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The core of FIORD will be the use of semantic technologies, ontologies and taxonomies. Industry-standard tagging of data is emerging as one of the technologies to enable the financial industry  and its regulators to observe financial transactions by computer means  through their ability to precisely define data content, facilitate classification, represent data rules and add dimensions of intelligence onto data structures more efficiently and at a lower cost than conventional technologies.

FIORD has the potential to prevent the triggering of financial markets plummeting, which was the case of the United States stock market crash on May 6th, 2010 (known as the ‘Flash Crash’) in which the Dow Jones Industrial Average plunged by 1,000 points (about 9%) only to recover those losses in minutes. 
Thus, a regulator like the recently proposed EU Single Supervisory Mechanism or a large market participant would be able to:
  • Perform complex and rapid queries on the large volume of trades that can be generated in just seconds on a set of trading platforms run by exchanges and market participants in any particular market or the market overall;
  • Use these queries to analyse market activity, potentially in real time and detect hazardous events as they occur allowing immediate response, speedy resolution and detailed after action review of such events;
  • Provide collated data to a suite of reporting tools that would allow rapid analysis and understanding of the changing position in the market in a visually intuitive style through trigger mechanisms and other display and dash boarding devices.