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The SmartStream Reference Data Utility (RDU) – Listed Derivatives Service

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Reference data management that assures quality, timeliness and complete coverage

An industry solution: a new approach to data management

Capital Markets firms are looking to standardize, add reliability and gain efficiency in the way they manage their securities reference data. How to achieve a complete, accurate and timely supply of information to support trading, regulatory compliance and operations straight-through-processing? The choices up to now have been limited to reinvestment in legacy infrastructure, or significant and potentially disruptive new capital purchases. The SmartStream Reference Data Utility (RDU) has been established as the first industry utility for reference data management. The RDU delivers a fully managed data service – IT, Operations and best practices – holistically, across security, instrument, legal entity and corporate actions data. The service model promotes common processing and common fixes to data across the instrument lifecycle.

This “mutualization” of the platform and operations supporting reference data management allows firms to reduce costs. By centralizing data processing onto the RDU, common market processes can be incorporated across all participants to eliminate the effort needed by each firm to get the data right. The RDU acts as a processing agent for its participants’ selected data sources, managing the complete data lifecycle – sourcing, validation, enrichment, cross-referencing and, critically, applying cleansing best practices to deliver the highest quality data, in the formats required, at the start of the trading day. Firms control the sources required and the commercial relationship with data vendors. The RDU enables comprehensive, high quality, cross-referenced data to the EDM platform for downstream distribution – providing complete, accurate and timely reference data at the lowest all-in cost.

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