Projects and Research

The goal of FIORD is to define and demonstrate semantic based methods and tools (the FIORD Big GRC Data Platform) that would make it possible for market participants and regulators to monitor compliance with evolving trading rules across regions such as the EU. This would include specifying a set of tools and mechanisms that will allow best in class data real time analysis for market participants to manage their risk in trading and for regulators to monitor these markets. This would allow solutions for the areas of big data, regulation and risk management for financial Services. 

The Financial Services industry is among the most data driven of industries. However, the industry has relied on older technologies to handle this ever-increasing data and analytics burden.  The regulatory environment for this industry requires an understanding of multiple types of data.

This result in large volume of data - billions of market related messages, industry related economic information and data on individual company and contract markets distributed globally in real time. For example, just the market data feeds expressing bids and offers distributed on just the below listed equity and options exchanges in the US on a most recent and typical day April 12, 2013 peaked at 4.5 million transactions a second. Historically, the peak rate was 6.8 million per second achieved on December 21, 2012.
Big Data
Big Data is an emerging field where innovative technology offers alternatives to resolve the inherent problems that appear when working with huge amounts of data while providing new ways to reuse and extract value from information. 

Volume, Velocity and Variety were originally posited by Gartner’s Doug Laney in a 2001 research report that provides terms to describe some of the issues that affect big data.

Regulations in the financial services industry are becoming increasingly complex and can involve more than one regulator for a firm as well as different products, regulations and jurisdictions. However they play an important role in ensuring the stability of  markets and economies. 

Risk and controls for compliance are becoming more complex. Proposals have been made to use solutions that are based on semantic web technologies. 

Risk Management
Real-time trade risk management is becoming more of a possibility and a demand by regulators with the furtherance of a pervasive global network of almost unlimited bandwidth and with massively parallel, almost unlimited computing capabilities. 

This takes the form of shared facilities available on demand in the form of computational utilities provided as a service, referred to as cloud computing.