With great trepidation, I am putting forth 10 suggested resolutions for operations in 2014. I am aiming for limited, well-defined achievable goals or at least some creative daydreaming on how to improve post-trade functions, workflows and IT in what I suspect will be an adventurous year.1.) I will automate some aspect of reconciliation or I will purchase a new fax machine.
2.) I will try to stay awake during an explanation of the latest twists and turns in the ongoing requirements for cost-basis reporting and the federated, global infrastructure for implementing the legal entity identifier (LEI) standard. A few happy hour cocktails may help here.
3.) I will try to cut back on the kudzu vine-like strangulation of Excel spreadsheets that have created hard-to-access data siloes for operations, particularly risk, collateral and margin management across the enterprise.
4.) I will not cry as I implement the many operational overhauls required for compliance with over-the-counter derivatives reforms. Try to think of SEFs as your new BFFs.
5.) I will pray that legal challenges and interpretations of the Volcker Rule will ease what are likely to be data-heavy auditing and reporting requirements to come.
6.) I will jump for joy as I realize that performance measurement implementations have a chance of exploiting real-time risk analytics!
7.) I will explore the possibility that my FIX infrastructure could be cost effectively extended to middle-office operations.
8.) I will dream about using the ISO 20022 standard for corporate actions processing and then I will awaken.
9.) I will be quietly happy that a global private equity industry group, the AltExchange Alliance, is pushing for data standards in the private equity industry.
10.) I will forge ahead with social media outreaches, knowing that I will steer clear of costly illegal or embarrassing postings.
If you haven’t already, feel free to create your own resolutions. Of course, you can always wing it and hope for the best in whatever 2014 brings.
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