Bill Meenaghan, 执行董事, 存
Doing more with less, reducing risk and increasing efficiencies are top of mind for reference data professionals on both the buyside and sellside.
They face significant challenges with data silos, legacy systems and lack of industry standardization. With an Increase in business requirements and regulatory reporting pressures, firms have less time to focus on their core business.
在伙伴关系 全球托管人, The Depository Trust & Clearing Corporation’s (存) Omgeo警报®赞助了 视频圆桌会议 with industry speakers to look at these questions: 1) How is client reference data changing; 2) What are the industry challenges?; 3) Who is responsible for this data?; and 4) How are participants collaborating to transform the market?
相关: The Evolution of Omgeo警报
亚历山德拉德卢卡, Contributing Editor at 全球托管人, poses these questions to a panel of expert speakers in this 60-minute video discussion. The panel features Bill Meenaghan, 执行董事, 存; Louis Rosato, 导演, Investment Operations, BlackRock; Todd Sullivan, 董事总经理, Morgan Stanley and Dick Taggart, Executive Vice President, 道富银行.
第一章, Client 参考数据 – A View from the Top, looks at the 法律 Entity Identifier (LEI) concept and the challenges it brings with global regulatory requirements. The panel discussed that firms are struggling to keep up with the demands of these regulatory reporting requirements, and with a lack of standardization, it’s proving difficult to focus on their core business. 遗留的原因, the firms’ functions are working across multiple data silos that only produce more resources and higher operational costs.
相关: An Inside Perspective on the Growth of LEIs
第二章, Client 参考数据 – how do we tackle the issues?, explores how the industry can resolve these issues and who is responsible for this client reference data. The panel agreed that by bringing together standard processes and common formats, this will encourage innovation to existing business processes and ultimately commercial cost savings. A suggestion toward a shared industry utility was recommended.
In the third chapter, Client 参考数据 – how are we collaborating?, the panel explains that it’s the responsibility of all participants – the buyside and sellside and custodians – to develop a risk management plan. This strategy lays the foundation for working together in a shared utility and defining the future ‘golden source’ data requirements. It makes sense to share non-proprietary data and standardize client reference data. 如果不是, then it could be the tech firms in Silicon Valley that implement this and potentially take over and bring about this much needed change.
To watch the full videos, visit 存 You Tube channel here http://goo.gl/AvJsdi.