MOSL has published the first Market Data Strategy for the non-household water market.
The strategy, which has been produced in partnership with information management consultancy Aiimi and in collaboration with trading parties and wider market stakeholders, including Ofwat and CCW, outlines MOSL’s commitment to helping trading parties to “realise the full potential” of market data.
It follows the publication of MOSL’s Data and Information Charter, which has been further enhanced since its release in October 2021, which set out eight commitments to better enable the market to achieve its goals through the improved quality, use and sharing of data.
The strategy centres around the following four themes:
1. Reduce the cost and increase the value of market data
2. Increase the completeness and accuracy of market data
3. Develop a Market Data Framework
4. Use data proactively to uncover risks, issues, and opportunities.
Each theme details several areas, including key milestones, roles and responsibilities of market participants and legislative considerations, such as the safeguarding of data.
Following publication on March 9, 2022, MOSL will be developing a data and analytics roadmap, outlining the activities that will support the delivery of the strategy over the next five years and beyond. Prioritisation of the activities will be informed by the outcomes of the first theme, which involves an in-depth analysis of the cost and value of data.
Sarah McMath, CEO of MOSL says: “Good quality data that we can derive insight from, is critical to a successful and evolving market. The Market Data Strategy will tackle the root causes of legacy data quality issues and provide market participants the tools they need to tackle inefficiencies caused by poor data. This strategy provides the framework for market participants to work together and unlock the true value of market data.”