Freerisk is really a cool startup, attempting to liberate financial data for all to reuse easily. I have not tinker with it but I can imagine the kind of value it can potentially release.
I can imagine the power finally being taken from rating agencies. People who are capable of producing better risk models will surfaced and be celebrated as rockstars. We will see covestor type of models emerging that reward superstar financial modellers.
I can imagine many interfaces/clients being developed. Clients that lets users better understand what financial data means, alert them to risk factors, and highlight potential investments. Hopefully, all these will give people better ideas on how to invest in stock market.
I can imagine new forms of institutional funds created around new risk models that are proven by the community. Maybe we will see funds having voting mechanisms that let their investors vote on which risk model to follow, rather than blindly following what the current rating agencies recommend.
I can imagine different communities forming around the new knowledge unleashed by the open financial data. Communities that specialize in uncovering hidden handshakes, communities that voice out how green companies are, communities that want to know how well employee benefits are. Once we make it easy for communities to form around these new social objects, there is no telling what kind of groups will rise up and shed more light on things we need to know.
I can imagine metadata being added, remixed, combined etc with financial data to let us understand more. There will tons of mashups being done. Some smart folks will create light weight publishing platforms to support research analysts doing independent research.
I can imagine much more things.
What can you imagine?
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