The following speech by Andy Haldane, Executive Director of Financial Stability at the Bank of England, points out to what might be a prerequisite for a transformative governance of the financial system: a common financial language.
As hinted at by Haldane, such a language shall be nested in a ICT framework. It could for example be a domain-specific language for finance, extending the one described here .
One thought on “Towards a common financial language”
The work by LexiFi, referenced here, has been extended over the years and integrated into a series of asset management systems, for instance, SimCorp Dimension, a wall-to-wall asset management system developed by SimCorp. LexiFi and SimCorp are both partners of the HIPERFIT Research Center (www.hiperfit.dk), based at the University of Copenhagen, Denmark, and featuring partners such as three of the biggest Danish banks. The HIPERFIT Research Center would be very interested in ideas on using contractual languages for modelling and capturing aspects of the global financial system. For a brief introduction to financial contractual languages, see the presentation http://www.hiperfit.dk/pdf/elsman_GSS2.pdf