Morphing IBOR Into Something Broader

A new consultancy report proposes a new way of thinking about the investment book of record concept


A report by Celent proposes a new way of thinking about the investment book of record concept—as an overall data operations architecture, rather than just tied-together data sources

Earlier this year, Inside Reference Data considered the Investment Book of Record (IBOR) as a component of data governance. However, a new report on IBOR by the Celent consultancy positions IBOR as more than just a piece of the data management puzzle, but a framework unto itself.

Applying service-oriented architecture design principles makes an IBOR framework "cohesive," writes James Wolstenhome, a Celent analyst who authored the report, "Inside The Matrix: The Future of IBOR." Wolstenhome proposes an IBOR Services Matrix method for working with an IBOR, and this isn't the same as just layering multiple books of records together, he writes.

The IBOR Services Matrix Wolstenhome describes can operate either with multiple front-end sources, such as front-end trading order management systems or execution management systems, or analytical systems for risk, compliance and performance attribution, with all these sources feeding into an IBOR. The same IBOR, which can be used for portfolio management, would also be fed by external data providers and reference data reconcilers.

Another version of this matrix approach, which Wolstenhome calls a "distributed global IBOR architecture," puts the IBOR side by side with the external data providers and reference data reconcilers. The analytical systems, front-end trading systems and portfolio management systems either link together or into the IBOR part that parallels the data providers and reconcilers.

The point of either of these architectures is to insulate the matrix from the data layer, according to Wolstenhome. The benefit for an asset management firm setting up such an IBOR Services Matrix is to better support investment across products globally, while complying with both regulatory and investment directives, all while offering transparency to clients, Wolstenhome states.

Wolstenhome and Celent's report advances a new way of thinking about IBOR, which had previously been seen mainly as a central data warehouse. IBOR could come to mean a more sophisticated way of thinking about data operations management.

  • LinkedIn  
  • Save this article
  • Print this page  

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 [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: