Financial Objects: Product Control Common Template Meeting - 11th July 2022
Agarwalla, Abhishek
Hello FINOS community,
We have scheduled our next PCCT working group meeting on 11th July, Monday at 10AM ET/3PM BST. Attached are the meeting invites and Zoom details.
Please can you make arrangements to attend the meeting as we will be sharing important updates from the project on this call. We believe we have a workable solution ready that can help achieve our goals and would appreciate your inputs in the future direction of this project.
- - Zoom Meeting link: https://zoom.us/j/96240219846?pwd=OThDcFpZQ29Wa0RtSGVpY3NUWFl6QT09
- - Zoom Meeting ID: 962 4021 9846
- - Zoom Passcode: 414914
Synopsis
Our vision for the Product Control Common Template project is to standardize the process of data exchange between banks and vendors by setting up an industry approved common template and link them via Model to Model mapping in Legend to reduce friction, promote data standardization and reduce the on-boarding costs for banks in the consensus pricing industry.
1. Project Outline:
- Standardization of IPV consensus pricing service.
2. Business Challenge and Proposed Solution:
- Multiple vendors providing consensus price services having bespoke templates, which increases the on-boarding cost for banks, thereby relying on one template service creating an organic barrier to entry.
- Dependence on a single consensus service presents a disruption risk to IPV. More generally, the reliance on one service and the underdeveloped use of alternative data, increases the risk a consensus is not a true representative of the market.
- Standardization of the service will help reduce friction and promote viable alternatives in the industry.
- Create a standard model for exchange of data via open source platform that gives banks an optionality to convert the bespoke templates to a more common template model in Legend.
3. Benefits to the Ecosystem:
- Standard model for exchange of data between vendors and banks promoting transparency and standard template naming conventions.
- Low cost solution to submit data to multiple services, adding additional source for IPV to eliminate disruption risk.
- Reducing friction amongst the existing vendors and encouraging banks to submit to multiple vendors.
4. FINOS Working group participants:
- Product/Valuation Controllers from banks and vendors providing consensus services.
- Colleagues who understands the current daily price submission process from a technology point of view.
- Colleagues having knowledge of their firm's policies on using open-source technologies.
Best Regards,
Abhishek Agarwalla
Vice-President
EMEA Equity Derivatives Product Control
Goldman Sachs Services Pvt. Ltd
Wing A - 150 ORR | Helios Business Park
Kadubeesanahalli | Bangalore 560103 | India
Tel (IN): +1-212-934-5957
Mob: +91-8670619011
Your Personal Data: We may collect and process information about you that may be subject to data protection laws. For more information about how we use and disclose your personal data, how we protect your information, our legal basis to use your information, your rights and who you can contact, please refer to: www.gs.com/privacy-notices
Agarwalla, Abhishek
All,
A gentle reminder on the PCCT working group meeting in an hour today at 10AM ET/3PM BST.
We will be having a very detailed demo of the testing in a non-technical set up along with the guide notes we have prepared for testing and the steps ahead.
Looking forward to seeing you in the meeting!
- Zoom Meeting link: https://zoom.us/j/96240219846?pwd=OThDcFpZQ29Wa0RtSGVpY3NUWFl6QT09
- Zoom Meeting ID: 962 4021 9846
- Zoom Passcode: 414914
Agarwalla, Abhishek
Hi All,
Thank you for attending the WG walkthrough meeting on 11th July. Can we please ask you to let us know of any feedback from the testing please. We are planning a follow up session in couple of weeks to help answer all your queries and discuss on the next steps.
Its quite imperative for you to test the sample data before we move on to develop the next steps so participants, please make every effort to test the sample data at your end. We think it should initially take only 3-5 hours to complete the testing.
You just need a Gitlab account, a local developer drive activated (eg, H:\ drive) and Java/Maven installed in your local drive to start testing. All other steps are detailed out in the attached guide.
Please do test the sample data and let us know if you get held up anywhere.
Thanks,
Abhishek Agarwalla
From: Agarwalla, Abhishek [Controllers]
Sent: 15 July 2022 12:30
To: product-control...@finos.org
Cc: Poon, Kenneth [Engineering] <Kenneth...@hk.email.gs.com>; Maheshwari, Hardik [Engineering] <Hardik.M...@ny.email.gs.com>; Julia Ritter <julia....@finos.org>; Jane Gavronsky <jane.ga...@finos.org>
Subject: Financial Objects: Product Control Common Template Meeting - 11th July 2022
Hi All,
Thank you for attending the working group meeting on Monday. Hope the detailed demo was useful to begin testing the sample data at your end.
Please feel free to reach out to us in case you need any help with the testing. We will schedule another follow up session to discuss feedbacks on testing and work on the steps ahead.
In the meantime, Please do try to test the sample data using the attached guidelines and the sample template from Legend ahead of the next meeting where we want to move on to the next step.
To stay updated, please join the mailing list by sending an email to product-control-comm...@finos.org.
Thanks,
Abhishek Agarwalla
From: Agarwalla, Abhishek [Controllers]
Sent: 11 July 2022 18:37
To: 'product-control...@finos.org' <product-control...@finos.org>
Cc: Poon, Kenneth [Engineering] <Kenneth...@hk.email.gs.com>; Maheshwari, Hardik [Engineering] <Hardik.M...@ny.email.gs.com>; 'Julia
Ritter' <julia....@finos.org>; 'Jane Gavronsky' <jane.ga...@finos.org>
Subject: Financial Objects: Product Control Common Template Meeting - 11th July 2022
All,
A gentle reminder on the PCCT working group meeting in an hour today at 10AM ET/3PM BST.
We will be having a very detailed demo of the testing in a non-technical set up along with the guide notes we have prepared for testing and the steps ahead.
Looking forward to seeing you in the meeting!
- Zoom Meeting link: https://zoom.us/j/96240219846?pwd=OThDcFpZQ29Wa0RtSGVpY3NUWFl6QT09
- Zoom Meeting ID: 962 4021 9846
- Zoom Passcode: 414914
From: Agarwalla, Abhishek [Controllers]
Sent: 08 July 2022 20:25
To: 'product-control...@finos.org' <product-control...@finos.org>; FINOS General Community List <Comm...@finos.org>
Cc: Poon, Kenneth [Engineering] <Kenneth...@hk.email.gs.com>; Maheshwari, Hardik [Engineering] <Hardik.M...@ny.email.gs.com>; 'Julia
Ritter' <julia....@finos.org>; 'Jane Gavronsky' <jane.ga...@finos.org>
Subject: Financial Objects: Product Control Common Template Meeting - 11th July 2022
Importance: High
Hello FINOS community,