Waters Wavelength

This week, Wei-Shen and Tony talk about two features recently published on the website. The first, written by Wei-Shen, is on how video game technology can be applied in the financial industry and some of the challenges there. The second feature is written by Rebecca Natale, our reporter based in New York, calling out data mining for what it is, and the importance of having a plan when dealing with alternative data. https://www.waterstechnology.com/technology/4858766/game-on-can-the-video-game-industry-teach-banks-something-about-visualization https://www.waterstechnology.com/data-management/4867276/data-mining-is-bullsht-an-examination 2:00 – Tony shares some of his thoughts on Bank of America’s approach to using gaming technology and the ongoing work on its prototype. 6:00 – Then, Wei-Shen talks about some of the similarities between professional gamers and traders. 10:30 – Where’s the balance between new edge technology and the risk of information overload? 16:00 – Then, they discuss Reb Natale’s fea

Mark Schlesinger, Broadridge’s CIO, joins the podcast to talk about Broadridge’s efforts in migrating its infrastructure to IBM Cloud, and how that will give the firm access to new capabilities to develop applications. 5:00 – What is The Broadridge Private Cloud? 9:00 – What does migrating a significant portion of Broadridge’s infrastructure to IBM Cloud mean to the firm, and its clients? 12:00 – What motivated this decision, and when will migrations happen? 18:00 – What are some of the new application development capabilities that IBM Cloud provides? Mark talks about the wealth platform, and the data intelligence platform that Broadridge will launch soon. 23:30 – A look into Broadridge’s blockchain efforts. 28:30 – Why is implementing a multi-cloud strategy easier said than done? 34:00 – Mark talks about his passion for squash and starting the day early.

This week, Tony and Wei-Shen talk about issues dealing with transforming the workforce while financial firms start to automate and digitize. They discuss some of the challenges firms face in upskilling existing staff. Later, they touch on the Coronavirus situation in Hong Kong. 1:30 – Wei-Shen and Tony start the podcast highlighting that registration for the North American Financial Information Summit 2020 (NAFIS) is now open. https://www.financialinformationsummit.com/na 3:30 – Then, they discuss Reb’s story (https://www.waterstechnology.com/management-strategy/4839456/the-retraining-conundrum-how-best-to-transform-a-workforce) on transforming the workforce. They address some challenges, both financial and non-financial firms facing in their efforts. 11:00 – Tony talks about how difficult it is to learn new skills and how it’s not as easy as it sounds. 17:00 – They get a little distracted and talk about the latest Korean drama series Wei-Shen is watching. 18:30 – Wei-Shen brings it back to the topic. It

This week, Tony and Wei-Shen talk about third-party resiliency and how interconnected systems are. They discuss how disruptive outages and vulnerabilities are to the industry and the implications on systemic risk. https://www.waterstechnology.com/regulation/4818706/vendors-feel-heat-as-regulators-pile-pressure-on-third-party-resiliency https://www.waterstechnology.com/regulation/4813941/google-exec-regulators-insisting-on-multi-cloud-for-financial-firms https://www.waterstechnology.com/data-management/4515601/the-future-of-cloud-regulation-the-authorities-are-taking-notice 1:00 – Tony starts by talking about how new laws in Europe will require fintech firms to scrutinize their control frameworks to deal with system failures. 3:30 – The challenge of understanding third-party and fourth-party vendor relationships. 5:00 – They delve into the complexities of validating their relationships with third-party vendors, and beyond. 7:00 – This is where the fight begins. How much will vendors push back on revealin

This week, Anthony is back on the podcast with Wei-Shen. They talk about the investment Swedish private equity firm EQT made in Rimes Technologies, as well as the two acquisitions the Chicago Board Options Exchange (Cboe) made this week. Then, they discuss some drawbacks of AI when looking at predicting market movements. https://www.waterstechnology.com/management-strategy/4811986/rimes-wards-off-sale-speculation-with-investment-from-eqt https://www.waterstechnology.com/management-strategy/4812921/cboe-buys-hanweck-and-ft-options-in-dual-acquisition https://www.waterstechnology.com/technology/4798531/nomura-chief-warns-of-ais-limitations 1:00 – Tony joins the podcast to talk about this week’s acquisition and investment news, and issues with using AI as a predictability tool of market movements. 3:00 – Then, he cautions how M&A speculation stories generally, might be a play to perhaps make the valuation of a company look better, highlight the competition, et cetera. 9:00 – Tony explains why he finds it in

Sara Dillon, FactSet’s head of private markets, joins the podcast to discuss the private markets and how firms are looking to pull together this disparate information to glean trading insights. Prior to joining FactSet last year, she had spent 17 years at General Atlantic, most recently serving as chief research officer. 1:15 When we talk about the private markets and private markets data, what are we talking about? 2:00 What are the main challenges when it comes to capturing this information? 3:15 A real-world example of this data in motion. 5:00 How do you avoid the noise? 6:15 What’s the difference between private market data and the whole scope of alternative data? 7:45 Where can firms go wrong when incorporating this information? 9:00 Why are investors taking greater notice of this space? 12:30 What new data is available today that wasn’t available before? 13:45 How does the private markets group fit into the larger FactSet offering? 15:15 How is the industry pushing toward standardization?

This week, Josephine Gallagher, UK senior reporter at WatersTechnology, joins Wei-Shen on the podcast. They talk about the feature Josephine wrote about the proliferation of deepfakes (https://www.waterstechnology.com/management-strategy/4780806/the-proliferation-of-fake-information), and what it could mean for the capital markets. As firms increasingly turn to new and unique alternative data sources such as sentiment scores, and web scraping, they need to ensure the data they plug into their systems is authentic. 1:00 – Josephine joins the podcast to talk about what interested her the most about deepfakes. 3:00 – Then, they discuss two well-known deepfakes and how it’s near impossible to spot signs of tampering. 5:30 – Josephine and Wei-Shen then talk about an example that NICE Actimize’s Robert Tharle made on how criminals used a deepfaked voice of a CEO to steal $250,000. 6:30 – Does that mean firms need to implement multi-factor authentication or multi-factor authorization? 9:00 – They discuss how s

This week, Jonathan Kellner, chief executive officer, and Tom Fay, chief operating officer at the Members Exchange (MEMX), join Tony on the podcast. They talk about why there's a need for a new exchange in the US (https://www.waterstechnology.com/management-strategy/4082911/challenging-us-exchanges-will-be-uphill-battle-for-memx-experts-warn), the work that has gone into getting it off the ground, and what else needs to be in place before launching.  1:30 – Wei-Shen and Tony briefly highlight some of the stories new to the website this week, including a deep-dive into API security (https://www.waterstechnology.com/technology/4774536/apis-frontier-of-a-new-threat)and how the likes of UBS and BlackRock are looking to break into the Chinese market (https://www.waterstechnology.com/management-strategy/4772186/asset-managers-look-for-partnerships-to-expand-in-china). MEMX 4:30 – Jonathan and Tom join the podcast and talk about what MEMX is all about. 9:00 – Then, Jonathan explains how MEMX fits into the alrea

This week, Wei-Shen and Tony discuss the increase in data that firms will see coming to market as a result of 5G networks and IoT-connected devices. They talk about how firms might tackle this, following on from the current challenge firms face with alternative datasets. Then, they discuss some of the concerns surrounding the rollout of 5G and what that means for the future of financial firms and people. 2:00 – To start, Tony gives an overview of his 5G and IoT story. (https://www.waterstechnology.com/technology/4743391/5g-iot-are-you-ready-for-the-data-deluge) 4:00 – They discuss the vast amount of data that will come to the market as a result of 5G rolling out, coupled with more IoT-connected devices. 6:30 – Then, they question how firms will deal with this mountain of data coming in, as this is one of many key challenges firms deal with now? 9:00 – Is the key deciding when to fail when experimenting with noisy datasets? 13:00 – Will this mean we’ll see more consolidation in the industry? 15:00 – Tony brea

This week, Wei-Shen and Tony talk about how firms experiment with AI and ML and how firms should be more specific when they talk about these techniques. Then, they discuss the issue of gender and industry working groups, and what that might mean for the future. 1:30 – First, they talk about Hamad Ali’s Wells Fargo story. (https://www.waterstechnology.com/data-management/4714551/wells-fargo-exec-banks-struggle-to-feed-hungry-ai) 7:00 – They discuss the need for failure when experimenting with machine learning. 15:30 – What’s the timeframe when it comes to implementation? 16:00 – Then they talk about the EDM Council’s formation of a Women in Data interest group 21:00 – What’s the ROI for these groups? 26:00 – Tony explains how he’s not ready for the next 20 years. 27:30 – They discuss changes the industry needs to make when it comes to managerial styles. 33:00 – Wei-Shen wraps up the podcast for 2019 with jolly holiday wishes. (aka, see you all in 2020.)

On the podcast this week, Wei-Shen and Tony briefly discuss the Waters USA conference. Then, Billy Hult, president of Tradeweb Markets, speaks with Duncan Wood, global editorial director for Infopro Digital, about the changing face of trading, how Tradeweb stacks up against the likes of tech companies like Bloomberg and Symphony, the dimming allure of exchanges, and much more. 3:00 – Billy joins the podcast with Duncan 7:00 – Billy and Duncan talk about Tradeweb post-IPO 14:30 – Next, they discuss Tradeweb’s expansion into new asset classes 18:30 – Duncan asks about how Mifid II’s best execution requirement creates challenges 21:00 – Which trends are having the greatest impact on the market structure debate 28:00 – What is the difference between an old-style exchange and an interdealer broker 32:00 – Billy responds to whether Symphony is a disruptive force 39:30 – To wrap it all up, Billy bravely answers Duncan’s random quick-fire questions

Prior to today, there have been two hosts of the Waters Wavelength Podcast: Dan DeFrancesco and Anthony Malakian. Now, we have a third: Wei-Shen Wong! Anthony, aka, Tony, will still co-host, but Wei-Shen, aka, Shen, will run the show from here on out. Here's to new beginnings! This week, Shen and Tony discuss Waters USA, which will be held on Dec. 2-3 at 1 Liberty Plaza Convene in Manhattan. They discuss digitization, new jobs in data, and the problem with polls painting a broad stroke. https://events.waterstechnology.com/watersusa

Giles Nelson, CTO of financial services for MarkLogic, joins the podcast to discuss data issues facing the capital markets, data warehousing, and Hadoop. 1:00 Giles Nelson joins the podcast. 2:00 Conventional approaches to managing data are stuck in the 1970s, according to Giles. 7:00 How to change hearts and minds. 15:00 Data warehouses—are they dead? 22:00 The balance between emerging technologies and legacy technologies. 26:00 Is the Hadoop hype gone, or just changing? 32:00 Why do firms need to be both innovative and think outside of the box, as well as stay responsible to not flush funds down the drain on a shiny new object.

This week, Jonathan Clark, CEO of Luminex, and David Hagen, Luminex’s head of product, join the podcast to look at some of the challenges and opportunities that traders on the buy side face in today’s evolving, increasingly-automated market (3:30). Also, at the start, Anthony gives an update on the Waters Asia event taking place this week.

This week, Rich Newman, global head of the Content and Technology Solutions (CTS) group at FactSet, joins to discuss this idea of open data and delves into the world of alternative data. 2:30 Open data: why is it gaining traction and why is that important? 8:30 The alternative data space is vast, to say the least, but what is actually providing value? 11:00 One-stop-shop data providers versus more niche specialists. 14:00 When FactSet went down the Open:FactSet road, where did it have to readjust its strategy? 17:00 With the data explosion that will result from 5G and IoT advancement, how do you prepare for the future? 19:45 Banks and asset managers are trying to figure out how to package their internal data—where are we at? 23:00 ESG: where is there real value, what are the challenges? 29:00 Rich is a cofounder of technology company Insyte, which FactSet acquisition in 2000. He explains why he’s stayed on with FactSet all these years later. 36:00 Which is better: Queens pizza or Boston pizza? (The answer is

This week, Anthony and Josephine Gallagher, senior reporter for WatersTechnology, discuss the European consolidated tape and how it mirrors what we’re seeing in the US with the consolidated audit trail. https://www.waterstechnology.com/trading-tools/4495891/platos-planned-platform-could-serve-as-precursor-to-european-consolidated-tape https://www.waterstechnology.com/data-management/4520496/finra-cat-lays-out-security-plans 2:30 When the consolidated tape was first proposed, the idea was largely applauded. 5:00 No one wants to be responsible for building this thing. 7:15 There is some overlap with what we’re seeing with the consolidated audit trail (CAT). 10:00 A look at the next few deadlines/significant dates. (Brexit could throw this all off.) 17:00 Why it might make sense to have the Plato Partnership build the consolidated tape (though this is pure speculation). 20:30 Finally, to wrap things up, Jo tries to explain Brexit and what Boris Johnson is doing to Tony. [CORRECTION: At the 8:10 mark, Anth

Alison Singer, founder and president of the Autism Science Foundation, and Bryan Harkins, executive vice president at Cboe Global Markets, join the podcast (6:00) to discuss the Wall Street Rides FAR for Autism Research charity event, which was created by Bryan and his wife, Melissa. Alison and Bryan also talk about strides that have been made in the field of autism research and where more progress can be made. Before that, Anthony talks about plans for the podcast going forward and highlights some recent stories that might be of interest. Wall Street Rides FAR for Autism Research https://wallstreetridesfar.org/ Hundreds Leave Fidessa After Ion Acquisition https://www.waterstechnology.com/management-strategy/4477556/hundreds-leave-fidessa-after-ion-acquisition Plato’s Planned Platform Could Serve as Precursor to European Consolidated Tape https://www.waterstechnology.com/trading-tools/4495891/platos-planned-platform-could-serve-as-precursor-to-european-consolidated-tape Real Estate as a Tradeable Asset Cl

At the beginning of August, PanXchange launched its industrial hemp exchange. Julie Lerner, founder and CEO of PanXchange, describes the thinking behind the venue and delves into the hemp market, looking at the challenges and opportunities that exist. 1:00 Julie talks about PanXchange and the market it serves. 3:00 She then explains why the 2018 Farm Bill was so important for the hemp industry and what this could mean going forward. 7:00 Then she provides projections for how this market is anticipated to grow. 8:30 What are the challenges when it comes to farming this commodity? 11:00 What are the challenges for trading this largely OTC commodity? 13:00 As the hemp market grows, alternative data providers will (hopefully) enter the market. 15:30 Blockchain has been thrown around as prime for the hemp market, but Julie does not agree. 19:30 What are the challenges that hemp farmers face? 22:00 Julie explains some of the lessons she’s learned after starting PanXchange.

This week’s guest is Keith Lubell, CTO for Berkery Noyes, an M&A investment bank based out of midtown Manhattan. When it comes to talking innovation, Keith is one of my favorites to chat with. While fully invested in the day-to-day issues of technology, he always has an eye on new advancements and techniques. For this conversation, we look at Facebook’s Libra token and how regulators are setting their sights on the so-called Big Tech companies. We also delve into both newer and older programming languages, and how finance firms are using them. And he examines how semantic data and technology are becoming increasingly useful. Additionally, Keith has worked for the Department of Defense, was an unemployed musician and painter, and now heads tech for an M&A bank. To read about how all of those experiences are connected, click here: https://www.waterstechnology.com/trading-tools/2481052/tied-together-keith-lubell-berkery-noyes 2:00 Libra 14:45 Big Tech/Anti-Trust 18:50 AWS/Cloud Providers 29:00 Programming Lan

Brian Lichtenberger, cofounder and CEO of 7Park Data, joins to talk about challenges facing firms as they look to incorporate alternative data into their investment and risk management processes. Topics include where firms go wrong from a data management and strategy perspective, the need to fail fast, consolidation, the company's recent acquisition, and what led him and Alex Nephew to start the data provider in the first place.