The Data Challenge - FISD这些数据的挑战- FISD.pptVIP

The Data Challenge Michael Atkin Financial Information Services Division September 18, 2002 Agenda FISD and mission STP is about business process efficiency Reference data and the importance of a common data set Symbology: at the core of automation MDDL: format and data content standards A few words about STP for market data administration FISD Neutral business forum for all segments of market data industry globally Members are responsible for their own commercial and strategic interests FISD Agenda Commercial/business issues Market data definition language (MDDL) Symbology and reference data STP in Context Definition: automated processing of transactions from trade inception to settlement STP is about business process efficiency (cost mitigation and risk management) Reduce/eliminate manual intervention Reduce delays and errors caused by poor processes Costs are Real Tower research indicates that many firms have multiple SMF systems (10-150 systems per firm) Tower research indicates an average of 58 FTE to maintain SMF (some as high as 200 FTE) Tower research suggests that 30% of trade failures are caused by bad reference data SWIFT estimates that 50% of transactions need repair ($6 per repair) SWIFT estimates that 15% of trades fail to settle on time ($50 per settlement failure) Reference Data: A Key to STP Data elements underlying and defining the customers, securities and transactions that flow through financial systems Instrument data Trade specific data Client and counterparty data Corporate action data Settlement instructions Accounting data Why is it Important? A common understanding of the underlying data elements are essential to trading and settlement Sales and research Trading and order management Regulatory reporting Confirmation and settlement instructions Asset management Why is it Important? Shorter settlement cycles need good quality reference data 40% of a trade record is composed of reference data Instruments must be properly identified Commissions