Who doesn’t like a ranking?

Rankings help people gain control over information by creating order, or more precisely, ordered lists. Rankings can dispute (or support) “conventional wisdom” and for those who have a personal stake in a ranking, show them where they fit in. Is your state the best or the worst? How about your school, your company, your boss’ salary?

Still, rankings can be infuriating, particularly to those who perceive that they score poorly on them or to those who recognize that, well, there are rankings and then there are rankings. In a February 2011 New Yorker article, the celebrated and prolific observer Malcolm Gladwell took rankings to task, concluding at the end of his piece that “[who] comes out on top, in any ranking system, is really about who is doing the ranking.”

We agree. But we think there are ways to minimize bias and fairly evaluate data.

At Bloomberg, we started a Rankings team a little over three years ago. It has been mainly used as an internal resource as well as by those who subscribe to the Bloomberg Professional service. Today, with the help of our Visual Data team, we are launching a public showcase of the Team’s top 100 rankings at http://www.bloomberg.com/best-and-worst. Bloomberg Best (and Worst) presents a wide range of rankings in categories including Business, Economics, Investing, Lifestyle, Personal Finance and Politics & Policy. (Yes, Bloomberg’s forte has been in business and financial data, but we’ve also created a Lifestyle section with lighter, fun rankings.)

Data permeates everything we do at Bloomberg. In all of our rankings, we use a strictly-enforced discipline that we believe has raised the bar on how rankings are constructed…and should be construed. There are many rankings, for example, that we just can’t, won’t and don’t do. We shy away from “Most Important” or “Most Influential” (or in either case “Least”). These are prime examples of rankings based on subjective information that we find impossible to quantify fairly.  Or, so far.

Hypothetically, consider a ranking of “Most Important Women in Tech Under 30 Years Old.” Indeed, we could readily compile a list of all the women holding executive positions in U.S. public companies in the tech industry who are under 30. But just how would we quantify “importance?”

That’s why we have strictly pledged to create our rankings purely out of data, and do not use surveys or polls.

Every one of our rankings carefully cites the source or sources of data used, the date it was created and includes a brief, but comprehensive methodology so that the reader, if so inclined, might recreate the ranking.

We hope, over time, our approach to rankings will not only help interpret data sets for our readers but also help them become sensitive to, and better discriminate between, questionable rankings and those that are solid.

Laurie Meisler, Head of Bloomberg Rankings

Bloomberg is pleased the Commodity Futures Trading Commission (CFTC) has come to agreement on the final swap execution facility (SEF) rules. We fully support the central goals of Dodd-Frank to further increase market transparency.

Over a decade ago, at the request of our clients, Bloomberg created its Fixed Income Trading (FIT) platform to connect our buy and sell side subscribers to provide openness and standardization in the fixed income market and to create more transparency. Bloomberg is dedicated to providing the solutions our clients have come to expect so that they can operate more effectively and efficiently in today’s dynamic marketplace. We look forward to continuing to serve our buy and sell side clients by registering as a SEF.

(Watch this video to hear more about our business and intended SEF offering from CFTC Commissioner Scott O’Malia and Bloomberg Head of Product Ben Macdonald.)

Greg Babyak, Head of Government Affairs, Bloomberg L.P.

Since our founding more than 30 years ago, the proper safeguarding of customer data has been a central tenet of Bloomberg’s culture.

A Bloomberg client recently raised a concern that Bloomberg News reporters had access to limited customer relationship management data through their use of the Bloomberg Terminal. Although we have long made limited customer relationship data available to our journalists, we realize this was a mistake.

Having recognized this mistake, we took immediate action. Last month we changed our policy so that all reporters only have access to the same customer relationship data available to our clients. Additionally, we decided to further centralize our data security efforts by appointing one of our most senior executives to the new position of Client Data Compliance Officer. This executive is responsible for reviewing and, if necessary, enhancing protocols which among other things will continue to ensure that our news operations never have access to confidential customer data.

To be clear, the limited customer relationship data previously available to our reporters never included access to our trading, portfolio, monitor, blotter or other related systems or our clients’ messages. Moreover, reporters could not see news stories that clients read, or the securities they viewed. Bloomberg has very strict data security policies in place, in addition to significant and rigorous training, processes and protocols. Upon hiring, all Bloomberg employees enter into confidentiality provisions, including Bloomberg News.

Client trust is our highest priority and the cornerstone of our business, and we are deeply committed to ensuring the complete integrity and confidentiality of our clients’ data in all situations and at all times.

– Daniel L. Doctoroff, CEO and President, Bloomberg L.P.

BTV’s Peter Cook talks with FCC Chairman Julius Genachowski who defended his decision to block the AT&T merger with T-Mobile

Another successful Bloomberg Washington Summit is in the books. We covered a lot of ground – everything from Fed policy and the deficit to net neutrality and Eddie Murphy movies. If you missed the day-long discussion and our all-star line-up of speakers, the good news is C-SPAN documented the whole thing (c-spanvideo.org/event/218019video.org/event/218019). Let me share a few highlights from my vantage point as emcee.

Former Fed Governor Larry Meyer told us that current Fed Vice Chairman Janet Yellen has the “right of first refusal” to become the leader of the central bank when Ben Bernanke steps down. Economist Adam Posen didn’t agree. The former member of the Bank of England’s Monetary Policy Committee said Yellen had the qualifications but lacked the “personal relationship” with the President needed to land the Chairmanship. His alternative? Former Treasury Secretary Tim Geithner who has said he doesn’t want the job.

In a panel on investor confidence, SkyBridge Capital co-managing partner Anthony Scaramucci described a “paralysis in the American business community” right now. He also declined an invitation to run for Congress. On the same panel, former SEC Chairman Harvey Pitt gave the Dodd-Frank law a “F” grade.

Just minutes later, the current CFTC Chairman Gary Gensler painted a very different picture of Dodd-Frank. He said the new derivative rules his agency has implemented mark a “paradigm shift” that will benefit markets and the economy. At the same time, he made a plea to Congress to fully fund his agency. The CFTC’s current budget is $205 million. He’s asking for $315 million so his employees can enforce the new rules now on the books.*

Looking back at his four years on office, outgoing FCC Chairman Julius Genachowski defended his decision to block the AT&T merger with T-Mobile. “Absolutely the right call,” he told me in one of his last interviews as Chairman. He said the decision resulted in greater competition. Genachowski also predicted that the “net neutrality” rules he put in place will survive legal challenge.

Virginia Governor Bob McDonnell faces his own challenges with sequestration and shrinking federal dollars. The Republican talked about that with Bloomberg Washington Executive Editor Susan Goldberg. Susan also questioned the Governor about a Washington Post report that the FBI is investigating McDonnell’s relationship with a major campaign donor. McDonnell said he never provided “special treatment” to Star Scientific or its CEO Jonnie Williams. The Post reported Williams paid the $15,000 catering bill for the 2011 wedding of McDonnell’s daughter.

The day ended with a lot of agreement on the need for corporate tax reform. Aerospace Industries Association CEO Marion Blakey, Marsh & McLennan CEO Daniel Glaser Peebles Corp. CEO Don Peebles all predicted that there is a better than 50-50 chance of a tax overhaul this year. American Action Forum CEO Doug Holtz-Eakin was the lone pessimist. He put the odds below 50-50. It was Peebles who had the Eddie Murphy reference. He pulled a line from 1992′s “The Distinguished Gentleman”.

Thanks to all who made it happen and all the good questions. We’ll see you next year.

-Peter Cook, Chief Washington Correspondent, Bloomberg Television

*Bloomberg has filed a lawsuit in the U.S. District Court for the District of Columbia to prevent the CFTC from implementing regulation relating to the clearing of swaps. For more information, go here: http://blog.bloomberg.com/2013-05-02/bloomberg-legal-team-seeks-an-injunction-relating-to-the-cftc-swaps-margin-rule/.

Today, Bloomberg’s legal team Eugene Scalia, partner at Gibson, Dunn & Crutcher, and Mario Cuomo, counsel at Willkie Farr & Gallagher LLP, filed a motion seeking preliminary injunction in the U.S. District Court of Columbia to prevent the Commodity Futures Trading Commission (CFTC) from implementing flawed regulation related to the clearing of swaps. The injunction comes on the heels of the lawsuit Bloomberg LP filed against the CFTC on April 17, 2013.

Scalia and Cuomo issued the following statement:

For more information on Bloomberg’s suit, read Bloomberg CEO and President Dan Doctoroff’s piece in the Huffington Post.