I don't know if this will
inform the discussion in a meaningful way but I saw the
following SIBOS related blog excerpt around the time Peter's
email came in:
Forget standards ... you'll never get one
http://thefinanser.co.uk/fsclub/2012/10/forget-standards-youll-never-get-one.html
Anyways, after coffee I got into a chat with the Standards
Forum and one of their brethren told me that banks are
childish about standards.
Childish?
Yes, he said. I deal with many industries – automotive,
airlines, utilities and more – and banks are really juvenile
when it comes to agreeing standards. For example, I asked a
group of senior bankers the other day: “how many legs are
there in an OTC Derivative exchange”.
One said two, the two counterparties; another said three or
four, if you include the end customer; and two others said an
infinite number.
Then they argued about it and could not agree.
I said: “there you go. If you cannot even agree on a simple
question about OTC Derivatives, you will never agree global
standards.”
I laughed and asked what the solution was.
He said: “avoid a global standard as you will never have one.
You’ve tried for years and you will never agree such a thing.
Instead, work on adapters.”
In other words, like electricity, we need plug adapters to our
networks, not standards.
Totally agree with that.
Talking of which, it’s time to jump into the discussion about
T2S, ISO20022 and EMIR.
Ah yes, the challenges of interoperability.
On 11/10/2012 12:49 AM, Peter Yim wrote:
... So, tell us what should be featured in future virtual sessions;
what other standards working groups, or ontology-based standards
projects or communities should we engage; and any other ideas to help
us move the initiative forward. Send you input to this mailing list,
and let's discuss those ideas here.
Regards. =ppy
Ed Dodds
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