Industry Forum for Financial Terms Harmonization
This public forum will address issues related to disparate financial data terms, in order to effect greater financial market efficiency. The X9 Industry Forum on Financial Terms Harmonization will review and harmonize current industry-wide differences in financial data terms, meanings and definitions, with the eventual goal of creating a Data Dictionary/Data Glossary that is used by all. Some of the group’s objectives are:
- To review and harmonize current differences in financial data standards terms, meanings and definitions (Establish a common Data Dictionary).
- To identify key financial instrument reference data gaps and propose solutions to address these gaps, including integration of multiple data sets.
- To identify financial data service functions that are currently unavailable to meet critical industry needs.
- To work with participating organizations to resolve identified issues.
The new forum will foster an open dialogue where participants share their organization’s or sector’s standard terms and definitions, and forum members will collaborate to agree on a harmonized definition for each instrument or data element. The expected outcome is a common Data Dictionary/Data Glossary that will be employed across all sectors of the financial services industry, eliminating proprietary terms and definitions that can increase the risk, and potential failure, of a financial transaction. All are welcome to participate.
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