Attention Getters
Does it take a big blow-up to get traction on data management improvement, whether for data quality or making a data governance plan?
That's the question that kept surfacing on the margins of discussions at the Toronto Financial Information Summit this week.
Rares Pateanu, most recently an executive director at Morgan Stanley, tells us that where firms once may have revamped their data strategies in response to the 2008 financial crisis, the importance of being able to track holdings and transactions – in part through identifiers and reference data – may be getting forgotten.
Data strategy and governance initiatives require a culture of sharing within a firm that may not be valued, particularly considering the priorities of investment banking units, Pateanu added.
During a discussion covering the legal entity identifier – a response to the crisis and the means to address the problem of being unable to identify and track securities, which became so central – Pierre-Simon Rivest, senior policy advisor at Banque National du Canada, asked what would happen in the event of another major industry failure as occurred in 2008.
"How would this transparency work?" he said. "How would there be oversight to un-match transactions?"
As Hashmat Rohian, associate vice president, R&D – data science at Aviva Canada showed, one can track where employees from firms that failed in the crisis went simply by using LinkedIn. Tracking transactions themselves in such a crisis is undoubtedly harder, but it shouldn't take until the next meltdown for the industry to prepare itself – including the use of data transparency and sharing where necessary – to have the means to do so.
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
BMO’s cloud migration strategy eases AI adoption
The Canadian bank is embracing a more digital future as its cloud strategy makes gains and it looks to both traditional machine learning and generative AI for further augmentation.
Waters Wrap: GenAI and rising tides
As banks, asset managers, and vendors ratchet up generative AI experiments and rollouts, Anthony explains why collaboration between business and tech teams is crucial.
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Northern Trust building internal cloud data ‘marketplace’
Using a mix of in-house expertise and third-party technologies, the firm has constructed a cloud-based data mesh that gives internal staff access to proprietary datasets and analytical tools to deliver greater insights into client activity.
FactSet looks to build on portfolio commentary with AI
Its new solution will allow users to write attribution summaries more quickly and adds to its goal of further accelerating discoverability, automation, and innovation.
How Ally found the key to GenAI at the bottom of a teacup
Risk-and-tech chemistry—plus Microsoft’s flexibility—has seen the US lender leap from experiments to execution.
The IMD Wrap: Beginning of the end for data audits?
This week, there’s exciting news for data bean-counters in the form of a partnership between two vendors that could change the way we view and track data usage and audits.
Symphony boosts Cloud9 voice offerings with AI
The messaging and collaboration platform builds on Cloud9’s capabilities as it embraces the AI wave in what CEO Brad Levy calls “incremental” steps.
Most read
- Northern Trust building internal cloud data ‘marketplace’
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Women in Technology & Data Awards 2024: All the winners and why they won