12 September 2013

Common Language in Wholesale Financial Services

This paper examines the idea of a common financial language (CFL) from both conceptual and practical perspectives. There can be no single CFL because there is no single underlying and unchanging financial reality. Potential efficiency and risk-management benefits from developing greater CFL for data management are large; but in practice CFL must be confined to a limited number of shared concepts, with fuller agreement on definitions and relationships for use by particular ‘communities of interest’ within firms and in specific operational processes. CFL will be a process of gradual evolution and adoption, not a once and for all linguistic revolution.

by Alistair Milne and Malcolm Chisholm

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