The argument goes that regulatory forces will compel buy-side companies to put their data in order – break down the silos, connect up the sources. But the conclusion goes like this: “[Sapient's Duncan] Cooper believes industry standards will take some time to emerge, but firms should begin looking internally to help drive change. 'Most firms don’t even have internal data standards and this needs to be the first step. If you can get your own house in order, then external standardisation can come later,' he said.”
I disagree. If you don't have internal data standards then you're in the perfect position to adopt industry standards! You should grab hold of whatever industry standards are available, even if they are not yet complete. Also, you need to regard regulatory requirements as heavy, heavy hints toward core entity definitions. This is the fast way to get your house in order while minimizing your overall costs of transitioning to a data-centric enterprise that's fully connected to your customers, partners, and regulators. Creating internal proprietary standards and needing to then create industry standards is a waste of time. Go for industry standards first and ease the adoption of them internally. The Trade.