1 / 12

Reference Data Strategy James E. Hartley – Chief Technologist, FISD TSAM 2005, London, 2005/06/09

Reference Data Strategy James E. Hartley – Chief Technologist, FISD TSAM 2005, London, 2005/06/09. A Quick Note About FISD… Financial Information Services Division. Global Industry Trade Association www.fisd.net Three Major Agenda Areas: Securities Processing Automation

axel
Download Presentation

Reference Data Strategy James E. Hartley – Chief Technologist, FISD TSAM 2005, London, 2005/06/09

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. Reference Data Strategy James E. Hartley – Chief Technologist, FISD TSAM 2005, London, 2005/06/09

  2. A Quick Note About FISD…Financial Information Services Division • Global Industry Trade Association • www.fisd.net • Three Major Agenda Areas: • Securities Processing Automation • Market Data Business Issues • Government and Regulatory Affairs James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  3. Current ActivitiesStandards and Working Groups • Standardized Securities Model • Market Data Definitional Language (Q4CY2005) • ISO/TC68/SC4/WG11 (??CY2009??) • International Business Entity Identifier • ISO/TC68/SC4/WG8 (Q3CY2005) • ISO/TC68/20022 (in progress) • And market practice groups (interpretations) • MiFID Joint Working Group • FIX (Europe), ISITC (Europe), RDUG, FISD (Q1CY2006) James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  4. Topics • Reference Data Of The Future • The Future Of Reference Data • Challenges to Success • Worthy Challenges James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  5. Reference Data Of The FutureOr What Will Be Important • Definition Today is Different Than Previously • (FOCUS) Security Master File (SMF) or product description • Account information – the clients • Holdings – of the firm and their clients • Counterparty data – for trading, settling, custody, etc. • And The Definition Shall Continue To Change • The management of that data • The maintenance of that data • The responsibility for that data • Additional data – RELATIONSHIPS, HISTORY, FORENSICS James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  6. Reference Data ConcernsFor Example, Can You… • Identify the EXACT Legal Entity With Which You Trade? • i.e. the entity registered with the regulator or government • Their ownership hierarchy – including all relevant stakeholders • Derivative and related corporations, individuals, or liquidity • Determine How You Came By That Information? • What source? Who entered it? Was it validated? • When will that data be re-evaluated? • Adapt To Changing Political/Business Relationships? James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  7. Why Are These Concerns Developing?At Least For This Cycle Of Change… • Regulations, Regulations, Regulations • Know Your Customer, Transparency, Legal Protection • Market Opportunities • Trend Analysis – Business Lost Yet Not Seen • Risk Abatement and Resource Allocation • CYA – that’s Cover Your Assets • Cost Containment – and Even Reduction! James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  8. The Future of Reference DataAccept Nothing Less Than Perfection • Centralized or Decentralized? • In Collection, Storage, and Processing • In-House or Outsourced – Third Party or Utility? • Tackling responsibility, or employing a drop-kick (punting) • Or recognizing reduction in cost and risk ACROSS INDUSTRY… • Maintenance and More Maintenance • We’ve heard the lamenting on CA/CE – get over it and normalize • Tolerances for errors and mistakes will diminish • Need for automation will only increase… James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  9. Challenges to SuccessAnd You’ve Heard These Before… • Management Endorsement • Not just “buy-in” but ACTIVE SUPPORT • Business Driven Approach • Broken into meaningful chunks, with future needs incorporated • It can actually cost more to build in limitations • Technology Promises • Technology is a tool – technologists need to know how to use it! • Probably the biggest problem… It doesn’t have to hurt! James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  10. Worthy ChallengesDepend On The Problem To Solve • Management Challenges • Cooperative effort across the entire TEAM • Business Challenges • Identify core strengths – and be honest! • Determine acceptable risk • Pessimistic evaluation of build vs. buy • Technology Challenges • The crux of the problem… James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  11. Technology ChallengesWhich require solutions – soon! • Architectures Permitting Adaptation • Defined boundaries around functional units • Configurable Processing/Cleansing Per Application • “Golden Copy” changes based on need • Interoperability Standards To Facilitate Automation • OR everyone learns everything the hard way • OR we continue as we are • OR we all use the same system (utility or monopoly) • OR we learn how to exchange precise data precisely… James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

  12. Contact Information: James E. Hartley Chief Technologist, SIIA/FISD jhartley@siia.net, +1 303 322 1393 http://www.fisd.net/ http://www.mddl.org/ Tom Davin Director, SIIA/FISD tdavin@siia.net, +1 202 789 4465 James E. Hartley, Reference Data Strategy, TSAM 2005, London, 09 June 2005

More Related