We are analysing the STEP-labelled commercial paper and certificate of deposit universe for the period up to March 30th, 2026. STEP data is sourced from the European Central Bank's own release which is put into the context of the wider European market using CMDportal's ISIN-by-ISIN database along with NEU CP data from the Banque de France. Key observations: (1) STEP is big, but only half the story, (2) Official STEP data systematically over‑weights banks and SSAs, (3) STEP statistics are high‑quality for what they cover, but incomplete for entity‑level risk, (4) Public‑private data agreement is now a policy prerequisite, not a “nice‑to‑have”