Virtues of Consistency
For reference data operations staff, identifiers, data quality, data governance and consistency are all intertwined-something that is very evident in the stories featured in the April issue of Inside Reference Data.
Even before data managers can consider trying an innovative technique such as crowdsourced data processing, as Nicholas Hamilton reports in "Crowd Control", they must address data quality and security concerns. WorkFusion CEO Max Yankelevich is an outspoken proponent of using the practice in the financial industry, takes pains to reassure us about security. He argues that breaking down data into such small pieces makes it unlikely, or even impossible, to leak sensitive data that would be whole enough to comprehend.
A March webcast on the topic of data governance, organized by Inside Reference Data and sponsored by Infogix and SmartStream, found that data quality, rather than cost savings, is seen as the foremost goal for data governance efforts. Even though, as Infogix's Bobby Koritala says in our report on this webcast, firms ought to be able to access data from multiple sources in system-independent fashion for data governance programs, controls are still necessary if consistency is to be maintained.
But why does data quality remain a challenge? Avox CEO Mark Davies asks this question in Industry Warehouse. Changes to entity details or legal structures can create inconsistencies in data, for one thing, he says. Similarly, Davies points to data governance policies as a means to get a handle on data quality. Centralization of processes, avoiding siloed storage and handling of counterparty data, is necessary for accuracy. Ongoing validation of data and working with peers on data cleansing and maintenance, using a collaborative approach, can reduce risk exposure, he argues.
Centralization (for consistency) is paramount in reference data operations at global data and messaging services provider Swift, as its head of reference data, Patrik Neutjens, describes. Swift is aiming to make that centralization a reality through its SwiftRef platform, as well as a know-your-customer or correspondent data repository. Neutjens echoes Davies' advice to pursue collaboration, noting how partnerships are an important asset for SwiftRef.
Several news stories in this issue show robust activity on identifier issues. The US Commodity Futures Trading Commission is proposing its own global transaction identifier; consolidated audit trails are on the agenda with a push from the Securities and Exchange Commission; and providers such as SIX Financial Information and Markit are ramping up Fatca compliance and swaps identification capabilities, respectively.
It all comes down to due diligence. Data consumers from investment firms have to be careful and deliberate about sourcing, managing and distributing data to support decision-making. Trying to speed through or cut corners on the complex mix of data management aspects just won't do.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Chris Edmonds takes the reins at ICE Fixed Income and Data Services
Edmonds is now leading ICE’s fixed income and data business as the rush to provide better data and analytics in fixed income builds.
Deutsche Börse democratizes data with Marketplace offering
Deutsche Börse Group is set to unveil its Marketplace, a one-stop data shop designed to simplify and streamline data acquisition and consumption for its clients, while also surfacing data from across the firm to its own users. Jan Stiebing and Sven…
DSB says industry is ready to meet UPI mandate ahead of deadline
The Unique Product Identifier will be required for certain OTC derivatives in the EU at the end of April, following US adoption in January.
Mapping a successful data journey: strategy, execution and sustainability
A well-planned data journey can positively impact an organization’s long-term trajectory. However, it is important to have clarity not only in the strategy but also in successful execution and sustainability for the long haul, argues data veteran Subbiah Subramanian.
The IMD Wrap: The growing data catalogue space
With their potential to manage costs and surface strategic datasets, it’s no wonder Max gets excited about data catalogs. This week, he takes a look at a new startup entering the space.
LSEG to sunset Redi EMS in favor of Tora
Sources say competitors will look to seize on the decision to win over Redi’s sizeable US client base.
The IMD Wrap: Taking stock of inventory management
With market data and associated costs typically representing a firm’s third-largest expense, there’s a lot of incentive to manage data and its usage more efficiently. Max flings open his fridge to illustrate what’s new in this space.
Most read
- Deutsche Börse democratizes data with Marketplace offering
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Sell-Side Technology Awards 2024: All the winners