By FINTECH Books Contributor, Jonathan McGuinness Follow: @ZenterFlow  What is Wish 1: My vision as a regulator would be an overview of the default risks of countries and corporates, with views on the possible aggregation scenarios for contagion. Why want Wish 1: It would give me the ability to either prevent or mitigate fallout from negative global financial stability. When will I get Wish 1: The current Regulatory Market Landscape is in the process of allowing an audit trail for forensic analysis for events that will happen. Data and its semantics are the keys to the predictive analysis of the regulators. The data will need relative consistency across key jurisdictions and traceability of the legs of trades to determine the impact and a mapping to PL of the major entities holding the risks. How will we get Wish 1: The platform of data required for full management of the global financial market will include the integration of: These integrations of data sources will be required to direct the market and in particular control the Risks. Where will we get Wish 1 first? The U.S. (CFTC  SEC) were the leaders in the regulation of derivatives markets and now European (ESMA) is taking the lead with the full Financial Instruments scope under the upcoming Financial Market Infrastructure Initiatives for Trading. The final leader will be a continuation of MiFID2 under ESMA or be determined by Market Events that will stimulate further automation of the key data sources with urgency to maintain the market. Which is the critical element of Wish 1 to implement? The relationship of trades to global financial risks through the integration of transaction, client, instrument, financial data. THE REGULATOR RISK DASHBOARD! Transaction Reporting (Trade Repositories etc) and Financial Reporting (Companies Office Filings) and Collaboration between the Regulators.