The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, issued a whitepaper, “Data Strategy & Management in Financial Markets”, that identifies data management challenges, highlights themes to drive an evolution in financial market data exchange and data management over the next decade and outlines the foundation needed to support change.
HOT OFF THE PRESSES: DTCC's new white paper identifies how enhanced data exchange and management can propel new insights across firms and markets: https://t.co/u7dlFkWJMA pic.twitter.com/8zBcFaUhhS
— DTCC (@The_DTCC) January 18, 2023
“As new technological advancements, including broad adoption of cloud technology, spark an evolution of global markets, the financial services industry has an opportunity to reimagine how data is exchanged and managed across financial markets and firms,” said Kapil Bansal, Managing Director, Head of Business Architecture, Data Strategy & Analytics at DTCC. “For many years, companies have collected massive stores of data, but the siloed nature of data and the need for better data quality limited the ability of market participants to extract strategic insights to support more effective decision-making. We’re now at a unique moment where we can make this vision a reality, but long-term success hinges on market participants taking action to ensure their data strategy can meet the demands of a highly digitalized and interconnected marketplace.”
DTCC’s latest whitepaper details four hypotheses that will drive how data is used in financial markets in the future:
To enable these changes, the whitepaper suggests institutions that produce and consume significant amounts of data embed key principles into their data operating models, including:
Applying these principals will help market participants gain access to data that is trapped or underutilized today and allow for new and faster insights.
DTCC’s modernization journey has been tightly coupled with its data strategy. This allows DTCC to capture the full potential of recent trends, deliver innovation and enable more efficient data management and data exchange, with the highest levels of resiliency as a critical market infrastructure provider.
Bansal added, “Building the future of data exchange and management will require close consultation and coordination among industry participants and service providers, including standardization in how data is managed and shared. At DTCC, we’ve been engaging with our clients and partners to identify and prioritize next steps, and we look forward to continuing this dialogue to maximize the value and potential of data across the industry.”
Source: DTCC
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Finance Needs to Reimagine it Uses Data – Markets Media
