By Lynn Martin, President and COO, ICE Data Services
The first published mention of the term “big data” was in 1982 in an article from The Globe and Mail. The article references IBM’s increased stock price as a result of its “new top-of-the-line computer for big data processing tasks”.
A lot has changed since 1982.
Analysis of news publications proves that “big data” became common terminology in 2013, with companies in every industry beginning to realize the value of collecting and analyzing large sets of data to improve processes, enhancing learnings and driving operational and financial performance.
While mentions of the term “big data” have dipped as the concept has become more mainstream, the need for quality data is only growing. The rise of artificial intelligence initiatives like machine learning and natural language processing depend on high caliber data input and significantly larger data capacity to achieve increasingly valuable insights, regardless of industry or the problem. It wasn’t long ago that a terabyte implied tremendous information capacity—today we are thinking about data in terms of zettabytes, petabytes and exabtyes.
More Data, More Possibilities
An abundance of information, coupled with increasingly cheaper and accessible technology, means we are now able to process and glean insight from large data sets like never before, fundamentally changing the way companies approach their business, both from a customer and management perspective. For example:
Data only becomes valuable if you have the resources and tools to surface the insights buried within it.
At ICE Data Services, we are driving value well beyond raw data in the form of efficient, secure delivery mechanisms, data structure and hygiene, as well as proprietary information, analytics and insight. That’s why we leverage traditional and alternative data, such as sentiment, social media, news and expert commentary to serve up a complete view of global markets.
Our team is continuously innovating to give you more choice and flexibility as you integrate additional data-driven solutions to help you analyze markets, comply with regulation and drive your business forward.
ICE Data Services Insights
When it comes to the global financial marketplace, technology continues to drive the dynamics of our industry. When markets were more manual and intermediated by people alone, the flow of information was limited to the distribution capacity of human networks. Today’s electronic markets, coupled with the proliferation of markets due to fragmentation, have multiplied the volume of market data exponentially.
While everyone talks about “best execution”, regulators aren’t looking for every trade to set a new world record for the lowest transaction costs. At ICE Data Services, we think of best execution as a measurement of execution quality that can demonstrate that your trades are occurring within the context of current market conditions.
We recently surveyed 118 financial professionals, including chief compliance officers, portfolio managers, risk managers, risk officers and executives, to better understand the best execution analysis processes at their firms and their plans for addressing MiFID II. The stats included are based on their responses.