I am trying to use QSA financial derivatives data retrieved from the ECB's database (this is actually compiled by ECB and Eurostat).
To be more specific, the data is: Financial derivatives held as assets in the total economy. This is the link to it on ECB's website: https://sdw.ecb.europa.eu/browseSelection.do?type=series&q=QSA.Q.N.*.W0.S1.S1.N.A.LE.F7.T._Z.XDC._T.S.V.N._T&node=SEARCHRESULTS&ec=&oc=&rc=&cv=&pb=&dc=&df=
My question is: what's the quality of this data? Would you use it for empirical work? I know that it's particularly hard to measure financial derivatives, but there are some really strange things in this data.
For example, if I look at the derivatives-to-GDP ratio for the UK, this suddenly jumps from about 1% until 2003q4 to 350% in 2004q1 (and stays at similar levels thereafter). The same thing happens for some other countries, at different times. I really find it difficult to explain such huge changes.
Anyone has a good knowledge about this data and could please tell me more?
Thank you very much in advance.