by Angela Guess
Melanie Rodier of Wall Street & Technology reports that while financial companies try to harness the power of their Big Data, they should be wary of the steep learning curve associated with Big Data technologies. Rodier writes, “The potential of big data extends far beyond the trading floor. Today, banks and hedge funds also are analyzing big data for risk management, price discovery, industry trend analysis and fraud management, Terence Craig notes. JPMorgan Chase, for example, is using an operational database from MarkLogic to store and process derivatives contracts. ‘Derivatives get entered and, on the back end, put in MarkLogic’s system and processed and matched,’ explains David Gorbet, VP of product strategy at MarkLogic, whose clients also include Morgan Stanley and Citi.”
She continues, “One of the biggest drivers behind the need to come to grips with big data is increased and intensifying regulation and the need to provide granular reporting to regulators. ‘The variety of risk profiling and stress testing that financial institutions will be subjected to requires more analytical capabilities,’ says Peter Ognibene, managing director at Berkery Noyes, an independent investment bank that provides mergers and acquisitions consulting services.”
