These efforts will no doubt pay off. Indeed, MMSR data have proven highly useful to policymakers in their short period of existence. Let me give you an example.
The data help us assess the impact of the ECB’s asset purchase programme (APP) on market functioning, as I explained in more detail in a speech I gave last week in Brussels.6 MMSR data show that since the ECB launched the APP there has been a marked shift away from trades backed by general collateral, which are traditionally used to manage cash.