Using FIBO and Blockchain to Deliver Better and More Accurate Fixed Income Reference Data

Today, financial services firms struggle with fixed income reference data that comes from multiple sources, with inconsistent ontologies, and that contains data errors and gaps. In order to use this data for middle and back-office processes, financial services firms spend significant time and resources cleansing the data and creating their own "golden record" of reference data - which ends up being different from the "golden record" created by each other industry participant.

FIBO and blockchain technology can enable a better reference data solution. Concur Reference Data will demo a proof of concept of a FIBO-based blockchain solution to enable the industry to publish new fixed income reference data into a FIBO compliant data model, crowdsource the data cleansing process, lock the accurate data into an immutable blockchain, and gain access to a "golden record" of the data via their own copy of the blockchain distributed ledger. This golden record is identical to every other copy of the distributed ledger.

FIBO combined with blockchain can deliver reference data that is:

• Based on the latest, industry-wide vocabulary and ontology
• More accurate and more complete
• Consistent from firm to firm, and counterparty to counterparty
• Lower in total cost of ownership

Tim Rice has over 30 years of experience in the pricing and reference data space. He has held senior level positions at Markit, Thomson Reuters, TradeWeb, Moneyline /Telerate, and Interactive Data. At Thomson Reuters, Tim grew the global pricing and reference data business line from $90M to $300M in revenue over a five-year period and managed a divisional staff of 350 people globally. Tim holds a BS from Cornell University.

Will Janensch has over 15 years of experience in market and reference data at Thomson Reuters as VP of Strategy and senior roles in Marketing and Operations at Thomson Reuters and First Data. Will led the strategy on multiple $100M+ M&A transactions, including the $625M acquisition of FXAll. Will holds a BA from Yale University and a MBA from Stanford Graduate School of Business.