Avox wins Counterparty Data Provider of the Year Award

It's once again time to extend our profound thanks to all who voted for Avox as Inside Reference Data's Counterparty Data Provider of the Year award. We received this award on May 24, 2011 for the third year in a row.

I've said it before and I'll say it again. The high quality of our service and content is achieved through a combination of expert data analysis, well engineered systems and processes, and, vitally, the constant business intelligence generated by our clients, partners and now the public via our wiki-data. com platform. It is this collaborative effort, facilitated by our open data standards that truly differentiates Avox. A connected network of data users always has a much better chance of spotting an out of date data value than any single person or institution alone. It's network science and it works - our users prove it every day.

Thank you once again. We are honoured to have earned your trust and your support.

Ken

Democratization of Data (or not?)

I had an interesting conversation with someone who manages corporate customer data for a major investment bank last week. She said that she had read our blog and developed the impression that Avox was attempting to democratize entity data. In her opinion (and as it turns out, in mine), this alone is likely to degrade the overall quality level of the content.

After this discussion, it dawned on me that we had better be clear about our objectives at Avox, particularly as they relate to wiki-data.com:

1) Maximize the amount of productive "challenges" received that help us to improve quality of the data in wiki-data.com. Every challenge to records with an AVID will be verified by our expert team of analysts before being applied (assuming, of course, the challenge is proven correct). The "democratization" element of this activity equates to the opening up of a chunk of our content on wiki-data.com for the world to see and for anyone to challenge. BTW, the quality improvement benefits all our data vendor partner offerings too.

2) Provide a platform for others to link to and from. Our next release of wiki-data will incorporate additional identifiers from other firms. The AVID will be part of a URI for each entity enabling the technology community to efficiently leverage a single version of the truth. This will in turn attract more usage, more challenges, lower latency and increased accuracy.

3) Create a forum for anyone to comment on data records, propose changes in public and ultimately to add "non verified" data records which Avox or other firms can verify for clients. This is the big stretch and, if I'm honest, it's the iteration of wiki-data we are least certain about.

To be clear, Avox will never provide to clients data that has not been verified according to the terms of their service level agreements. We do however regularly get asked for large volumes of business entity data to facilitate marketing campaigns for example where data quality is not as important as it is for credit risk management or regulatory compliance. This is where information on millions of entities is sometimes required but the budget for procurement of this content is meager. Perhaps in these cases it is not necessary to have an independent and rigourous analysis performed on every entity at regular intervals and the community self checking mechanism is adequate. Moreover, a global community maintained model may be a great solution for a free and universal yellow pages capability (for example). Over time, more and more of these entities will be verified by expert third parties such as Avox and assigned identifiers as the market demands.

We don't have all the answers however our aim is to give you, the user community, a platform to access and use the content cheaply and efficiently. We are looking for your views and guideance on how to shape wiki-data.com to make it a more market friendly service that represents real value for you.

BTW, keep your eyes open for v1 of wiki-data.com later in September. You can check out Jonathan Lister's blog for progress - the software is opensource.

Ken

Wiki-data development with BT/Osmosoft

It's been a while since my last post but we have been busy working on wiki-data. Some of you will know that we have been in discussions with the open source software group at British Telecom. It's a subsidiary called Osmosoft comprised of some frighteningly clever technologists with impressive credentials and serious talent.

A group of us from Avox including senior management from our Wrexham office, our sales team including Brett Hodge who came over from Australia and myself spent a day with Osmosoft last week. They affectionately refer to these as "HackDays".

Within the space of 10 hours, this team, led by Jeremy Ruston, the Osmosoft founder, put together a brand new (I mean built from scratch) version of wiki-data with some great interactive functionality. We provided the guys with a very large dataset which they used as a base. By the end of the day, we had a platform where every AVID had its own URI (uniform resource identifier) so that anyone can link to or from it, addresses of companies are now linked to Google Maps so you can visualize where firms are based (we quickly found one in Iraq!), anyone can begin a comment string on an entity and yes, we even had an online edit function (we are going to need to figure out how to govern that one before releasing it!).

If you are interested, your best bet is to have a look at Michael Mahemoff's blog where you will find detailed descriptions of the process and outcome as well as a video of me and Paul Downey of Osmosoft running you through the platform before we ran to the pub for pints. Just click on the link (embedded in the heading) at the top of this post.

Or if you prefer: http://softwareas.com/wikidata-hackathon-wikidata-a-wiki-of-companies-data.

I'll keep you posted on what will be rolling out and when. We are extremely excited.

Ken

Canada ready to take a reference data lead?

I've just returned from the third of three EDM Council meetings chaired by Mike Atkin, this one in Toronto. The previous recent meetings were held in Boston and London. I was pretty suprised at the contrast.

The Toronto event was well attended by most of the major banks, funds and a number of vendors. John Mulholland of RBC kindly hosted and injected much relevant and interesting comment. A representative from the cash equities business group at CIBC provided a significant amount of challenging, insightful and truly helpful comments. This helped make the Toronto meeting one of the most dynamic and relevant EDM Council meetings yet in my opinion.

It was rather shocking to see the Toronto financial community coming together with so much vigour. I've personally been trying to foster a reference data community here, (where embarrassingly, I'm based) but to little avail. Hats of to Mike and John for getting the ball rolling and to all the firms that participated for grabbing the bull by the horns. Maybe it's time for Canada to start leading the reference data charge...

Ken

wiki-data.com

If I'm perfectly honest, this exercise has been more painful than anticipated.

We started out by planning to publish a "skinny" version of every record in our CORE (COrroborated, Remediated, Enriched) Avox database. Then we realized that a good chunk of these records had been verified over a year ago for clients wanting just a one time clean-up (some folks never learn...) so those records had a reasonable chance of being out of date. As it takes a good 10 minutes per record to recheck, trolling through hundreds of thousands of stale records would take too long and cost too much for this initiative. Given that we are making this content publicly available so everyone can look at it, we thought it would be risky to publish data we knew had a high probably of being out of date.

Then in the pared down database, we found a large number of records that were not unique "legal" entities. That is to say, they were branches, departments or funds which had been included for specific Avox clients at their request. So while these are valid records from their perspective, we've excluded them from wiki-data for now with a view to starting with pure legal entities.

Then we released the database to a small trial audience and, as expected, we received helpful feedback on some quality issues which we have been in the process of addressing. This is exactly what we had hoped for as every new set of eyes that looks at the content brings with them new perspective and knowledge. The community helps improve its own asset. We also received very helpful feedback from users including some of our own staff about the layout of the search facility, the results and the issue filing process.

Perhaps most interesting and encouraging was the fact that one of our competitors provided constructive feedback. Could it be that we may be able to work with eachother to jointly improve our mutual clients' data? Let's see.

So now we feel the database, although slimmed down quite a lot, is ready for broad public viewing and consumption. There will be out of date information. There may be some duplicate values. And yes, I expect there will be some outright errors. It's all expected. All we ask is that you tell us about any problems you find. You just need to click on the "Correction" button next to the record in question.

I know it's a bit of a pain however please do share your feedback/thoughts with respect to wiki-data on this blog. You can just email me if you prefer. We also have a LinkedIn group (Avox business entity discussion forum) set up.

Ken

Avox partners with CUSIP/S&P

Like a said a few weeks ago, I anticipate a flurry of activity in the reference data space. OK, I had some inside information upon which to make this assertion but the reality is - it's happening.

We are really excited about this arrangement with CUSIP. Some skeptics out there are suggesting that this is not a good partnership because of some negative press CUSIP is getting, particularly in Europe. I look at it the other way around. By partnering with Avox, CUSIP is embracing a more open approach to entity reference data. The content managed by Avox within this partnership will be consistent with that of all Avox clients which currently include the likes of Barclays, Citigroup, Nomura and Standard Bank of South Africa. It will also be consistent with entity data held by our partners including firms such as SWIFT, Interactive Data and Markit. Applying the CABRE will be quick and efficient for these companies as well as for existing CUSIP customers and partners. In essence, this partnership proves that collaboration is growing and succeeding in the reference data world.

Will the CABRE become the industry standard entity identifier? Well, frankly, that's up to the market. What do you think? If you have an opinion, we'd like to hear it and get some public discussion going on.

Ken