Creating a National Data Utility: Dodd-Frank Financial Reforms

Moderated by:
Mark Bolgiano (Howard Hughes Medical Institute)
Panelists:
Donald F. Donahue (The Depository Trust & Clearing Corporation ), John Bottega (Federal Reserve Bank of New York)
Talk
Location: Westside Ballroom

Donald F. Donahue, President and CEO of the Depository Trust and Clearing Corporation (DTCC), and Paul Sforza, CTO of the US Treasury Department, will discuss America’s first public financial services data utility.

This project, led by Richard Berner and others working under the Office of Financial Research (OFR) provisions of the Dodd-Frank regulatory reform legislation, is being incorporated into our country’s existing information infrastructure to provide consistent, quality data to investors, institutions, and regulators.

Photo of Mark Bolgiano

Mark Bolgiano

Howard Hughes Medical Institute

Mark Bolgiano is a data scientist and the chief enterprise architect and strategist at Howard Hughes Medical Institute (HHMI), a nonprofit medical research organization that ranks as one of the nation’s largest philanthropies. HHMI plays a powerful role in advancing biomedical research and science education in the United States. The Institute spent $776 million for research and distributed $89 million in grant support for science education in fiscal year 2009.

Before joining HHMI in December 2010, Mark served as President and CEO of XBRL US, the national consortium for XML business reporting standards, and started XBRL Labs, a research and innovation center focused on XBRL (eXtensible Business Reporting Language), an open-source, royalty-free language being adopted globally to provide transparency and global access to the documents and data that drive markets, regulation, and business information sharing. In the first two years of operation, XBRL US assembled a small but effective team and successfully crowd-sourced the development of a dictionary of 15,000 digital “tags” for documents compliant with Generally Accepted Accounting Principles (GAAP); these tags are now required by SEC rules for regulatory compliance, and the data is now flowing to the public through the SEC EDGAR system.

His 2009 testimony to the House Oversight Committee on the use of technology innovation for universal access and greater transparency was instrumental in expanding the use of XBRL beyond accounting standards and capital markets to the policy, legal, and government domains. His vision – of documents being the “first mile” delivered to the public as free, universally accessible, structured data in the “last mile” – is becoming a reality.

Mark’s career is rooted in the life sciences, with graduate research in the genetics and microbiology of nitrogen fixation – or “protein from thin air”. As part of his research, he developed software for statistics and data analysis and found himself moving on a path from “biotech” to “infotech” research and innovation. After twenty-five years as a chief technologist/CIO in Washington for independent, non-profit organizations bridging the private and public sectors, (including MD-IPA/United Health, The Board of Trade, and the Council on Foundations), he is very excited to return to science, focused on the use of technology to support science education and breakthrough research.

He shares a passion with many who are working to improve our quality of life and economic security through advances in genomics, molecular biology, and nanotechnology, and is helping define the new field of data science: harmonizing, visualizing, and interpreting today’s information explosion.

Photo of Donald F. Donahue

Donald F. Donahue

The Depository Trust & Clearing Corporation

Donahue is a 25-year veteran of DTCC and DTC. Since May 2006, he has served as CEO of DTCC. Prior to that, he was COO of DTCC since 2003. Donahue headed DTCC’s Customer Marketing and Development Division, with responsibility for strategic planning, product development, relationship management, applications development and technology from 2000 to 2003. At DTC, he served as chief information officer from 1997 to 2000 and as head of the depository’s Operations Division from 1995 to 1997. He joined DTC in 1986 and has held positions in a variety of areas.

Prior to joining DTC, Donahue was president of a company that developed and marketed credit enhancements for municipal securities from 1985 to 1986. Before that, he worked for the Municipal Rulemaking Board, the self-regulatory organization governing the U.S. municipal securities markets, from 1977 to 1985.

He began his career working for Barr Brothers & Co., Inc., for five years, as a broker/dealer specializing in municipal securities. Donahue has a B.A. degree in history from Columbia University.

In May 2004, Donahue was appointed by the U.S. Secretary of the Treasury to serve as Sector Coordinator and Chairman of the Financial Services Sector Coordinating Council (FSSCC) for Critical Infrastructure Protection and Homeland Security. FSSCC coordinates the private sector’s preparation and sharing of best practices across the financial services industry to address events that could disrupt the normal business of the financial sector, such as cyber attacks, natural disasters and terrorist attacks.

Photo of John Bottega

John Bottega

Federal Reserve Bank of New York

John Bottega is Vice President and Chief Data Office for the Markets division of the Federal Reserve Bank of New York. John joined the Bank in February of 2009, responsible for driving and implementing the Markets Data Management strategy, which encompasses business, governance and technology in order to establish a sustainable business data discipline and technology infrastructure.

Prior to joining the Bank, John held the position as Chief Data Office for Citi, making him the first person in the finance industry to hold this title. At Citi, he was responsible for planning and managing the Investment Bank’s data management strategy, data policies, operational line functions and data investments.

John has over 28 years of experience managing and transforming reference data functions, having spend 9 of those years at Lehman Brothers from 1990 to 1999 building their data management infrastructure of centralized market data processing and data quality, and 9 years collectively at Merrill Lynch, first as an applications developer, then as Product Manager for their Product & Pricing Data environments.

As an active industry participant, John has given over 2 dozen presentations and participated in dozens of round-table discussions on data management best practices at various Data Conferences globally, including a presentation to the State banks of China, an anti-money laundering conference in Singapore, and a presentation on data management organizational structure and strategy to the US Department of Defense.

John is currently the Chairman of the Board of Directors of the EDM Council (Enterprise Data Management Council), an industry association focused on Financial Industry Data Management. He has also has served as the chairman of the executive committee of the Financial Information Services Division of the SIIA, has been a member of the SIA Standards and Protocol Committee, the Market Data Definition Language Committee and has been a member of the ISO Working Group 10 and Working Group 11 industry standards bodies.

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Comments

Picture of Gina Blaber
Gina Blaber
09/20/2011 9:31am EDT

Yes, this session and all of the keynote sessions at Strata Summit will be live streamed on the web.

Brad Sheridan
09/20/2011 8:56am EDT

will this session be one of the choosen to be broadcast on the web live? thanks

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