By Tim Furmidge, Head of Product Management, BT’s Financial Technology Services
I recently participated in a webinar that looked into how financial firms can guard against market abuse and manipulation. ‘Bracing for the Wave – or Sailing Ahead of It? – Reducing Risk Through Benchmark Data Controls’ looked at the Libor scandal of 2012 as an example to kick off a frank discussion about the practicalities of avoiding the behaviours that caused it.
Professor Michael Mainelli, executive chairman of think tank Z/Yen Group, set the scene, outlining the Libor scandal and its aftermath. Robert Simpson, vice president of Verint’s global Financial Compliance Practice and I then explored the ways in which data capture, process and analysis can discover abuse or manipulation while helping to comply with regulations and market rules specified by financial authorities. Our conversations also covered the need to manage trickier data, such as unstructured voice and chat data. [Read more...]