Big Data in Finance: Highlights from the Big Data in Finance Conference Hosted at the University of Michigan October 27-28, 2016

42 Pages Posted: 7 Mar 2018 Last revised: 26 Apr 2018

See all articles by Michael S. Barr

Michael S. Barr

University of Michigan Law School; University of Michigan at Ann Arbor - Gerald R. Ford School of Public Policy; University of Michigan, Center on Finance, Law, and Policy

Brian Koziara

University of Michigan Center on Finance, Law, and Policy

Mark D. Flood

R. H. Smith School of Business, U. of Maryland

Alfred Hero

University of Michigan

H.V. Jagadish

University of Michigan

Date Written: February 23, 2018

Abstract

How can financial data be made more accessible and more secure, as well as more useful to regulators, market participants, and the public? As new data sets are created, opportunities emerge. Vast quantities of financial data may help identify emerging risks, enable market participants and regulators to see and better understand financial networks and interconnections, enhance financial stability, bolster consumer protection, and increase access to the underserved. Data can also increase transparency in the financial system for market participants, regulators and the public. These data sets, however, can raise significant questions about security and privacy; ensuring data quality; protecting against discrimination or privacy intrusions; managing, synthesizing, presenting, and analyzing data in usable form; and sharing data among regulators, researchers, and the public. Moreover, any conflicts among regulators and financial firms over such data could create opportunities for regulatory arbitrage and gaps in understanding risk in the financial system.

The Big Data in Finance Conference, co-sponsored by the federal Office of Financial Research and the University of Michigan Center on Finance, Law, and Policy, and held at the University of Michigan Law School on October 27-28, 2016, covered a number of important and timely topics in the worlds of Big Data and finance. This paper highlights several key issues and conference takeaways as originally presented by the contributors and panelists who took part.

Keywords: Big data, financial stability, financial networks, consumer protection, financial inclusion

JEL Classification: C8, G0

Suggested Citation

Barr, Michael S. and Koziara, Brian and Flood, Mark D. and Hero, Alfred and Jagadish, H.V., Big Data in Finance: Highlights from the Big Data in Finance Conference Hosted at the University of Michigan October 27-28, 2016 (February 23, 2018). U of Michigan Law & Econ Research Paper No. 18-010. Available at SSRN: https://ssrn.com/abstract=3131226 or http://dx.doi.org/10.2139/ssrn.3131226

Michael S. Barr

University of Michigan Law School ( email )

625 South State Street
Ann Arbor, MI 48109-1215
United States
734-936-2878 (Phone)
734-936-7514 (Fax)

University of Michigan at Ann Arbor - Gerald R. Ford School of Public Policy ( email )

735 South State Street
4th Floor
Ann Arbor, MI 48109
United States

University of Michigan, Center on Finance, Law, and Policy ( email )

904 Legal Research
625 S. State Street
Ann Arbor, MI 48103
United States

Brian Koziara

University of Michigan Center on Finance, Law, and Policy ( email )

625 South State Street
Ann Arbor, MI 48109-1215
United States

Mark D. Flood (Contact Author)

R. H. Smith School of Business, U. of Maryland ( email )

College Park
College Park, MD 20742
United States

Alfred Hero

University of Michigan ( email )

500 S. State Street
Ann Arbor, MI 48109
United States

H.V. Jagadish

University of Michigan ( email )

500 S. State Street
Ann Arbor, MI 48109
United States

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