MarkLogic’s single view of data across asset-classes will help ensure compliance with upcoming legislation
MarkLogic Corporation, a leading operational and transactional Enterprise NoSQL database provider, today announced that ABN AMROBank N.V., the international bank based in Amsterdam, The Netherlands, has chosen the MarkLogic® database for its Trade Store. ABN AMRO selected MarkLogic because of its ability to integrate complex trade data across asset-classes and several trading systems quickly and cost-effectively.
ABN AMRO is using MarkLogic to bring vast amounts of unstructured and structured trade data into one central operational trade data store. With a consistent, transparent record of every order and trade event, ABN AMRO is able to comply with internal and external reporting requirements in a fast and flexible manner, now as well as in the future.
ABN AMRO needed a database that could provide a fully integrated, consolidated view of data to provide a single source of truth for reporting purposes as well as providing alerts when behavior is outside normal parameters. MarkLogic also fitted the bill because its fast development could support the bank’s timeline. MarkLogic’s bitemporal capability will allow ABN AMRO to minimize risk through “tech time travel”—timestamping and rewinding trades.
Regulators increasingly want banks to be able to reconstruct trades and retrace data lineage. By building its Trade Store on the MarkLogic database, ABN AMRO can more easily comply with existing and forthcoming financial regulations as the required data is in one place, ensuring data lineage and provenance through an append-only model and providing a uniform and consistent view of orders and trades.
Jaap Boersma, Principal Architect for Capital Markets Solutions, ABN AMRO Bank N.V., said, “We need the ability to respond quickly to changing regulatory requirements. We chose MarkLogic because trade data is notoriously difficult to handle in relational databases. We found the breadth of MarkLogic’s multi-model database and associated features, such as security and ACID transactions, to be compelling.”
“MarkLogic provided credible and verifiable references of similar usage and performed very well on our own proof points, giving us great confidence that with MarkLogic we will be able to manage our data flexibly and efficiently,” added Boersma. “By searching and analysing all our trade data in new ways, we can also envisage other business intelligence benefits such as discovering trends in how trading occurs as well as opportunities in the risk space.”
“Being able to aggregate high quality risk and financial data is an essential component in the new banking regulatory environment. Having a ‘golden reference’ of trade data—stored in one place, with a single view—will help ABN AMRO reduce operational and IT costs and improve efficiency,” said David Northmore, Vice President EMEA at MarkLogic.