DGI-2 Recommendation 7
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Objective and scope
- The main objective of DGI-2 was to implement the regular collection and dissemination of reliable and timely statistics for policy use.
- WGSD developed a proposal for a new Recommendation 7 on Securities Statistics that:
- defined precise data sets on debt securities to be reported to the BIS;
- provided reporting templates with a core set of data to be reported by the G20 economies by 2021.
- The reporting templates covered debt securities issues, holdings, and from-whom-to-whom statistics and were linked to the Handbook on Securities Statistics (HSS).
Workshops, timelines, and intermediate objectives
- A First Workshop on Securities Statistics for G20 Economies was hosted by the ECB in Frankfurt on 14-15 April 2016, where:
- representatives from almost all G20 economies, the WGSD, and the FSB developed an action plan for implementing DGI-2 Recommendation 7;
- participants reached a common view on final reporting templates and an accompanying Explanatory Note that defined specific sets of core data as an intermediate objective by 2018 and a more advanced objective by 2021.
- A Second Workshop on Securities Statistics was hosted by the IMF in Washington, D.C. on 21-22 March 2018, where:
- representatives from 22 G20 and non-G20 FSB economies, the FSB, and the WGSD assessed progress and agreed on technical details for the 2018 intermediate reporting objectives;
- the Workshop agreed on the re-use of the existing Global DSD on Sector Accounts (NA_SEC) for exchanging securities statistics data (not mandatory for reporting to the BIS in the context of Recommendation II.7).
- A Virtual Workshop on Securities Statistics was held on 21 October 2020 (originally planned in-person for April 2020 but postponed due to the COVID-19 pandemic), attended by representatives from 23 G20 and non-G20 FSB economies, the FSB, the World Bank and the WGSD, which:
- confirmed the self-commitments for the 2021 reporting objectives of Recommendation 7;
- supported extending the reporting timeline by six months, by transmitting Q2/2021 data for the 2021 reporting objectives by November 2021;
- discussed strategic priorities including future workshops and courses, continuation and expansion of data collection, and an update of the Handbook on Securities Statistics.
Technical standards, data items, and methodological support
- Reporting templates were described in an Explanatory Note that linked templates to the Handbook on Securities Statistics and defined core data sets for G20 economies (intermediate objective by 2018; more advanced objective by 2021).
- Complementary methodological support published by the WGSD:
- Complementary Note 1 to the HSS on the calculation of accrued interest;
- Complementary Note 2 to the HSS on the classification of debt securities by interest rate type.
- The Second Workshop highlighted benefits of increased use and standardization of security-by-security (SBS) data, including application of unique identifiers such as the Legal Entity Identifier (LEI).
- The idea was discussed to complement the existing BIS-ECB-IMF Handbook on Securities Statistics with an addendum on SBS data standards.
Implementation status and outcomes
- Following the First Workshop, G20 economies and almost all non-G20 FSB member economies provided self-commitments on implementation of the Recommendation 7 reporting templates; these self-commitments were presented at the DGI-2 Global Conference in Basel on 6-7 June 2016.
- A WGSD questionnaire circulated in January 2020 showed that G20/FSB economies had made significant progress, with almost all economies that had made self-commitments expecting to implement them fully or mostly by 2021.
- By the conclusion of DGI-2 at end 2021:
- DGI-2 Recommendation 7 implemented a common reporting framework for harmonised and comparable securities statistics by the G20 and non-G20 FSB economies to the BIS for the first time;
- policymakers and other data users gained information on “quarterly developments in the debt securities markets of almost all participating economies through harmonized data on debt securities issuance, holdings and from-whom-to-whom statistics broken down by sector, currency, maturity, interest rate type and market, which are compiled in line with the Handbook on Securities Statistics. These data support comparative analysis across economies as well as policy formulations and financial stability monitoring.” (closing report of the DGI-2).
- The BIS has continued to expand dissemination of data collected under DGI-2, including during 2023 and 2024 by expanding publication on debt securities issues and adding new data on debt securities holdings and from-whom-to-whom.
Remaining challenges and forward work
- Despite progress, challenges remain for some participating economies in fully closing data gaps related to some DGI-2 recommendations including Recommendation 7.
- The WGSD continues to work with participating G20 and non-G20 FSB economies on further extending the data collection on securities statistics and closing remaining gaps.
- Future work priorities discussed include continuing and deepening cooperation between compilers of securities statistics, future workshops and courses, continuation and expansion of data collection, and updating the Handbook on Securities Statistics.
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