Opening Cross: When Collaboration Isn’t a Crime
At the North American Financial Information Summit last week, panelists expressed a distinct preference for collaboration rather than combat. For example, whereas in the past, data managers would describe their efforts to keep vendor representatives away from direct contact with end-users, some firms are now inviting vendors into their offices to help communicate the complexities and restrictions of their data usage policies.
On one panel, Mark Januszka, Americas regional head of global data services at HSBC Securities, explained how HSBC is collaborating with vendors to ensure they are both “working from the same user list”—i.e., ensuring both parties have a consistent and up-to-date list of who should be using data services, to minimize any usage reporting errors—while Kevin Green, head of global market data at York Capital Management, said that helping developers who aren’t licensing experts to understand what data they can use is an example of “where vendors can come in and advise on best practices.”
Another panel stressed the importance of collaboration with vendors to get the most bang for the buck and leverage existing relationships to include new services, and when data sources make policy changes, so user firms can properly implement those changes in a timely manner. “It’s like a marriage—we all need to be happy for this to work,” said Meltem Kilicoglu, head of market data business advisory compliance for market data services at Wells Fargo.
Meanwhile, industry participants are being forced to collaborate on compliance with the BCBS 239 risk data regulation from the Bank for International Settlements’ Basel Committee, where panelists said the guideline-like nature of the regulation—rather than being specifically prescriptive in its approach—has left the industry to work together to define how it should be applied.
Sometimes cross-industry participation can fail spectacularly or stall, even with the best efforts of many involved, resulting in frustrated regulators then imposing heavy-handed, mandated rules. Or, in other circumstances, an industry can be cajoled to work together successfully, such as data industry association FISD, whose managing director Tom Davin is the latest inductee into the Inside Market Data Hall of Fame in recognition of his work there over a decade to bring the industry together—something he achieved by building a bigger membership base, establishing more frequent and further-afield events to capture local participation, and by establishing FISD’s Financial Information Associate certification program, which the body is now expanding with additional specialist certification areas.
And as a final example of collaboration at work, London-based market data consultancy and IT support provider CJC—which is currently preparing to roll out a Big Data Analytics platform—deserves a mention for winning our “Above & Beyond” Award for its fundraising efforts on behalf of the Comic Relief charity. Though the amount raised pales in comparison to that of charity days organized by interdealer brokers Icap and BGC Partners, the per-capita amount based on company headcount—and the fact that CJC used it as a team-building exercise for staff spread around the world in Hong Kong, London and New York—made the effort particularly impressive.
So if you have a similar effort that you’re particularly proud of, why not let us know—who knows, your collaboration could make you a contender for next year’s awards.
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 Emerging Technologies
Nasdaq reshuffles tech divisions post-Adenza
Adenza is now fully integrated into the exchange operator’s ecosystem, bringing opportunities for new business and a fresh perspective on how fintech fits into its strategy.
Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
Verafin launches genAI copilot for fincrime investigators
Features include document summarization and improved research tools.
Waters Wrap: Open source and storm clouds on the horizon
Regulators and politicians in America and Europe are increasingly concerned about AI—and, by extension, open-source development. Anthony says there are real reasons for concern.
Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs
Joseph Lo, head of enterprise platforms at Broadridge, joins the podcast to discuss AI tools.
Man Group CTO eyes ‘significant impact’ for genAI across the fund
Man Group’s Gary Collier discussed the potential merits of and use cases for generative AI across the business at an event in London hosted by Bloomberg.
BNY Mellon deploys Nvidia DGX SuperPOD, identifies hundreds of AI use cases
BNY Mellon says it is the first bank to deploy Nvidia’s AI datacenter infrastructure, as it joins an increasing number of Wall Street firms that are embracing AI technologies.
This Week: Linedata acquires DreamQuark, Tradeweb, Rimes, Genesis, and more
A summary of some of the latest financial technology news.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs