Podcast by FTF News
Is There Too Much Bad Data in Your Cloud?
Is cloud computing turning securities firms into data hoarders?
The issue came up during the latest in our FTF Exchange podcast series with two representatives from Alveo Technology, formerly known as Asset Control.
FTF News got time with Nathan Wolaver, the managing director for the Americas at Alveo, and Boyke Baboelal, strategic solutions director for Americas at Alveo.
When asked about the cause of the huge data volumes that firms are struggling with, Wolaver cites the widespread embrace of the cloud.
“It used to be that … you had to go through the entire process of acquiring more hardware. You had to go to the CTO [chief technology officer], the CFO [chief financial officer], and say, ‘Great, listen we want to buy you know a petabyte of data storage,’ ” Wolaver says.
“Now, with the cloud … people are just storing everything. So, the fact of the matter is [they’re saying] we’ll get to it later but we’re just going to store it because we don’t know what value this has … The trouble is going to be how structured is that information,” Wolaver says.
The podcast also covers:
Robotic process automation (RPA);
Cutting-edge and open-source technologies;
Optimal retrieval of relevant data for decision-making;
How to apply meta-data;
Keeping data management costs under control;
New directions and options for securities firms;
And true transparency and scalability.
UMR Compliance Will Involve All Internal Groups
At a high level, Neil Murphy, business manager at TriOptima, says in the latest FTF Exchange podcast that the key challenges for compliance with the Uncleared Margin Rules (UMR) deadlines can be summarized as all relating to the high volumes of required tasks and the number of firms coming into scope for these regulations.
In addition to the many tasks involved, UMR requires many parts of the firm to get involved: trading, risk, technology, legal, and operations, Murphy says. In general, UMR compliance is a 12-month challenge, he adds.
“In terms of the volumes of firms, across the earlier four [UMR] phases since 2016 we’ve seen only about 70 to 75 firms come into scope,” Murphy says. “However, in contrast, we expect more than 300 maybe in September 2021, and upwards of 600 in September 2022. So, this volume creates its own set of challenges as firms compete for resources at the same time whether that’s custodians, counterparties, vendors, or consultants.”
The podcast also covers some of the key steps involved in the following:
- Average aggregate notional amount (AANA) calculation;
- Figuring out a firm’s collateral processing needs;
- How firms should continue to monitor their progress;
- How much progress has the industry made as far as UMR Phase 5 and Phase 6;
- And how should firms prioritize their efforts and resources.
How to Love Working from Home
In this episode of the FTF Exchange podcast, Sara Poldaas from Mawer Investment Management talks about pandemic-induced lockdowns and ongoing remote staffing and how it is changing financial services in multiple, unexpected ways. For securities operations teams and their managers, the pandemic has had personal impacts that are catalysts for change.
Complex Deals Create Corporate Actions Woes
This this episode of the FTF Exchange podcast we speak with Henry Napier, a vice president with ICBC Financial Services, on the new challenges impacting corporate actions processing.
What to Do When Workarounds Break
There are telltale signs when firms have outgrown their systems, says Patrick Murray, the founder of STP Investment Services in this episode of the FTF Exchange Podcast.
ISITC Events Likely to Stay Virtual for 2021
In an FTF Exchange podcast, Lisa Iagatta, chair of ISITC, talks about the challenges of going virtual and the future of the organization.