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The next generation of operations: Evolving beyond data collecting to data quality and analytics - The journey of one financial regulator
Journal of Securities Operations & Custody,
12
(3),
286-293
(2020)
Abstract
Industry participants have long equated firm ‘operations’ with back office, manual processing and data collection functions. Operations in the digital age have expanded and transformed to encompass increasingly complex data management and process improvement functions. Today’s operational professional must maintain technical and business expertise to best utilise and aggregate essential data that enhances a firm’s ability to service its clients, keep up with regulation and remain competitive. Firms feel increasing pressure to abandon their legacy systems and move towards digital systems, including cloud software and services. There is more capacity for machine learning and artificial intelligence that could provide firms with new analytical capacity and decrease the need for more labour intensive, specific programming. As a selfregulatory organisation for the US$4.1 trillion United States municipal securities market, the Municipal Securities Rulemaking Board faces many of these same operational challenges, and the Board’s journey to join the digital age is not unlike the journeys of those they regulate.
Keywords: municipal securities; artificial intelligence; machine learning; cloud; data management; MSRB; analytics; operations
The full article is available to subscribers to the journal.
Author's Biography
Barbara Vouté is Director, Market Practices for the Municipal Securities Rulemaking Board (MSRB) where she advises on the development and creation of industry requirements for MSRB market transparency systems and provides leadership on uniform practice, trading and operational issues. Before joining the MSRB in 2014, Ms Vouté served as vice president and fixed income business unit manager, and earlier operations manager at Raymond James & Associates, Incorproated, where she supported the unit’s operational, regulatory, trading and new business activities. Ms Vouté graduated from Middle Tennessee State University.
Karl Eiholzer is Director, Product Management (Regulatory Services) for the Municipal Securities Rulemaking Board (MSRB), where he coordinates data exchanges with financial regulators and provides direction and ongoing support for the MSRB Gateway system, the secure access point for all MSRB Market Transparency applications and the associated forms, and Regulator Web, a secure, password-protected website intended solely for the use of persons engaged in regulating transactions in municipal securities and municipal financial products. Karl has served numerous roles during his over 25 years at the MSRB, recently serving in leadership role in the design and launch of the re-engineered Real-Time Transaction Reporting System (RTRS). Previously, he directed the launch of MyEMMA, and Form A-12, and managed user support operations for the MSRB’s data and disclosure programs, including the Electronic Municipal Market Access (EMMA) website. Karl received a bachelor’s degree from the State University of New York at Albany.
