Drinking directly from the Big Data Firehouse?

A user-driven integration layer between BigData stores and BI Tools is a MUST HAVE to crafting meaningful data analytics.  If you are instead connecting BI Tools directly to Data Warehouses, then this

information_hose

is how your data analysts feel when trying to curate data stories from that hose.

This article discusses how the latest from Salesforce…the Wave…doesn’t handle this problem.  But there’s no reason you can’t solve this issue simply by adding a layer that allows users to judiciously curate data from the data warehouse.  The challenge is about finding tools that empower users to integrate without requiring a PhD in Computer Science. Hint hint…we’ve got one of those tools here.

An Enterprise Integration Tale!

We developed a whiteboard video.  Had a blast doing it.  Check it out by clicking the pic below!

Its Alive

 

http://broadpeakpartners.com/k3-video/

Seriously.

Biggest Waste Infographic

4 Questions REMIT RRMs Don’t Want You To Ask

As we move forward with REMIT there seem to be a lot of entities with stars in their eyes that they want to become an RRM.  RRM is the Regulatory Reporting Mechanism under ACER that facilitates the reporting of transactions.   This seems like a fairly straightforward thing.  Setup a facility to receive values from the TRUM (Trade Reporting User Manual) and go sign up some clients.  Easy.

Anything but!  Running this type of facility is not for amateurs.  In short, there is zero tolerance for security holes.   Frankly, we all need to think about what happens when this data gets hacked.  Sorry to sound like a sour pill, but that’s the reality of the world we live in.  Just ask Target.

Got SAS 70?

Got SAS 70.

Can You Describe in Detail the Elements and Auditing of your NOC?

A NOC is a Network Operations Center. What you are looking for here is a SAS70 Type I or II audit.   The SAS70 was put out by the AICPA in 1992. What you are really looking for here is a SAS70 Type II audit which is a “reporting on controls placed in operation” and “tests of operating effectiveness. That this assumes is that the RRM has a complete set of controls in place and that they have been tested.  Many corporations maintain policies that only permit sending sensitive information only to SAS 70 Type II facilities.

Can You Please Identify Named Engineers, their Certifications, and contact Escalation Procedures?

When Armageddon happens, and we have to assume that it will, the last thing you want is to have a team sitting around wondering, “What do we do?”  There should be an escalation procedure in case of a “major event” that your team can follow to ensure that you are not left at the end of the line.  Likewise, certifications in a NOC are important.  There is rigor around these programs and having a named set of engineers prevents the use of vague, 3d party, facilities that the RRM really has no idea how they operate.

Can You Please Describe Your Penetration Testing Policy and the Summary Results of Your Latest Test?

Penetration testing is the industry standard for figuring out whether a particular deployment has any holes in it.  Generally a third party is engaged to “test hack” the infrastructure to determine whether there are any holes.  It’s not bullet-proof but significantly diminishes the probability that some kid with a laptop can hack into the system.

Can You Please Provide the Details of Your Independent Compliance Program?

Satisfying the requirements of ACER is more than just shipping trades to a fancy database.  There are an enormous amount of controls that need to be in place to safeguard the data you are sending to the RRM.  One of the largest risks, besides hacking, is some type of an internal job where someone leaks information that they should not have been able to get at in the first place.  The only way to control this is a serious implementation of a compliance program that oversees data access and its use.  Part and parcel of this is the notification procedures in the event data is lost.

Regulatory compliance is one of those things firms wish to complete and move away from so they can focus on their core business.  Problem is, you are shipping sensitive trade data and should be asking as many questions about this aspect of your preferred RRM or Trade Repository as you do about their service capabilities.  Simply following the majority consensus may not your best bet.

SAAS Integrators feeling Sassy

The accelerated pace of technology development has brought about a deluge of confusing buzzwords.  Even if you came to the smart conclusion that technology is key to your today’s competitive strategy, crafting that strategy and finding suitable vendor partners to execute it is increasingly difficult.  Not only do you have to understand a growing list of new topics and capabilities, you have to wade through the marketing hype to avoid spending money and effort on froth.

Put your Big Data in the Cloud!  Get off your SAAS!  

Okay, no one actually says that last one, but does any actually understand what half this stuff means?  Let me let you in on a little secret…that’s the point.  In the face of a hash tag cloud of confusion it’s tough to make decisions.  And that confusion is what marketers prey on.

My favorite example from the software integration world is…

Look How Easily We Integrate with SAAS Applications!

If you have searched integration software in the past year, you’ve most likely seen marketing buzz around how easy some of them can connect to the latest SAAS applications.  Let’s be clear, there is little magic in simply connecting to something that by definition makes connections easy.  See, SAAS applications (Salesforce, Workday etc.) get their scale by being standardized across the board and easy to deal with.  So a vendor marketing that they connect to SAAS easily says more about the SAAS provider than it does about the integration vendor.  That being said, if the vendor can simplify how the data from the SAAS application is managed and how it is harmonized with your legacy systems, now we’re talking about enablement via SAAS.

If you do it right, you may even be able to leverage big data analysis in the cloud through integration of legacy infrastructure with your SAAS footprint.  But the simple connection to your SAAS applications is a small step in that journey.

BroadPeak Presenting at ICE’s Trade Reporting Workshop in Calgary

BroadPeak will be presenting at the ICE Trade Reporting workshop in Calgary next week (August 27). Who doesn’t love Calgary in the summer?

calgary-skyline

With compliance officers now focusing on Canadian equivalent of Dodd-Frank regulations, the workshop is a timely resource. The workshop will give participants insight into the regulations, their likely impact as well as ICE trade repository services. In addition Gordon Allott from BroadPeak will be presenting on how to meet the technology challenges of reporting in a session entitled, ‘Canadian Reporting Integration & Implementation’. Gordon will give insight and anecdotes from customer experiences using K3 to automate reporting across North America, Europe and Asia.

Are you attending the workshop? Any burning technology questions that you would like answered?

With participants ranging from physical to financial and from 100 people firms to super majors, it should be a very interesting and rewarding day.

Kentucky Fried Counterparty

It’s not new news that BNP Paribas got tagged for nearly $USD9Bn for doing business with Iran, Sudan et al.  Doing business with “Specially Designated Nationals” has been a no-no…risky…find yourself Kentucky Fried on that Counterparty since …well, forever.   But there are several things happening right now that could be viewed from the beach as a pretty big wave on the horizon.

trading, FATCA, GATCA, ETRM, DODD FRANK, EMIR, Collateral Management

KYC not KFC

KYC not KFC

Know Your Counterparty” is getting a fresh look based on a number of things and not just the BNP fine.  Here’s what you need to know:

  1. FATCA is live and applicable to nearly all financial firms.  In a nutshell, the Foreign Account Tax Compliance Act dictates that if you have non-US entities, and those entities have US counterparties you may need to report the account to the IRS.  Failure to do so will subject payments to a 30% withholding.
  2. GATCA , the global version of FACTA is coming.  The Global Account Tax Compliance Act is the global (G20) rollout of FACTA.  So if you are a US company with EU counterparties you may need to be ready to report in the near future.  The takeaway here is that both FATCA and GATCA turn on a sound fundamental KYC program.
  3. Collateral Management & Collateral Optimization: Based on EMIR, Dodd Frank and other regulatory acts, the ability to quickly assess a collateral position with any given counterparty has taken a high priority.  Of course there are always really cool optimization opportunities for those that put in the effort.   This is becoming a bigger and bigger deal since many CCPs have substantially expanded the scope of types of collateral that can be posted.

Forgive me, but I’m going to put on my sales hat for a moment.  The success of a good KYC/Collateral management program turns around great integration.  The reality is that it requires the convergence of what are likely a handful of older applications (around counterparty management) and perhaps some new ones (for collateral management).  Not only does the integration have to seamlessly move data, but support the overall counterparty management process.   That’s exactly why we built K3.

Google and Darwinian Software Evolution

Google rocked the “Geek-eratti” last week announcing that they had scuttled MapReduce in favor of Dataflow.  To any regular corporate Joe this does not really mean anything.  But if you happen to be talking to “that guy” at a cocktail party bla, bla bla-ing about Big Data here’s the real take-away. GOOG DNA

Google torpedoed one of the original pillars of big data processing in favor of something better.  Countless companies have been sold on the merits of MapReduce.  And to a certain extent it’s kind of like getting the rug pulled out from underneath you, that the future is no longer really the future.

What’s really important, however, is what it signifies.  The software world has taken a pretty big evolutionary leap in the last decade and this is nothing short of a sea change.  When you can make really big fundamental changes to improve how you deliver software, and no user knows the difference, something has really changed.

If you work at a company there is a 99.9% chance you deal with some old software that makes you want to pull your hair out.  So how come Google can hot swap out a key pillar of their software and your software vendor can’t even respond to simple requests without a fist full of dollars and months and months of anguish.

The answer isn’t, “It’s Google”.  The answer is, “Its the architectural design”.  New development methodologies and technology is out there and open to anyone willing to embrace it.  In the two years we have had K3 on the market, we’ve overhauled our fundamentals twice to make it better.  If your software is on the wrong side of software Darwinian evolution, it’s time to encourage your vendor to get on the right side of software evolution or go extinct.

Sifma Day 1 – Lazy Gorilllas?

We’re here at the Sifma Tech conference in midtown Manhattan…historically this is the place to be for FinTech Companies.  Here’s a few nuggets from day one.

Most common response to “What do you do?” – “I work in Market Data.”  But where are all the big Market Data vendors…Bloomberg? Thompson Reuters?  Has Market Data become a commodity?  On the other hand, Interactive Data made a showing.

Also, where are all the big technology vendors?  ION? Apama? Sungard?  I’m sure they have attendees, but no showcase in the Exhibit Hall? Sleeping Gorilla In the age of technology evolving ever so quickly, I would have expected to see the latest and greatest from these big companies. On the other hand, ETNA Soft is here.
Do the established players have nothing new to show off?  Have they become lazy gorillas?

Lastly, this conference used to be much larger with many more attendees.  Perhaps that has something to do with the lack of showing from some of the big players.  On the flip side, the smaller companies here are showcasing great focused innovations.  But if I hear “Big Data” again without some real context and value I may just pass out.

More to come from day two…

 

BroadPeak will be at SIFMA Tech 2014

Come and say hello to us at the SIFMA Tech conference, June 17 & 18 2014. SIFMA Tech is an annual convention where participants discuss and explore the role of technology in financial services. BroadPeak will be exhibiting at booth #1423. Different members of the BroadPeak team will be at our booth across the 2 days so if you’re looking forward to meeting any one of us in particular let us know who and we can arrange a meeting in advance.

Like a lot of the conferences we’ve been attending of late, it looks like the hot topic of SIFMA Tech is going to be compliance especially Dodd-Frank, EMIR / REMIT and FATCA. With more and more regulations impacting financial services firms across the world the compliance bias is no surprise.

BroadPeak is hosting a learning lab session on Tuesday at 4pm where Gordon Allott will be discussing these issues as well as common trading system integration issues.  Participants will also have the opportunity to view K3 and quiz Gordon. The learning lab theater is next to the Nassau Suite, be sure to stop by on Thuesday at 4pm.  Here’s a link to all the Learning Labs.

Which exhibitors are you most looking forward to visiting? On the speaker side this blogger is hoping to be able to sneak off and see the former CEO of Kayak’s presentation on Wednesday.

Follow our tweets from #SifmaTech @BroadPeakInc

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