imc summit 2016 keynote - robert barr - in memory computing for financial services: past, present...
TRANSCRIPT
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IN MEMORY COMPUTING IN FINANCIAL SERVICESROB BARR
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WHAT DO WE MEAN BY “FINANCIAL SERVICES”?
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FINANCIAL SERVICES
Accounting firmsInsurance companiesStock brokeragesInvestment FundsCredit Card CompaniesBanks
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RETAIL OR CONSUMER BANKING
Savings AccountsCurrent AccountsMortgagesLoans
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RETAIL OR CONSUMER BANKING
Credit cardsDebit cardsOnline BankingMobile Banking
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IB FRONT OFFICE: INVESTMENT SERVICE
Raise money through IPOs
Mergers and Acquisitions
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IB FRONT OFFICE: SALES AND TRADES:
EquitiesFixed IncomeCommoditiesMoney MarketDerivatives• swaps• futures• options
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IB FRONT OFFICE: ANALYSIS
Review of companies
Advice on future earnings
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IB: MIDDLE OFFICE
Risk Management
Regulatory Reporting
Corporate Strategy
Compliance
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IB MIDDLE OFFICE: RISK
Market Risk• Equity Risk• Interest Rate Risk• Currency Risk• Commodity Risk
Credit Risk
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LOTS OF CALCULATIONS
Greeks- Vega, Theta, Rho, Gamma,
Delta
VaR and Stressed VaR
Monte Carlo Simulations
Black Scholes
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INVESTMENT BANK : BACK OFFICE
Operations and Technology
Accounting
Trade Admin
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THE PAST
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THE PAST
Silos of Data
Duplication of data
Disparate, bespoke systems
Long, waterfall style projects
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THE PRESENT
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MARKET PRESSURES: CHALLENGER BANKS
Fidor Bank, Atom Bank, Metro Bank, Starling
Digital First, Mobile First
No legacy technology
No physical presence
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MARKET PRESSURES : FINTECH STARTUPS
Processing of Payments- Paypal- Apple Pay- Samsung Pay
Investing and Financing - Kickstarter, IndieGogo
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REGULATORY PRESSURES: UK REGULATORS
Prudential Regulation Authority
Bank of England
Financial Conduct Authority
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REGULATORY PRESSURES: US REGULATORS
Securities and Exchange Commission
Federal Reserve
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REGULATORY PRESSURES : THE WORLD
Monetary Authority of Singapore
European Securities and Market Authority
Hellenic Capital Market Commission
Fifty+ other countries
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REGULATIONS
Sarbanes – Oxley
Markets in Financial Instruments Directive - MiFIDDodd Frank
Protection of Client Assets and Money CASS
BASEL III
CFDC
Fundamental Review of Trading Book - FRTB
EMIR
Volker
FFIEC
DSS
PCI
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GOALS OF REGULATION
Market Confidence
Financial Stability
Consumer Protection
Reduction of Financial Crime
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TECH IMPACT
Large scale regulatory reporting
Massive risk and analytics processingConsolidation of platforms, simplification
Faster deployment cycles
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TECH IMPACT
Standard n-tier architectures
Big Data
In Memory Data Grids
Physical or virtualised servers
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THE FUTURE
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CLOUD COMPUTING
Infrastructure as a Service
Platform as a Service
Software as a Service
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CLOUD CHALLENGES
Mismatched Regulations
Security implications
Proprietary code
Performance, Performance!
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DATA SCIENCE AND MACHINE LEARNING
Big data and cheap compute
Fraud detection
Stock prediction
Market trend analysis
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FUTURE TECH
Block Chain
Non volatile memory
Artificial Intelligence
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SUMMARY
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ROUND UP
Financial Services will never get simpler.
The amount of data being processed will never get smaller.
The speed at which data is gathered, analysed and reported will never decrease.
BIG Data. FAST. In Memory.