Golden Copy: The Extremes of Data Technology Performance
Machine learning and fintech promise innovation, while European systems dictates raise questions
This month, I am excited to be returning to Tokyo for the first time in four years to attend our Tokyo Financial Information and Technology Summit. In our "Interview With" story, a featured speaker at the conference, Makoto Shibata, head of the global innovation team in the digital innovation division of Bank of Tokyo Mitsubishi UFJ, shares his thoughts on how fintech's advances in the Japanese market are affecting the handling of data analytics and blockchain data.
Shibata identifies a wide open field in blockchain data in Japan, and there could be an equally big opportunity globally. That's the need for organized storage and archiving of blockchain or bitcoin transaction data, plus the need to create standards for such archives and, most importantly, managing appropriate access to this data.
The next topic covered in depth in this issue could eventually offer solutions to that challenge. In two features, "Learning Machines" and "Intelligent Evolution," I examine aspects of pairing technological intelligence-whether that is artificial intelligence (AI) or merely smarter uses of technology-with data management. The common thread in these stories is that it's unwise to just set AI or technology loose. There has to be a plan or goal in mind.
AltX's Roy Singh sums this up in the first aforementioned feature, stressing that in order to succeed, machine learning must be directed toward a defined outcome. Merely producing interesting information isn't enough. And, as David Blaszkowsky, a respected data governance expert, says in this story, precision and correct definition of data matters when deploying machine learning, because just feeding disorganized big data into advanced systems can make these systems smarter, but not necessarily more precise. For financial firms, precision is the necessary foundation of any smarter analysis of data. In addition, moving from data to intelligence requires well-designed predictive processes, as Olmstead Associates' Robert Hegarty says in the second feature.
This issue also contains reports about recent actions by the European Securities and Markets Authority (ESMA). "MiFID Gets Personal" explores issues that firms have with provisions in the revised Markets in Financial Instruments Directive requiring traders to submit sensitive identifying personal information into records of trading activity, regardless of whether their counterparties have adequate security safeguards. There are already plenty of identification and recordkeeping mechanisms in place to uncover questionable trading activity and generate data that can chronicle suspect actions. So this seems like a misguided overreach by ESMA.
There has also been debate about ESMA's fine against the DTCC for data access failures. In last week's column, I wrote that the size of the fine seemed small, while others say it's a strong signal that ESMA is vigilant about such problems. Responding to the column, an ESMA spokesperson explained that the authority is statutorily prevented from levying a higher fine, raising the question of whether the European Commission should take another look at the penalties.
On another front, however, ESMA appears to be making progress on its Instrument Reference Data Project intended to help firms complete reporting required by MiFID II. For more on this, see "Shifting Into Gear."
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
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Sell-Side Technology Awards 2024: All the winners