Regulation Must Adapt to Big Data Revolution
The so-called big data revolution is the latest in a series of technological developments that are transforming finance. With the rapid growth of computing and telecommunication technologies in the past couple of decades, the industry has already witnessed a number of striking changes.
Many traditional financial services have gone digital. Electronic payment systems have become commonplace, while electronic exchanges and clearinghouses have almost completely replaced physical floor trading. The Internet has become the primary channel by which loans, stockbrokerage, insurance and wealth management products are processed.
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