Data's Role in Navigating Hong Kong Market
![michael-shashoua-waters michael-shashoua-waters](/sites/default/files/styles/landscape_750_463/public/import/IMG/317/167317/michael-shashoua-waters.JPG.webp?h=acfe3244&itok=ceJMABf4)
On arriving here in Hong Kong for the first time early this week for the Asia-Pacific Financial Information Conference (APFIC), I had, I admit, an embarrassingly difficult time finding my way around on foot at street level. In the Wan Chai district where I stayed and the nearby Admiralty area, where Incisive Media's office here is, a tangle of highways effectively cuts off pedestrian traffic at different points, unless you know what you're doing navigating walkways at third-floor level that knit together different shopping centers, malls and office buildings.
Similarly, to be able to function in the Hong Kong market, it's becoming increasingly necessary to navigate reference data, as Srini Venkataramani, global head of reference data strategy at Credit Suisse and keynote speaker for the second day of APFIC on November 9, related.
The regulatory and business landscape in Hong Kong is such that reference data provides necessary support functions and has become indispensable as a key to enabling business, Venkataramani said, referring to his own firm's experience in this market. Most inefficiencies – about 80% – of redundant processing and other issues are due to a lack of timely and quality data, he said.
Data is also fundamental to client service, not just supporting trading operations. Managing data well requires proper organization, working with governance and having the necessary data management infrastructure. Banks can and do get into trouble due to the lack of these items. Data is also necessary to support growth, added Venkataramani.
Credit Suisse had realized this, he said, and on seeing that as much as 40% of its client data was incorrect and that it had been working with redundant or out-of-date settlement instruction data, the firm launched a strategic reference data management program, enlisting service provider partners.
Data centralization has been part of this program and the firm's strategy. That technique is something I will be reporting more about, as APFIC attendees and I heard from service providers and end-user representatives on a panel discussion I moderated at the conference, with different perspectives about what centralization means and its value.
As Venkataramani explained, it's much easier to devise a market strategy if one has uniform data infrastructure to make knowledge transfer consistent and accurate. Just as one cannot understand where one is going on the streets of Hong Kong without understanding the maps or how the walkways work, to reach destinations, so it is for the role of reference data in the market.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
$135.6m fines prompt Citi to modernize infrastructure, controls
The bank was hit with a combined $135.6 million fine on Wednesday for failing to resolve “longstanding internal controls and risk issues,” amid continued internal work across the enterprise.
SocGen pushes data, analytics use cases for SG Markets
The bank is letting a handful of clients experiment with its proprietary data and models to inform their research.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.
The IMD Wrap: It’s the data, Cupid!
As BlackRock buys Preqin, and LSEG strikes a data deal with Dow Jones, Max notes that in data, strange bedfellows breed valuable offspring.
This Week: BlackRock/Preqin, Trading Technologies, FIA Tech and more
A summary of some of the past week’s financial technology news.
US banks seek to open vendors’ black box on green data
Inaugural Fed climate scenario analysis flags lack of transparency around third-party models.
IEX Cloud closure forces fintech clients to seek data alternatives
IEX says it is ditching its unprofitable data arm to focus on its core exchange business, but other vendors believe they can turn a profit from its former client base of fintechs, retail investors and some institutions.