eGanges and financial spaghetti: freedom and security
Pamela Noel Gray, Xenogene Gray · 2005
Financial service providers need maps of the alternative legal dealings that are available in the organisation of financial transactions. These maps should provide information on when it is appropriate to use available alternatives. Each variation provides for something different, allowing for the sharing of profits, risks and losses in a great diversity of intricate relationships in a network of people. The network, which can now be wholly or partly created and modified, with speed, online, can be represented by the metaphor of spaghetti, as it may be knotted, so that it is difficult to unravel. Netting its multi-party consequences involves qualitative as well as quantitative and time factors. The spaghetti nature may provide industry security. It is the conscious design of the spaghetti security in a portfolio range, that becomes possible when there are appropriate maps for informed decisionmaking about appropriate financial transactions in given circumstances. The spaghetti network is underpinned by the freedom to contract and deal in various negotiable instruments, and constrained by prudential supervision and other regulation of the finance industry. The relevant law and industry descriptions and heuristics can be captured seamlessly in the Rule/Procedure/Strategy maps of an eGanges application. eGanges is a new generation expert system shell that can provide efficient, interactive visualisation of rules, procedures and strategies as maps. This is demonstrated in existing applications, in commercial fields as well as a small experimental teaching map in the area of finance law. Apart from being an advisory aid, an eGanges map may be used to train industry workers in complex jobs, so that more skilled workers can be readily available and trustworthy. The duties of care imposed by law are made less onerous. Further, eGanges maps are easy to construct and update, so that the Never ending Journey of reeducation in the field of Financial Service can be made with the latest revised applications. Like books, eGanges applications are themselves intellectual property, valuable capital and profit-making assets for the industry.