been another structural change. new data sources – typically summarised under the label " big data " – can provide information that complements or even replace traditional statistics. new technologies such as machine learning can allow making better use of existing data and improve the efficiency of producing statistics. let me briefly review the key trends as they are reflected in the work of the ifc. big data and machine learning big data has become a buzzword. it can open up new business opportunities and information sources, but it also raises concern about data confidentiality and privacy. in 2015, the ifc thus reached out to central banks to learn about the relevance of big data to central banks. big data are flexible and available in real time. they thus complement existing statistics and support policy analysis. yet central banks ’ actual involvement has remained limited, given the costs of handling and using big data. the ifc has decided to start pilot projects, related not only to the internet but also to the various large micro datasets that are already available ( eg administrative, commercial and financial market datasets ). conferences and workshop events in this area have been coorganised in 2017 and 2018 with the bank of indonesia. another area in which technological advances are delivering new opportunities for central bankers and statisticians

: issues and good practices. report to bis governors prepared by the task force on data sharing. irving fisher committee on central bank statistics – ifc ( 2017a ). uses of central balance sheet data offices ’ information. proceedings of the ifc - eccbso - cbrt conference in ozdere - izmir, turkey, on 26 september 2016. ifc bulletin 45. irving fisher committee on central bank statistics – ifc ( 2017b ). data needs and statistics compilation for macroprudential analysis. proceedings of the ifc - national bank of belgium workshop in brussels on 18 - 19 may 2017. ifc bulletin 46. organisation for economic co - operation and development – oecd ( 2017 ). households ’ financial assets and liabilities, stats. oecd. org / index. aspx? datasetcode = qasa _ 7hh, accessed 27 august, 2018. 1 for details, see fsb and imf ( 2016 ) and fsb and imf ( 2017 ). 2 for details, see www. fsb. org / 2018 / 03 / global - shadow - banking - monitoring - report - 2017 / 3 see www. bundesbank. de / navigation / en / bundesbank / research / rdsc / inexda / inexda. html? https = 1 4 for details, see ifc ( 2017b ). 5 www. fsb. org / 2017 / 07 / framework - for - post - implementation - evaluation - of - the - effects - of - the - g20 - financial - regulatory - reforms / 6 for details, see www. fsb. org / 2017 / 06 / financial - stability - implications - from - fintech / 7 recent evidence shows that, between 1970 and 1985, franchise values of us banks were not high, market - to - book values of bank equity were closely aligned, and implicit government guarantees were small ( atkeson, d ’ avernas, eisfeldt, and weill 2018 ). between 1996 and 2007, market values of bank equity rose, banks took on more risk, and the value of government guarantees increased. 8 for details, see www. fsb. org / 2018 / 08 / fsb - and - standard - setting - bodies - consult - on - effects - of - reforms - onincentives - to - centrally - clear - over - the - counter - derivatives / 5 / 5 bis central bankers