17 December 2017
Steve Goswell

Tales of a Standards Geek

Steve Goswell - TBA

35Posts 78,820Views 2Comments
Finextra community

Standards Forum

The Standards Forum is the place where business and standardisation meet. This group would like to facilitate and encourage dialogue around standardisation in the financial industry, and share views, insights and updates on how financial standards can contribute to reducing cost and increasing efficiency when tackling today's challenges such as automation, compliance, and regulation.

Industry Standards for 200

04 June 2014  |  1647 views  |  0

As I write, I’m on my way home from a punishing 3-day trip to Denver for the quarterly ISITC meeting.  I didn’t set foot outside from the moment I checked in on Sunday morning until it was time to head back to the airport.  Denver is a curious location inasmuch as it’s not really local to any ISITC members, but there is a long-standing ISITC policy to host at least one meeting every year on the West Coast.  We use “West” here in the loosest sense of the word… it’s a 2 hour flight from San Francisco for me.  “West” meaning somewhere not on the East Coast I suppose!  Still, once you get there it’s a great location, with a hopping downtown area (I’ve been before). 

There were several Hillary sightings, as Mrs. Clinton and her unfeasibly large Secret Service detail were staying in the hotel at the same time.  Auto-buffs were raving about those Magnificent Men and their Gold Rush Rally Machines that were using the hotel as a pit stop on the way to New York. 

The meetings followed the usual time-honored format. The Board of Directors met on Sunday lunchtime, and the meeting-proper started right after that.  The newly formed Middle Office Working Group is now beginning to find its feet and announced plans to focus on T+2. This group is generating a ton of interest. 

Monday morning was the traditional general session. For this meeting we designed a panel based on the Jeopardy TV game show in an attempt to raise awareness of ISITC’s role within the broader standards landscape.  Very droll.  I desperately tried to work in some Saturday Night Live script lines, but alas they were all left on the cutting room floor. 

All this hilarity was followed by a much more serious and very interesting presentation on Trade Lifecycle Optimization by David Easthope of Celent.  Using corporate actions as an example, David walked the audience through Celent’s TLO framework.  A firm considering the adoption of corporate actions technology solutions would be able to define a very precise set of formulas designed to create a much more rigorous calculation of the anticipated ROI. 

In the afternoon the market practice working groups got down to business. Tags and fields and all that good stuff.  Yay! 

On Tuesday the highlight was a superb presentation by Corby Dear of Bloomberg. Corby provided an update on the Open Symbology initiative. The new standard is more formally known as “FIGI” – Financial Instrument Global Identifier.  It doesn’t quite roll off the tongue does it? 

FIGI is now a candidate OMG standard, and Corby announced plans to take it to ISO TC68/SC4.  As an industry we collectively spend millions and millions of dollars every year for the right to use financial identifiers, so a free alternative is certain to attract a lot of attention. 

Adoption seems inevitable… with or without the ISO seal of approval. 

To wit, there are 28 exchanges that have already announced support, along with most of the major players in the market data space, and a smattering of large financial institutions.   Others will surely follow. 

To wit the second, there are already 185 million identifiers available for download. Yikes!

FIGI, it seems, has some serious legs.  I’m sure I’ll be writing more in a future blog. 

And just like that… another ISITC meeting comes to a close. 


I’ll take Industry Standards for $200.

And the answer is: Baltimore in September.

What is the question?


Comments: (0)

Comment on this story (membership required)

Latest posts from Steve

Standards Forum Wrap-Up

23 December 2015  |  2662 views  |  0 comments | recomends Recommends 0 GroupStandards Forum


19 December 2015  |  2407 views  |  1 comments | recomends Recommends 0 GroupStandards Forum

Standards Forum 2015 - What did we learn this week?

15 October 2015  |  5117 views  |  0 comments | recomends Recommends 1 TagsSibosGroupStandards Forum

ISO 20022: Making the haystack smaller

14 October 2015  |  2706 views  |  1 comments | recomends Recommends 1 TagsSibosGroupStandards Forum

Today’s Standards Forum is brought to you by the word Harmonization

14 October 2015  |  2363 views  |  1 comments | recomends Recommends 1 TagsSibosGroupStandards Forum

Steve's profile

job title TBA
location San Francisco
member since 2013
Summary profile See full profile »
Steve Goswell is based in San Francisco California. A financial messaging standards and technical integration specialist, Steve is actively involved in a number of industry associations and working gr...

Steve's expertise

Member since 2013
35 posts2 comments
What Steve reads
Steve writes about
Steve's blog archive
2015 (9)2014 (13)2013 (13)

Who's commenting on Steve's posts