Since its decision to sign up for the MoneyMate investment data management solution in October last year, Schroders has been working closely with the vendor to control the aggregation and cleansing of their product information for presentation on websites. Gerard Walsh, head of change management for the web and customer relationship management (CRM) at Schroders, and Ronan Brennan, chief technology officer at MoneyMate, explain that the solution is aimed at enhancing the timeliness, accuracy and consistency of Schroders’ product information, which is communicated to their clients and distribution channels.
The International Swaps and Derivatives Association (ISDA) has this week pledged its support for the establishment of global central repositories for OTC derivatives data and its commitment to the provision of relevant transaction data to supervisory authorities. The promises were made in a letter that has been sent to the heads of the primary supervisory authorities of each of the regulated signatories, which include buy side firms such as BlueMountain Capital and Goldman Sachs Asset Management and sell side firms such as JPMorgan and Citi.
Judging by the number of references that have been made to living wills legislation during reference data related events and conferences recently, the market is already well aware of the data challenge awaiting it. However, for those that may have been asleep for the last few months, Thomas Huertas, director of the banking sector for the UK Financial Services Authority (FSA) and vice chairman of the Committee of European Banking Supervisors (CEBS), has been doing his level best to raise awareness of these challenges and how the industry can tackle them.
The upshot of many of the discussions at last week’s reference data conference in London, organised by Marcus Evans, was that many firms are currently engaged in a degree of labour and technology arbitrage. Not only are banks negotiating with their vendors around contracts for data feeds and price points for particular solutions, but they are also using new technology for efficiency gains and to be enabled to redeploy staff in key areas, according to speakers from UBS, HSBC, BNY Mellon and RBS.
As Fed governor Daniel Tarullo’s speech drives forward the data agenda in the US (see 
This week, US Federal Reserve governor Daniel Tarullo brought the issue of data standardisation to the attention of the US Senate during his testimony before the Subcommittee on Security and International Trade and Finance, following up on his comments last year about the data challenge related to living wills reforms (see our coverage 
A-Team Insight Exchange is a new event series for 2010, which will combine A-Team’s expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners.
They may differ in their opinions in how to go about effecting change (see last year’s FIMA standards panel for proof, see here), but EDM Council’s managing director Mike Atkin and JWG’s CEO PJ Di Giammarino agreed that the regulatory environment is forcing firms to re-evaluate their data management systems. Both Atkin and Di Giammarino told delegates to TSAM in London earlier this week that the regulatory community is delegating the responsibility for improving data quality to the industry in order to enable them to better track systemic risk.
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