1 / 12

Data Standards Working Group Information gathering session

Data Standards Working Group Information gathering session. 23 June 2004. 11:00 am Eastern Time. Hosted by JPMorgan Chase at 270 Park Avenue 11th Floor Conference Room D New York, NY. Toll free: 800.608.4268 Int'l: 678.460.1895 Participant Passcode: 46225. Group Participants.

arch
Download Presentation

Data Standards Working Group Information gathering session

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Data Standards Working Group Information gathering session 23 June 2004 11:00 am Eastern Time Hosted by JPMorgan Chase at 270 Park Avenue 11th Floor Conference Room D New York, NY Toll free: 800.608.4268 Int'l: 678.460.1895 Participant Passcode: 46225

  2. Group Participants

  3. Executive Summary • Validation of position and market valuation, neither of which are currently addressed by other industry initiatives. The focus is not legal confirmations which are being addressed by other industry working groups. • Enhance technology using a phased approach, if necessary; streamline communications using accepted industry methods for data representation, transmission and security. • One-solution-fits-all approach to communications. • Exchange sufficient data to generate meaningful exception reports. • Initial focus on Interest Rate Swaps, Credit Default Swaps, Total Return Swaps (Equity, Bonds).

  4. Objective • Streamline communications using accepted industry methods for data representation, transmission and security. • Reduce support costs through efficient processing and consistent requirements. • Minimize change and significantly reduce lead-time when new products and/or dealers are introduced. • Provide relief for the dealers by limiting the range and variety of requirements from end-users. • Foster a team environment to ensure success.

  5. Product Priority – Final • Immediate Focus: • Interest Rate Swaps • Credit Default Swaps • Total Return Swaps (Equity, Bonds) • Future Phases: • Options (Swaptions, Equity, FX, Cross-Currency, Credit Default) • Variance and Asset Swaps • Commodity Swaps • Prime Broker

  6. Consistent Feedback END USERS Extremely positive: “You read our minds.” Working together: “Team approach is imperative for success.” Single technology solution: “Common format significantly reduces manual intensity and support resources.” DEALERS Extremely positive: “Your initiative is spot on” and “Nice job and absolutely fantastic leadership you are setting.” Working together: “Dovetails with an existing strategic initiative currently underway. Perfect timing!” Single technology solution: “This has been needed for a long time.”

  7. Benefits of Uniform Technology • Promotes standards to enhance data processing: • Representation • Security • Transmission • Standardizing the technology will not limit the use of the data. One solution does fit all.

  8. Next Steps • Expand technical and business-side working groups to include dealers as well as end users. • Agree and finalize project deliverables (7/31 target completion) • Establish dealer-specific working groups consisting of one dealer and multiple end-users per group. • Identify cross-product coordinator for each dealer • Establish regular dealer status meetings with business and technology project members • Establish dealer-specific project plan and timelines (12/31 target completion) • FpML formatting and parsing • GPG encryption • FTP transmission • Testing • End users continue defining reporting requirements and other product attributes.

  9. Frequently Asked Questions Has the group considered sponsorship from a third-party industry organization? • Third-party initiatives are valuable resources for certain types of broad-based projects. This effort has a more limited scope and is on a fast track to realizing its goals. Is a phased approach ok? • We recognize that full automation and migration to XML may be a large initiative for some organizations. As such, a phased project approach with clear milestones is acceptable. Why are more attributes included than the minimum required to perform the most basic position reconciliation? • The scope includes all attributes needed to perform consistent validation of positions and market values. This data is not meant to be used for the confirmation process but is meant to be sufficient to generate meaningful exception reports. Is there a central location for project communications? • Secured website: www.datastandardsworkinggroup.org is the interactive repository for all project documents and information. See Stephanie Davis for access. How do we measure success? • This project will make valuable data more easily available, standardize and secure transmission, ensure that content is more consistent and ease the process for dealer's to provide data to end users. Each participant will measure success differently, depending on their needs but this initiative addresses all aspects of the defined data requirements and will provide a valuable solution for all.

  10. Contact Information

  11. Appendices • Appendix A: Technology Solutions • Appendix B: Data attributes listing for Immediate Focus

  12. Appendix A: Technology Solutions • Transmit through scheduled FTP transfers to eliminate e-mail, e-mail attachments and parsing dependency. • GPG or PGP encrypted data and report files. • Enhanced FpML data format. • Notify and acknowledge statuses on all file transmissions.

More Related