The Data Forum
Reference data is used to settle a multitude of transactions, in a myriad of financial instruments and different markets. It is both immense and complex, as data is stored on an array of databases by counterparties, settlement agents and banks. Problems persist in that the data quality is variable, with errors caused by incorrect input, missing information or updates. The Data Forum will discuss these problems and explore possible solutions.
The introduction of standards and improved communication between counterparties have achieved some success. Recognition of one of the problems in reference data, led to the creation of LEIs (Legal Entity Identifiers). These unique identifiers should have made a major contribution in solving part of the problem, but after almost ten years LEIs are still not being used as much as they should.
Although, the industry needs standards, consensus does not exist. Inconsistency of interpretation and definition of the problem and solution requirements, prevent interoperability; not just across the domestic landscape but internationally.
The Data Forum will aim to discuss all aspect of Data, including the introduction of LEI’s and examine what solutions can be innovated to improve access, quality and accuracy.
The Data Forum Chair: TBA
Data Forum Member Involvement
The Data Forum invites participation and discussion between members who have an interest in Market and Reference Data. Forum meetings are usually held quarterly, with occasional ad hoc meetings when required. The forum will aim to deliver education, communication, and information for the advancement of member firms.
Outcomes from these Forum discussions are only available to ISITC EUROPE members.
If you are interested in getting involved with the group and are already a corporate/ individual member or associate member of ISITC EUROPE then please contact: firstname.lastname@example.org
If you are not a member of ISITC EUROPE you are welcome to apply for membership.