Managing reference data costs firms huge sums of money but offers no business differentiation. However, the cost of using bad data is huge and with the regulatory environment set to become even more stringent, the overheads associated with maintaining reference data will only continue to rise.
SmartStream's Reference Data Management services offer a cost effective alternative through an industry venue that provides integration and cleansing of both data vendor and exchange data sources, with rules-based processing providing integrity checks. It aggregates, enriches, reconciles and monitors the agreed aspects of clients’ reference data at an individual data field level. Normalised data is then delivered as customisable data files or feeds for individual client consumption.
As a result, the SmartStream Reference Data Management service provides high quality, consistent reference data services across all data types that ensures:
- Fewer trade breaks, lowering the cost per trade through the provision of aggregated, clean, consistent and normalised data across all assets, entities and instructions.
- Increased transparency with a unique cross-reference across all identifiers for the same base instrument and legal entity, enabling organisations to aggregate based upon a common coding reference and reduce risk
- More effective, customer-centric operations as data is constantly managed on the client’s behalf confirming its accuracy, completeness and validity. This ensures no corporate action announcements are missed or a trades broken due to missing or un-timely data
- Increased processing efficiency as multiple subscription lists within its master database allow each business line to fine tune the shape and scope of the data that it wants to see
- Flexible approach to reference data management as new requirements can be delivered by re-configuring workflows rather than re-programming, reducing the time to market
