The financial crisis of 2008 made clear that neither financial industry executives nor regulators had the data or analytics to understand the crisis as it emerged.
As a response, the ACTUS project is establishing a global data standard for the representation of financial instruments to support forward-looking financial analysis of granular transaction and position data.
This reference database builds the technological core of the ACTUS open source community that is being established in order to maintain and evolve the standardized financial contract representations for the use of risk managers, practitioners, regulators, and researchers.
The Actus project was initiated in 2012 and institutionalized as a US not-for-profit organization in 2015 with the incorporation of:
- ACTUS Financial Research Foundation (AFRF) focussing on development of concepts and contract types and
- ACTUS Users Association (AUA) managing the Actus memberships and the development of the open source community.
We believe that this project, combined with the successful completion of the FSB LEI effort, will impact every activity related to financial risk assessment: it will significantly improve regulation of individual institutions, monitoring of systemic risk, and enterprise risk management. It will also make possible new avenues of research into systemic risk that will make financial markets safer and more efficient.