Industrial Talk is onsite at OMG, Q1 Meeting and talking to Richard Robinson, Chief Strategist and Author with Bloomberg LP about "Open Data and Standards Development for All".





Scott MacKenzie and Richard discuss the importance of standardizing financial data modeling to improve data quality, with Richard highlighting the challenges of keeping track of multiple identifiers for the same company across different countries and exchanges. They also discuss the adoption and governance of financial data standards, with Scott MacKenzie highlighting the high demand for Figgy data and the importance of open source licensing for good governance. Richard Robinson and Scott MacKenzie then engage in a conversation about the significance of standards in the digital age, with Richard emphasizing the need for standards to ensure interoperability and facilitate innovation, while Scott expresses his amazement at the complexity of standards and their impact on everyday life.
Action Items

[ ] Continue work on further revisions and enhancements to the FIGI standard.
[ ] Provide contact details to listeners interested in learning more about FIGI.
[ ] Publish Richard's contact information on the Industrial Talk platform for connections.

Outline
Open data standards for financial instruments, including Figgy and LSI legal entity identifier.

Scott MacKenzie welcomes Richard Robinson to the podcast, praising his work with OMG and Bloomberg.
Richard Robinson shares his experience with OMG, including his role as Chair of the Financial Services DTF.
Richard (Bloomberg) explains how Figgy (open data standard) addresses issue of multiple identifiers for financial instruments, making them more accessible and transparent.
Richard discusses how Bloomberg's Figgy identifier is free and open data, unlike other identifiers that require payment, and how it can help commoditize financial data.

Standardizing financial data modeling using Figgy 1.0.

Richard discusses the evolution of the Financial Industry Business Ontology (FIBO) standard from a proprietary model to an open standard through the Object Management Group.
Richard explains how Figgy assigns unique identifiers to financial instruments, such as IBM common stock, to enhance data quality and provide an open way to access the data.
Richard worked with financial services companies to address the same problem of maintaining internal databases and systems to keep data quality consistent, and Figgy helps enhance that effort.

Adoption and governance of a standard for financial data.

The Figgy standard is being widely adopted with 14 billion API requests per month globally.
Keiko, a firm in France, became a certified provider for cryptocurrencies after accreditation.
Speaker discusses importance of proper identification and transparency in financial industry.

Standards and regulations in various industries.

Richard discusses importance of standards in various industries, including construction and technology.
Richard Robinson discusses the importance of standards in data wrangling at OMG Q1 meeting.





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