Financial Instruments and their transactions processing is highly
complex and nuanced process
Lack of ‘Accurate Traceability’ of Trade Information as it moves
from Front, Middle and Back Office and analyzed for reporting
Regulators are increasingly asking for near-real time Trade
Transaction data to conduct systemic risk analysis
Financial services organizations have a language problem.
world is driven by legal contracts about complex financial instruments
and multi-faceted entity relationships - yet we have common business
terms that have different meanings, common meanings that use different
terms and vague definitions that don't capture critical nuances. This is
out of place for an industry that operates in real time, on a global
basis, performs intricate analysis across many functions, is required to
report to regulators with precision and needs improved efficiency by
automating business processes.
OMG Finance Domain Task
Help members understand that data is a business asset
Promote the notion that Data and its Semantics (business meaning,
context and rules) is the DNA of financial services. It is not just the
money but the ‘Information about Money’ that is equally critical to
Develop innovative strategies, best practices and standards that
will help transform financial data into ‘Smart Data’ of higher business
Partner with OMG task forces and other standards organizations to
develop sustainable business and technology standards that will help
accomplish the above stated goals. Please refer to the FDTF Project
summary section for list of projects (current and planned).
FDTF News and
Next FDTF Meeting will be at OMG TC Meeting
in Burlingame, CA USA.
Group's agenda can be foundhere.