The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

SIAC Tests Volante Metadata Repository for Descriptive Data

The Securities Industry Automation Corp. (SIAC)’s Avner Gelb last month demonstrated tests of Volante Technology Inc.’s new Volante Metadata Repository (VMR) to manage and normalize disparate message types. Speaking at the High Performance on Wall Street conference in New York last month, Gelb, senior technical director at SIAC, said tests had enabled SIAC to shield internal databases of descriptive information from external messages, specifically FIX messages from the New York Stock Exchange, one of the exchanges for which SIAC acts as facilities manager.

Gelb, who is also a member of the Securities Industry Middleware Council (SIMC), has been advising Volante on its VMR development efforts. Volante launched VMR during the summer and sees an opportunity for using the system for helping clients manage corporate actions messages and other reference data types not requiring real-time messaging.

According to Krishna Sudarshan, CTO at Volante, VMR is a message management platform designed to aid in streamlining straight-through-processing (STP). By creating a repository for all business process metadata, VMR can be used as an enabler for managing reference data, including descriptive data.

Specifically, data types such as corporate actions, static data, Swift and FIX messages and market information can be captured by the system and stored in the repository. These business elements can then be reused by the enterprise, thus shielding internal databases and applications from the vagaries of the disparate message types that typically enter a financial institution during the trade life cycle. This in turn has the potential for reducing clients’ operating costs, by establishing a standardized, normalized schema for handling the various message types.

VMR consists of two components: a data dictionary and a message catalogue. The data dictionary consists of a list of enterprise element (or message field) definitions. These definitions can be derived from well-known dictionaries such as the ISO15022 data dictionary or from a company’s internally derived dictionary.

Users can use the VMR Data Dictionary to build enterprise internal messages, thereby standardizing messages used internally. This in turn ensures consistency and accuracy while avoiding duplicate or repetitive efforts like mapping and transformation routines within different applications.

Enterprise internal messages defined using the VMR data dictionary can be saved to the VMR catalogue of messages. By sharing the catalogue, enterprises can enable multiple users to use the same message like ‘Settlement Instructions’ with the same definition, rules and so on, over and over.

Volante was launched in November 2001 with a focus on data manage-ment. The company has focused on streamlining firms’ approaches to data management. By enabling users to focus on a message’s business content rather than on a format’s structural idiosyncrasies, chairman Vijay Oddiraji says, these efforts can yield time savings of upwards of 60% and cost savings of 50%.

Related content

WEBINAR

Recorded Webinar: Getting ready for Sustainable Finance Disclosure Regulation (SFDR) and ESG – what action should asset managers be taking now?

Interest in Environmental, Social and Governance (ESG) investment has exploded in recent years, bringing with it regulation and a requirement for buy-side firms to develop ESG strategies and meet disclosure obligations. The sell-side can help here by integrating ESG data with traditional financial information, although the compliance burden remains with asset managers. The EU Sustainable...

BLOG

ComplyAdvantage Tops Up Series C Funding with Goldman Sachs Investment

ComplyAdvantage, a financial crime compliance specialist, has received new investment from Goldman Sachs Growth Equity. The investment will be used to build on the company’s rapid growth and cement its position as a critical part of the value chain for companies managing evolving risks around anti-money laundering (AML) and know your customer (KYC) processes, as...

EVENT

Virtual Briefing: ESG Data Management – A Strategic Imperative

This briefing will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...