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THE NEW DATA IMPERATIVE does two eye-opening things. First, it explains, simply and clearly, how the information technology structures inside the financial system failed to keep up with the dizzying pace of derivative trading that crashed to a halt in the credit freeze. There's been plenty of talk about the "quants," the numbers gurus who devised the derivatives and the trading schemes, and the traders and their bosses. But the role of IT - the multiple, aging systems within a single financial institution that couldn't talk to each other and produce a unified data stream - has been largely ignored. This book casts much needed light on that problem, and you don't have to be a "quant" to understand it.
Second, the book explains how IT systems must be re-engineered to clean up the mess and get the economy back on track. The good news is that much of the necessary architecture and software are already available.
Anyone who wants a straightforward, authoritative guide to IT in the financial markets will find it here.
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