More than half of tier 2 & 3 banks have an inefficient derivatives reference data management workflow, a study by FOW and Acuiti.io has found.
The study, which is released in a whitepaper entitled Increasing Efficiency in Sell-side Reference Data Management, found that 53% of respondents from mid-sized banks reported their derivatives reference data workflows to be inefficient. This compared with 19% of tier 1 banks and 29% of smaller sell-side entities.
The report surveyed senior executives managing reference data across the sell-side. It seeks to identify the major challenges firms face in processing reference data and explore which data initiatives have the biggest impact on the efficiency of data workflows.
Other core findings in the report were:
Using a “golden source” of data across the front, middle and back office had the biggest impact on the efficiency of data workflow, significantly more than how data was processed and structured across an organisation
49% of respondents reported that data errors frequently cause mismatched trades within their organisation
79% of respondents said that data fragmentation in their organisation made integration of new applications a challenge
27% of respondents used Robotic Process Automation or Chatbots in their post-trade operations
The study analyses how reference data is currently sourced, processed and managed across sell-side organisations and looks at the impact each model has on the efficiency of reference data workflow.
