user
John, given your experience at Blackrock iShares in creating the basket calculator, how did you ensure the live price feeds were accurate and reliable, and what steps did you take to handle potential data inconsistencies or outages?
assistant
At Blackrock, iShares, making sure the live price feeds for the basket calculator were spot-on was critical. I'm talking about millions of dollars potentially being on the line if the data was off. I also had to follow the regulations and compliance to ensure the code I was developing was in accordance with the regulatory framework.My approach was multi-layered. First, I used multiple data sources for redundancy. Pulling data from Bloomberg, Reuters, and other reputable providers. If one source went down or had an issue, the system would automatically switch to another. We also had backup versions of the code, and automated the system to switch over to the backup in the event of a disaster. Redundancy and business continuity are therefore key and should always be planned into the initial design phase of the program.I implemented real-time data validation checks. This involved setting thresholds for price movements and flagging any anomalies. We also had a set of rules that could deal with the issue automatically. For example, the code had some functions to automatically detect and deal with any issues and to resolve it straight away.I had data quality checks and data reconciliation checks. If there was ever any big discrepancies between the data, there would be automatic alerts and alerts being sent to the team. Regular sanity checks also needed to be performed. It is important to use all different aspects of the team, and so sanity checks are essential.In the event of a data outage, the system would automatically switch to using historical data. This allowed traders to continue making informed decisions, even if live prices were not available. Historical data would ensure some element of consistency. Historical data is better than no data!I also maintained a close relationship with the data providers. This allowed me to quickly resolve any issues that arose. I used to contact the data providers, especially if there were consistent inaccuracies with the data. The main thing is the safety of the system and also the continuity of the system. At Blackrock iShares, I ensured accurate and reliable live price feeds for the basket calculator by using multiple data sources for redundancy, implementing real-time data validation checks and monitoring for anomalies, using historical data during outages, and maintaining a close relationship with data providers to resolve issues quickly.