Viewing Data Element Market Construction from the Capital Market Perspective

In today's digital wave, data has become a new production factor, and its value is increasingly prominent. From the perspective of the capital market, how should the data element market be constructed? How will the securitization of data assets develop in the future? How can it be integrated with AI big data, blockchain, digital currencies, and other technologies? What issues need attention during this process?

The path for data trading is gradually being established, and the uncertainties along the way require clarification. As an essential link in thischain, what role should exchanges play?

Under the trend of constructing the data element market and the inclusion of data assets in financial statements, exploring new perspectives, methods, and channels to uncover the value and applications of data assets, as well as exploring key points in data transactions, presents a promising new approach.

Does the digitalization of securities business mean restructuring of business processes?

Dr. Liao Chang: Digitalization is the full life cycle of data, from collection to processing and analysis. Process restructuring is just one form; the main goal of digitalizing securities business is to improve efficiency in business processes, enhance experience, and increase revenue.

What is the future development trend of digitalizing securities business?

Dr. Liao Chang: It includes the integration of AI big data, blockchain with digital assets, and digital currencies. New models and new business forms in the securities industry hold more potential, and the greatest integration is still around data assets, including innovations such as cryptocurrencies, digital Renminbi, and digital securities.

Apart from intellectual property rights, what are the main paths for the securitization of data assets?

Dr. Liao Chang: Intellectual property rights are only one method. They differ from data assets since intellectual property rights have already been registered, whereas most data assets have not. We can learn from the concept of data supermarkets, i.e., establishing data infrastructure platforms where unified authorization occurs during the creation of data products, leading to securitization. This process requires data trusts, which involve entrusting data to a credible platform for development on one hand and addressing legal compliance issues on the other. This process does not entirely depend on intellectual property rights.

Is there conflict between local data exchanges and future national-level data exchanges?

Dr. Liao Chang: Data trading is currently in an exploratory phase, lacking a standardized solution. Local exchanges can leverage their advantages to explore various paths, such as data trusts, data securitization, data loans, and data insurance. Such a diverse landscape is conducive to the development of the data element market. Looking at the multi-tiered structure of the capital market, from over-the-counter to exchange-traded, from non-standardized to standardized products, different entry thresholds, trading mechanisms, risk control systems, and interconnectivity among sectors are all aspects worth considering and learning from.

We can anticipate that national exchanges could act as top-tier infrastructure, either guiding innovation and piloting or operating under a   cooperative model similar to the NMS framework in securities.