ISITC Europe has created a glossary in an attempt to provide the reader with a sufficient set of definitions to assist with understanding of the terminology surrounding this subject.
|Artificial Intelligence (AI)||Is the application(s) based on machine learning algorithms, used to analyse data repositories/data lakes to support decision making, evaluating data quality and identifying trader fraud.|
|Application Programming Interface (API)||API comprises a library of functions to support connectivity between applications data feeds and financial institutions.|
|BCBS 239||Basel Committee on Banking Supervision’s regulation number 239, titled, “Principles for effective risk data aggregation and risk reporting”, its aim is to reduce systemic risk by focusing on governance of financial data within an organisation.|
|Big Data||Refers to extremely large data sets captured within a repository. For financial institutions this takes the form of events associated with the life cycle of the trade and may include market data (i.e. pricing and analytics) and reference data (party, instrument and product). Typically closely related to AI (Artificial Intelligence). Also created to the concept of implementing a Data Lake where silos of transaction data are brought together.|