Farewell from the Data Desk
Changes are coming for me and for Inside Reference Data, theNovember print edition of which will be the last before IRD and Inside Market Data are merged into a new monthly magazine (both will retain their present form for online news and other content). As it happens, at the same time, I’m departing my role and the company at this time.
Over the years, the perspective I took in these columns is that there are inevitably going to be many imperfections in data management operations, but there are exciting ways of thinking about how to correct issues or innovate and think differently about data concepts. I’ve found, in the past five years of editing Inside Reference Data, that covering data concerns reveals one’s own imperfections, in understanding and portraying what matters to readers, but hopefully it developed my ability to provoke thought about this industry’s data management issues. So please indulge me one last time as I look back at the sweep of developments I’ve covered and tried to provide insights about, for a few parting thoughts.
Following the LEI’s Evolution
Implementation of the legal entity identifier (LEI) has had many twists and turns over the past five years. It still has a few years to go to reach the goal set by the body that now administers it, the Global Legal Entity Identifier Foundation (GLEIF). GLEIF did not exist when I began this role, and in my very first online column as editor, I suggested that a non-profit organization might not be the most effective way to implement the LEI. GLEIF has proven me wrong, but not completely, because it does lean on assigning responsibility to for-profit providers in specific individual markets. So perhaps that column was at least half right.
Along the way, the LEI picked up steam as European regulations such as Mifid II, Emir and Basel III required firms to better track their transactions and holdings. These rules presage a complication in LEI implementation that has become apparent—differences allowed by local operating systems. The interests of local for-profit service providers can make standardization and reconciliation of LEIs more difficult. Standardization has become key to addressing quality and verification issues with LEIs that had emerged by early 2015. Just this past summer, GLEIF launched an LEI verification effort. Now, when only about a quarter of GLEIF’s goal of two million LEI registrations is complete, the effort, which includes removal of lapsed LEIs, is already underway. Therefore, GLEIF has demonstrated aptitude and credibility as it heads into the latter phases of instituting LEIs. Although many more still need to be registered, the identifier is well on its way.
Please indulge me one last time as I look back at the sweep of developments I’ve covered and tried to provide insights about.
Finding Applicable Innovations
The columns I most enjoyed writing considered how artificial intelligence, technology advances, management theories—and even pop cultural portrayals of such business and technology topics—could relate to improvement of data management. For instance, the way the brain processes signals is a lot like how data systems process information. Understanding that similarity can serve as a foundation for innovative ways to perceive information, including financial data. Artificial intelligence (AI) pops up from time to time in the movies and pop culture, which consider how AI acts on volumes of data far greater than human beings can handle. The industry, however, is still trying to figure out how to make AI more viable and accessible for all its participants. Innovation can be dazzling, but solid data governance and management plans are a necessary foundation. The first step before any plans or any innovation are implemented should be consulting with the data managers and technology staff who “walk the walk” with data users.
Finally, if any of these insights prove to be as on-target five years from now as my first thoughts on LEIs were five years ago—or if any readers look back on them as useful food for thought in the years ahead—I would be pleased to know that the approach, at least, was the right one.
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 new opportunities for 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