Case Study: Challenges to Support Open Data
This talk will give a synopsis of the work Bloomberg L.P. Has done with the Object Management Group in the development and support of the Financial Instrument Identifier (FIGI), the only open data identification framework for financial instruments. Exploring the reasoning on why a for-profit company would invest in, and continue to support open data, the speakers will cover internal and external challenges in doing so. The evolution of FIGI, and what the future may hold in regards to standards and regulation will be examined. Finally, a wrap up on the pros and cons of "competing" standards (open and licensed), drivers for innovation, and the good and bad impacts of regulation.
Rich Robinson is a senior executive with over 25 years of experience in the financial industry, across operations and technology functions. Starting in the Global Custody Operations of Bankers Trust Company in the early 1990’s, Rich has worked throughout the front, mid and back offices at NSCC, Merrin Financial, The Bank of New York, Deutsche Bank Securities AG, and Omgeo. Post-crisis, he worked in consulting capacities at Barclays to help bring on board the former Lehman Equity desk, and at Morgan Stanley Smith Barney, leading the EMC engagement that defined the distribution, order flow, trade reporting, compliance, and related functions needed to bring together the two retail brokerage firms. Immediately prior to joining Bloomberg, he was a Partner in Wipro’s Capital Markets team.
Since the mid 1990’s, Rich has been heavily involved in the industry as an active participant of key working groups related to international data and messaging standards, including ISITC, FISD, EDM Council, ISO, ISDA, and SIFMA. He has led industry efforts in communication, data, unique instrument identification across asset classes, co-founding the first group on Unique Instrument Identification in 2000 and was a primary participant in the Best Practice work for ISO15022. He has was Convenor for the ISO Study Group on CFI’s and UPI, and led the ISO Working Group on the Unique Transaction Identifier. Rich is on the Board of Directors of ISITC, and serves as 2nd Vice Chair.
A regular speaker at conferences, he has been published in the Journal of Securities Operations and Custody, Waters, and Inside Reference Data, among other global financial services publications. His most recent paper, “A linguistics approach to solving financial services standardization,” introduces the innovative idea to use applied linguistics to guide standards development and regulatory decisions, and was published in the Journal of Financial Markets Infrastructure.
Richard is currently head of Data Strategy and Standards for the Open Symbology group at Bloomberg LLP. He works globally with regulators, legislators, and industry leaders on addressing data and standards issues to create more efficient and transparent markets. He holds an MBA in Organizational Behavior and Information Technology from NYU’s Stern School and a B.S. in Industrial Management with a concentration in Management Information Systems from Carnegie Mellon University.