Za\u010dnu t\u00edm, \u010d\u00edm se tohle t\u00e9ma obvykle kaz\u00ed. Nejde o spiknut\u00ed. Nikdo v jedn\u00e9 budov\u011b netah\u00e1 za p\u00e1ky sv\u011btov\u00e9 ekonomiky a text, kter\u00fd by to tvrdil, by byl vedle.<\/p>\n
Skute\u010dn\u00e1 pot\u00ed\u017e je nudn\u011bj\u0161\u00ed a hor\u0161\u00ed. Jmenuje se monokultura.<\/p>\n
Co je Aladdin<\/p>\n
V roce 1988 postavil BlackRock na jedin\u00e9 pracovn\u00ed stanici Sun vnit\u0159n\u00ed n\u00e1stroj na \u0159\u00edzen\u00ed rizika. Dnes se jmenuje Aladdin a nepou\u017e\u00edv\u00e1 ho jen BlackRock. Licencuje ho v\u00edc ne\u017e tis\u00edc instituc\u00ed – banky, poji\u0161\u0165ovny, penzijn\u00ed fondy, st\u00e1tn\u00ed investi\u010dn\u00ed fondy – a pracuje v n\u011bm kolem sto t\u0159iceti tis\u00edc lid\u00ed.<\/p>\n
Odhady toho, kolik aktiv se p\u0159es n\u011bj \u0159\u00edd\u00ed, se r\u016fzn\u00ed: od zhruba dvaceti jednoho bilionu dolar\u016f po dvacet p\u011bt bilion\u016f na konci roku 2025, tedy odhadem sedm a\u017e osm procent cel\u00e9ho sv\u011btov\u00e9ho finan\u010dn\u00edho syst\u00e9mu. Pro srovn\u00e1n\u00ed, BlackRock s\u00e1m spravoval ke konci roku 2025 \u010dtrn\u00e1ct bilion\u016f. Na platform\u011b je tedy podstatn\u011b v\u00edc majetku ne\u017e ve spr\u00e1v\u011b firmy, kter\u00e9 pat\u0159\u00ed.<\/p>\n
Nejde p\u0159itom o obchodn\u00ed syst\u00e9m, kter\u00fd by rozhodoval. Je to syst\u00e9m, kter\u00fd m\u011b\u0159\u00ed riziko a d\u00e1v\u00e1 podklad pro rozhodnut\u00ed. To zn\u00ed m\u00e9n\u011b dramaticky, ale je to d\u016fle\u017eit\u011bj\u0161\u00ed.<\/p>\n
Pro\u010d je monokultura probl\u00e9m<\/p>\n
Kdy\u017e tis\u00edc instituc\u00ed m\u011b\u0159\u00ed riziko podle stejn\u00e9ho modelu, hodnot\u00ed stejn\u00e9 aktivum stejnou metodikou ve stejn\u00fd okam\u017eik. Dokud je klid, je to efektivn\u00ed. V okam\u017eiku nap\u011bt\u00ed to znamen\u00e1, \u017ee velk\u00e1 \u010d\u00e1st trhu dostane stejn\u00fd sign\u00e1l v jednu chv\u00edli – a v\u0161ichni se pokus\u00ed proj\u00edt stejn\u00fdmi dve\u0159mi.<\/p>\n
Tomu se v in\u017een\u00fdrstv\u00ed \u0159\u00edk\u00e1 korelovan\u00e9 selh\u00e1n\u00ed a je to p\u0159esn\u011b ta chyba, kv\u016fli kter\u00e9 se neprovozuje cel\u00fd kontinent v jedn\u00e9 cloudov\u00e9 z\u00f3n\u011b. Ne proto, \u017ee by ta z\u00f3na byla \u0161patn\u00e1. Proto, \u017ee kdy\u017e spadne, spadne v\u0161echno nar\u00e1z.<\/p>\n
K tomu jedna v\u011bc, kter\u00e1 se v debat\u011b zmi\u0148uje m\u00e1lo: k\u00f3d a vstupn\u00ed data Aladdinu jsou d\u016fv\u011brn\u00e9. BlackRock popisuje, co platforma um\u00ed, ale ne jak p\u0159esn\u011b to po\u010d\u00edt\u00e1. P\u0159\u00edpadn\u00e1 systematick\u00e1 chyba nebo zkreslen\u00ed v modelu tedy nen\u00ed zven\u010d\u00ed p\u0159ezkoumateln\u00e9, p\u0159i\u010dem\u017e ovliv\u0148uje podklad pro rozhodov\u00e1n\u00ed o \u010d\u00e1sti sv\u011btov\u00e9ho majetku. To nen\u00ed obvin\u011bn\u00ed, je to popis stavu.<\/p>\n
Evropa si na to n\u00e1stroj ud\u011blala<\/p>\n
A te\u010f dobr\u00e1 zpr\u00e1va, proto\u017ee tenhle text nen\u00ed o bezmoci.<\/p>\n
Evropsk\u00e1 unie p\u0159ijala na\u0159\u00edzen\u00ed o digit\u00e1ln\u00ed provozn\u00ed odolnosti finan\u010dn\u00edho sektoru, zkr\u00e1cen\u011b DORA. Kdy\u017e jsme ho v Evropsk\u00e9m parlamentu projedn\u00e1vali, byl jsem u toho jako st\u00ednov\u00fd zpravodaj, tak\u017ee o n\u011bm nemluv\u00edm z re\u0161er\u0161e. Jeho podstatn\u00e1 \u010d\u00e1st se net\u00fdk\u00e1 bank, ale jejich dodavatel\u016f: zav\u00e1d\u00ed kategorii kritick\u00e9ho poskytovatele informa\u010dn\u00edch a komunika\u010dn\u00edch technologi\u00ed a p\u0159\u00edm\u00fd dohled nad n\u00edm.<\/p>\n
Test kriti\u010dnosti m\u00e1 \u010dty\u0159i krit\u00e9ria a mus\u00ed b\u00fdt spln\u011bn\u00e1 v\u0161echna: mo\u017en\u00fd syst\u00e9mov\u00fd dopad rozs\u00e1hl\u00e9ho selh\u00e1n\u00ed, syst\u00e9mov\u00e1 v\u00fdznamnost instituc\u00ed, kter\u00e9 na poskytovateli z\u00e1vis\u00ed, m\u00edra koncentrace t\u00e9 z\u00e1vislosti v sektoru a zastupitelnost jeho slu\u017eeb.<\/p>\n
P\u0159e\u010dt\u011bte si to \u010dtvrt\u00e9 krit\u00e9rium je\u0161t\u011b jednou. Je to popis p\u0159esn\u011b toho probl\u00e9mu, o kter\u00e9m je cel\u00fd tenhle text.<\/p>\n
18. listopadu 2025 ozna\u010dily t\u0159i evropsk\u00e9 dohledov\u00e9 \u00fa\u0159ady prvn\u00edch devaten\u00e1ct takov\u00fdch poskytovatel\u016f. Nejsou to jen cloudy. Vedle Amazonu, Microsoftu, Googlu, Oraclu, SAPu a Deutsche Telekomu jsou na seznamu i datov\u00ed a technologi\u010dt\u00ed dodavatel\u00e9 jako Bloomberg, LSEG Data and Risk, FIS, IBM, Accenture, Capgemini, Equinix nebo Kyndryl. Kdo je ozna\u010den, dostane hlavn\u00edho dohl\u00ed\u017eitele a p\u0159i nepln\u011bn\u00ed mu hroz\u00ed pen\u00e1le a\u017e jedno procento pr\u016fm\u011brn\u00e9ho denn\u00edho celosv\u011btov\u00e9ho obratu za ka\u017ed\u00fd den poru\u0161en\u00ed. Kdo je mimo Unii, mus\u00ed si tam do dvan\u00e1cti m\u011bs\u00edc\u016f z\u0159\u00eddit p\u0159\u00edtomnost, jinak ho evropsk\u00e9 finan\u010dn\u00ed instituce nesm\u011bj\u00ed pou\u017e\u00edvat.<\/p>\n
To nen\u00ed bezzub\u00e1 norma. To je v\u00e1\u017en\u011b m\u00edn\u011bn\u00fd dohled.<\/p>\n
A p\u0159esto tam ten model nen\u00ed<\/p>\n
Na seznamu, kter\u00fd \u00fa\u0159ady zve\u0159ejnily, BlackRock ani Aladdin nejsou. Prvn\u00ed kolo zachytilo infrastrukturu, datov\u00e9 slu\u017eby a integr\u00e1tory, ne dodavatele platforem na spr\u00e1vu portfolia a m\u011b\u0159en\u00ed rizika.<\/p>\n
Ned\u011bl\u00e1m z toho skand\u00e1l. Metodika je p\u0159edepsan\u00e1, \u00fa\u0159ady ji odpracovaly na z\u00e1klad\u011b registr\u016f, kter\u00e9 jim instituce nahl\u00e1sily, a rozhodovaly podle toho, co v nich bylo. Ozna\u010dov\u00e1n\u00ed se nav\u00edc d\u011bl\u00e1 ka\u017ed\u00fd rok znovu, tak\u017ee absence v prvn\u00edm kole nic neuzav\u00edr\u00e1.<\/p>\n
Ale ta ot\u00e1zka na p\u0159\u00ed\u0161t\u00ed kolo je legitimn\u00ed a chci ji polo\u017eit nahlas: spl\u0148uje platforma, na kter\u00e9 tis\u00edc instituc\u00ed m\u011b\u0159\u00ed riziko, ta \u010dty\u0159i krit\u00e9ria, nebo ne?<\/p>\n
U zastupitelnosti m\u00e1m k tomu jeden \u00fadaj, kter\u00fd mluv\u00ed za sebe. BlackRock uv\u00e1d\u00ed u Aladdinu t\u0159\u00edletou m\u00edru udr\u017een\u00ed klient\u016f 98 procent. D\u00e1 se to \u010dten\u00ed dv\u011bma zp\u016fsoby: \u017ee je to v\u00fdborn\u00fd produkt, anebo \u017ee se od n\u011bj ned\u00e1 odej\u00edt. Pro dohled nad koncentrac\u00ed je podstatn\u00e1 ta druh\u00e1 mo\u017enost, proto\u017ee p\u0159esn\u011b to zastupitelnost m\u011b\u0159\u00ed.<\/p>\n
A je\u0161t\u011b jedna vrstva. Aladdin b\u011b\u017e\u00ed od roku 2022 na Azure a od prosince 2025 i na AWS. Ob\u011b ty infrastruktury na seznamu jsou. Evropa tedy dohl\u00ed\u017e\u00ed na podlahu, ale ne na to, co na n\u00ed stoj\u00ed.<\/p>\n
Co s t\u00edm<\/p>\n
T\u0159i v\u011bci, a \u017e\u00e1dn\u00e1 z nich nen\u00ed nov\u00fd \u00fa\u0159ad.<\/p>\n
Zeptat se v p\u0159\u00ed\u0161t\u00edm kole na modelovou vrstvu. Ne ozna\u010dit ji p\u0159edem, ale otestovat ji stejnou metodikou jako cloud. Kdy\u017e projde, dob\u0159e. Kdy\u017e ne, a\u0165 je to napsan\u00e9.<\/p>\n
Roz\u0161\u00ed\u0159it registry informac\u00ed. Instituce hl\u00e1s\u00ed, koho maj\u00ed jako dodavatele technologi\u00ed. Ot\u00e1zka, \u010d\u00ed model pou\u017e\u00edvaj\u00ed k m\u011b\u0159en\u00ed rizika, do stejn\u00e9 kolonky pat\u0159\u00ed, proto\u017ee bez n\u00ed nen\u00ed z \u010deho koncentraci spo\u010d\u00edtat.<\/p>\n
Cht\u00edt auditovatelnost modelu, ne jeho k\u00f3d. Nikdo nem\u00e1 pr\u00e1vo na obchodn\u00ed tajemstv\u00ed konkurenta. Ale u n\u00e1stroje, na kter\u00e9m z\u00e1vis\u00ed m\u011b\u0159en\u00ed rizika u v\u00fdznamn\u00e9 \u010d\u00e1sti trhu, je legitimn\u00ed po\u017eadovat nez\u00e1visl\u00e9 ov\u011b\u0159en\u00ed, \u017ee d\u011bl\u00e1 to, co o sob\u011b tvrd\u00ed. P\u0159esn\u011b tak, jak se to d\u011bl\u00e1 u ratingov\u00fdch agentur od roku 2009.<\/p>\n
Na konci to nen\u00ed p\u0159\u00edb\u011bh o jedn\u00e9 americk\u00e9 firm\u011b. Je to p\u0159\u00edb\u011bh o tom, \u017ee jsme se nau\u010dili pt\u00e1t, kde stoj\u00ed server, a je\u0161t\u011b jsme se nenau\u010dili pt\u00e1t, \u010d\u00ed model rad\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"Za\u010dnu t\u00edm, \u010d\u00edm se tohle t\u00e9ma obvykle kaz\u00ed. Nejde o spiknut\u00ed. Nikdo v jedn\u00e9 budov\u011b netah\u00e1 za p\u00e1ky…\n","protected":false},"author":2,"featured_media":187378,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[1127,109,108,106,991,883],"class_list":["post-187377","post","type-post","status-publish","format-standard","has-post-thumbnail","category-evropa","tag-digitalni-technologie","tag-europa","tag-europe","tag-evropa","tag-evropska-unie-eu","tag-finance"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117134851002713295","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/187377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=187377"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/187377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/187378"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=187377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=187377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=187377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}