The following features all the latest news, articles and press releases from the Ballintrae team.

The Bigger Challenge

The bigger challenge is the propagation of fee-liable data through Apps and APIs, which is harder to manage, track and report for both consuming firms and audit firms. This problem has been steadily growing as financial services firms have increasingly automated their workflows, relying more on third party platforms and large internal development teams to create applications, systems and platforms for disseminating and consuming data. Often the development or technology teams are either unaware that they are using fee-liable data, or oblivious to the commercial terms, policies and procedures (and in the worst case, regulations) for consuming and reporting usage. The pressure to implement new systems or move Apps into production can mean that reporting usage is forgotten about or simply ignored.  In other words, digital consumption of data across organisations is often taken for granted and the nature of application consumption makes it harder to track and manage; particularly given the nuances of enterprise or ‘non-display’ usage rights in third party data contracts.  Compliance with exchange rules and regulations at some consuming firms can be characterised without overstatement as “The Wild West” – this being a direct quote by a data consuming firm.  Unfortunately, this is true of even the top Tier 1 banks, let alone the rest of the industry who don’t have the resources and tools in place.

A further metaphor is used to describe the proliferation of unreported fee-liable data usage inside consuming firms: “The Iceberg”.  This industry metaphor has arisen to describe in visual terms the difference between what a high-level exchange audit can uncover in terms of usage and that which is hidden below the surface, unseen and undetected. From its work with both financial exchanges and data consuming clients, Ballintrae has unique insight, and data, to support how apposite the metaphor of an iceberg is. Unreported data consumption increasingly becomes a ticking bomb in the form of financial liability.

In fairness, it should be added that financial exchanges and other third-party data sources do not help the situation.  They issue a plethora of competing, contradictory, badly drafted and in some cases deliberately ambiguous rules and regulations that change frequently.  Keeping up with these changes is an expensive and onerous task. Ballintrae led the way in 2010 by producing the market leading Ballintrae Enterprise Rules and Regulations Database (BERRD).  This database aggregates all rules, regulations, policies and pricing for all 162 world financial exchanges.  It updates these twice per day and provides the results online. This product will feature prominently in the B-Cloud global reach strategy. We intend to give use of the product free to clients in return for contact data. It will act as a beachhead into every client it reaches. Related functionality (reporting etc.) will be charged for.

It is this bigger challenge that Ballintrae is committed to solving.

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