The Ledger
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JPMorgan is avoiding blockchain and digital currency, unlike Goldman Sachs
“When you compare that, for instance, to JP Morgan, you don't, you see JP Morgan has sort of avoided the digital currency space, right? They're not doing anything in blockchain or Bitcoin you know, like Goldman is, right?”
Goldman Sachs targets 95% recall and 20% precision for compliance surveillance
“And we generally hold ourselves to, you know, It's a very recall-driven, if people know what that means, but I'll describe quickly what it means. It's like, the, we want to catch a lot of things that we should be catching, like, 95% of that, right? The more th…”
Detecting market manipulation is essentially a database joining problem
“A problem about manipulating the market comes down to a problem about kind of joining databases, really, right?”
Every single alert from Goldman Sachs' compliance surveillance is reviewed manually
“Every single alert that we produce is looked by some human.”
Goldman's compliance analytics rely on Hadoop and MapReduce batch processing
“So other than search, everything I described is batch processing. We use standard Hadoop. We use MapReduce.”
Goldman's internal surveillance search queries billions of documents in sub-second time
“All these things you can enter the query, and within sub-second, get results, ah, where it's actually going through, ah, well, billions of documents, and finding the relevant results.”
Goldman Sachs' internal surveillance graph has 100M nodes and 1B edges
“Or in our case, slightly smaller than the Facebook graph, but still about a hundred million nodes and about a billion edges.”
Goldman Sachs processes billions of market data events daily
“We have about a billion pieces of e-comm in a year. We have about, Ah, you know, hundreds of millions of orders in a single day. Billions of market data events in a single day.”
Goldman Sachs indexes up to 3 billion internal communications for surveillance
“Think of all the emails, all the chats, all the Bloomberg messages that come or go out of Goldman as being the, ah, the data behind it, right? So like two to three billion documents, ah, behind, billion documents behind it.”
Narkhede: Apache Kafka is used by thousands of companies worldwide
“Since we open sourced it, you know, roughly five years ago, Kafka is used in thousands of companies worldwide, from Uber, and LinkedIn, and Netflix, all the way to traditional enterprises like eBay, and PayPal, and Cisco, and Goldman Sachs.”