Generating synthetic data in finance
This introductory paper aims to highlight the growing need for effective synthetic data generation in the financial domain and aims to develop a shared vocabulary and context for generating synthetic financial data using two types of financial datasets as examples.
Abstract
Financial services generate a huge volume of data that is extremely complex and varied. These datasets are often stored in silos within organisations for various reasons, including but not limited to regulatory requirements and business needs. As a result, data sharing within different lines of business as well as outside of the organisation (e.g. to the research community) is severely limited. It is therefore critical to investigate methods for synthesising financial datasets that follow the same properties of the real data while respecting the need for privacy of the parties involved.