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Streamlining Data Communication Standards for Asset Managers: A Comprehensive Update

This update, presented by Ann Marie Davis and Stephanie Davis, focuses on validating position and market valuation while streamlining data representation, transmission, and security in the swaps industry. The aim is to reduce support costs, minimize change lead-time, and foster a collaborative team environment. The project prioritizes interest rate swaps, credit default swaps, and total return swaps, with future phases targeting additional swap types. Benefits include enhanced data processing standards, secure transmission, and technological uniformity for all participants. The project aims to make valuable data more accessible, standardized, and secure for efficient communication between asset managers.

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Streamlining Data Communication Standards for Asset Managers: A Comprehensive Update

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  1. Data Standards Working Group Update Asset Managers Forum’s Swaps Workshop and Vendor Exhibit Presented by Ann Marie Davis and Stephanie Davis 27 October 2004

  2. Initial Working Group Participants Amaranth Group Inc. Citadel Investment Group, LLC D. E. Shaw & Co., L. P. Deephaven Capital Management DKR Capital Inc. EBF & Associates LP HBK Investments L.P. Highbridge Capital Management Moore Capital Management LLC Paloma Partners Management Company Soros Fund Management LLC Tudor Investment Corporation

  3. Executive Summary • Validation of position and market valuation, neither of which are currently addressed by other industry initiatives. The focus is not legal confirmations which are being addressed by other industry working groups. • Enhance technology using a phased approach, if necessary; streamline communications using accepted industry methods for data representation, transmission and security. • One-solution-fits-all approach to communications. • Exchange sufficient data to generate meaningful exception reports. • Initial focus on structured products.

  4. Objective • Streamline communications using accepted industry methods for data representation, transmission and security. • Reduce support costs through efficient processing and consistent requirements. • Minimize change and significantly reduce lead-time when new products and/or dealers are introduced. • Provide relief for the dealers by limiting the range and variety of requirements from end-users. • Foster a team environment to ensure success.

  5. DSWG scope: Position and market value validation 3rd party vendors Processing platforms Buy/Sell Side ISDA MFA DSWG BMA/ AMF

  6. Product Priority – Final • Immediate Focus: • Interest Rate Swaps • Credit Default Swaps • Total Return Swaps (Equity, Bonds) • Future Phases: • Options (Swaptions, Equity, FX, Cross-Currency, Credit Default) • Variance and Asset Swaps • Commodity Swaps • Prime Broker

  7. Benefits of Uniform Technology • Promotes standards to enhance data processing: • Representation – FpML extensions • Security – PGP/GPG encryption • Transmission - FTP • Standardizing the technology will not limit the use of the data. One solution does fit all.

  8. Conclusion • DSWG has made real progress in a very short time. Established technical and business-side working groups that have: • Agreed and finalized project deliverables • Established a one-solution fits all technology approach • Generated sample files • How we measure success. This project will make valuable data more easily available, standardize and secure transmission, ensure that content is more consistent and ease the process for dealer's to provide data to end users. Each participant will measure success differently, depending on their needs but this initiative addresses all aspects of the defined data requirements and will provide a valuable solution for all.

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