Lloyds Banking Group has created an in-house digital analytics team in the UK. This was in “partnership” with ASI (Advanced Skills Institute) and Google. However, the Lloyds’ team does not include any staff from Google. The bank tested Google’s big data platform technologies and analytics on non-personal behavioural data using a “secure” Lloyds account on […]
What does the future of loyalty hold and what is the role of big data in it? Christopher Evans, director at Collinson Group, shares some key insights. The fervour for big data analytics sweeping through retail bank boardrooms at a global scale is intensifying as corporate strategy prioritises a shift towards true real-time intelligence. This […]
Long considered an impenetrable space dominated by a few, the financial services industry is currently riding a giant wave of entrepreneurial disruption, disintermediation, and digital innovation. Recent industry developments such as the regulatory pressure as well as the criticality of business intelligence (BI) and customer experience are impacting banks more than ever before. Financial institutions […]
A quiet revolution powered by the force of data science has begun to deliver significant improvements in many areas including national security, business intelligence, law enforcement, financial analysis, healthcare and disaster preparedness. But are we ready to use the force in banking? Standard Chartered’s global chief innovation officer, Anju Patwardhan, explores the topic. Digital data […]
UK-based Open Banking Working Group (OBWG) is recommending the creation of an Open Banking Standard API to improve the sharing of banking data – and wants to roll out the framework over the next five years. In its latest report, the OBWG – a collective of banking, open data and fintech professionals convened in 2015 […]
An in-memory DBMS with its roots in embedded systems for the defence and aerospace sectors is setting records for manipulating financial data. Chief executive Steve Graves told Banking Technology how it works.
Market operator Nasdaq has seen revenues from its technology sales increase, with its Technology Solutions division, which makes up 27% of total net revenues reach $146 million in the fourth quarter of 2015, up from $4 million from the fourth quarter of 2014. The exchange’s Market Technology unit, which accounts for 13% of total net revenues, […]
Every bank wants to achieve a single view of a customer, but no-one has found an easy, cost-effective, scalable way to do it. The simple fact is that there is too much customer information, entering the bank from too many places, to align and maintain into a single view. An effective solution would reduce costs, allow the bank to generate revenue faster, facilitate KYC processes and meet regulatory requirements.
Thomson Reuters is to supply reference data to SmartStream’s Securities Product Reference Data utility. As part of the agreement, SmartStream will have access to Thomson Reuters PermID, a machine-readable identifier that creates a unique reference for any data item. The SmartStream utility will provide services for instrument reference data normalisation and validation across all asset. […]
SIBOS Interview: Dr Darryl Twigs, Head of Product Management, SmartStream
Deutsche Bank’s Research unit is launching a new set of proprietary foreign exchange positioning indices based on data from its Autobahn FX trading platform. Called Corax – Categorised ORderflow from Autobahn FX – the indices will be published every Wednesday in the Corax Positioning Report.
Goldman Sachs, JP Morgan and Morgan Stanley are building a reference data utility with SmartStream, which they say will provide data normalisation and validation for all asset classes. The project aims to reduce costs for consumers of data in capital markets by economies of scale.
Post-trade processing company Bloomberg STP Solutions and post-trade and risk specialist Traiana have begun a joint effort to develop a straight-through processing infrastructure for FX options. The partners say it will help to reduce post-trade costs for market participants, which have typically remained higher than execution costs.
Even as they cement their recovery from the financial crisis, adherents to traditional banking models are facing a new storm as they grapple with the digital demands of the Facebook generation and heightened regulatory risks surrounding data. At the same time, they must match the customer service levels offered by the “challenger” banks if they are to avoid haemorrhaging business to their nimble and digital-focused rivals.
Banks may need to revisit the way they handle data, in preparation of an upcoming agreement between the European Commission and the US authorities on data-sharing.
At the SAP Financial Services Forum in London last month, the topic of digital transformation dominated the agenda. From legacy banks with lumbering IT systems to nimble fintech startups, the consensus was clear: The long-standing status quo is simply unsustainable in an increasingly digital economy
A new global innovation centre in Madrid promises to illuminate the uses of Big Data for banks and financial institutions. Built by EY (formerly Ernst & Young), the centre is part of a $500 million investment in analytics by the company.
Since the financial crash retail banks are faced with more regulatory and financial restrictions than could have been envisioned. This is coupled with increased levels of competition and much reduced consumer trust. Intelligent analytics may offer part of the solution.
ICAP has become the first UK institution to implement a range of enterprise data governance systems from Oracle, replacing a legacy process involving manual spreadsheet maintenance and frequent e-mail exchanges.
Post-trade market infrastructure the Depository Trust & Clearing Corporation has launched a new centralised data provisioning service, DTCC Data Products and expanded its exchange traded funds and ISO 20022 corporate actions data offerings.
Tactical regulatory firefighting has distracted banks from their long-term strategic shift to an enterprise view of data. Looming issues such as the possible Brexit highlight the urgency of this task
US post-trade utility the DTCC has issued a series of recommendations on global data harmonisation, beginning with credit derivatives, as part of a grand push to harmonise 30 data fields across global trade repository providers and create a global data dictionary.
Karla McKenna has been named head of standards at the Global Legal Entity Identifier Foundation on a year’s secondment from Citi, where she is director of market practice and standards.
MCO Europe, exclusive distributor of the McObject high performance database financial markets in the UK and Europe, is raising investment through Crowdcube, the UK’s largest crowdfunding site, to fund growth and expansion. McObject’s eXtremeDB Financial Edition high-performance database is used for trading and risk management by banks, fund managers, brokers and data vendors.
Financial information company Markit has agreed to acquire Information Mosaic, a software provider for corporate actions and post trade securities processing. Information Mosaic’s enterprise software will allow Markit to extend its corporate actions service to support the full corporate actions trade lifecycle and enhance Markit’s asset servicing solutions. Michele Trogni, managing director, cohead of Solutions […]
Pensions and payments company Equiniti has opened a new fintech innovation centre in Cardiff, which will focus on bringing together fintech tools for employee share plans, online applications for investment platforms and web and mobile applications for pension products.
According to Cisco there are 15.5 billion devices connected to the internet, ranging from routers to telemetry devices, power grid controllers, smartphones and perhaps the odd toaster. Other than in retail situations this so-called Internet of Things does not immediately seem to have much to do with the financial services industry. John Bates thinks otherwise, and sets out why in his recent book Thingalytics.
Nasdaq is to use the blockchain technology behind controversial alternative currency Bitcoin, as part of a push to improve the exchange’s equity management abilities. The move is the first time a major global exchange has put the blockchain concept to use.
The financial sector is a slow mover in innovation, however no single industry is leading the way in the Digital Identities economy. Banking is one sector that can take advantage of Digital Identities to better develop customer experience given the nature of the engagement and relationship between Banks and their customers. Banks fulfil a very […]
The integrity of data in capital markets – be it, for example, price data, trade facts, collateral balances, or other key business information – has long been a fundamental concern of technologists and business stakeholders. But how do we define integrity?
The Object Management Group has formed a new working group to study issues of documenting and controlling data across distributed cloud environments, a big inhibitor of cloud for those with strict data sovereignty requirements such as banks and financial services firms.
CounterpartyLink, a provider of legal entity intelligence for buy- and sell-side institutions and law enforcement agencies, has announced CPL Hierarchy Profile, a new product designed to provide a single view of the client across complex client groups.
Boat Services, the OTC trade reporting service provider owned by technology vendor Cinnober, plans to introduce a MiFID II compliance solution, offering publication services for all instrument classes. It will apply for authorisation by the FCA in the UK when Approved Publication Arrangement registration is available in 2016.
Financial data and analytics specialist S&P Capital IQ has launched a new app on the Salesforce AppExchange designed to enable sales, marketing and other professionals to rapidly identify, research and vet potential new business clients and partners.
At the core of the challenge for banks is understanding their customer better and using the information effectively across the business.
Russia’s NSD central securities depository has launched a joint project with Interfax information agency to coordinate their efforts for the development of a system of assessing the fair value of financial instruments. The move is part of an ongoing government reform agenda designed to turn Moscow into an international financial centre.
Financial market regulations across the globe are increasingly focusing on risk management. This includes ensuring it is clear who firms are trading with and for, and confirming that firms can identify the instruments being traded. As a result, the field of reference data is increasingly held under the regulatory microscope and that lens extends to the standards used to identify financial instruments, writes Chris Pickles.
Real-time business performance monitoring and analysis specialist Velocimetrics has announced that its TipOff product can now capture network packets to disk at a sustained rate of 40 Gigabits/sec, almost double its previous performance.
The European Securities and Markets Association is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.
January’s Basel Committee on Banking Supervision report on banks’ progress towards BCBS 239 compliance threw up a telling contradiction. While global systemically important banks “are increasingly aware of the importance” of the BCBS 239 project, their sense of preparedness has decreased. In 2013, 10 of the 31 eligible banks reported they would be unable to comply fully by the 2016 deadline. This year, that number rose to 14. It is understandable that there is more work to be done, but how is it that the G-SIBs are moving backwards?
