ADP Brokerage Services Group and Deutsche Boerse-owned Avox have signed up as sponsors of the EDM Council. They join BearingPoint, Cicada, GoldenSource, IBM and SunGard. This development comes as the EDM Council undertakes its transition to a member-owned, rather than a sponsor-owned, model (Reference Data Review, September 2006). Ken Price, CEO of Avox, says this change in operating model was a prerequisite for Avox signing up. “When the EDM Council was first established, we had some concerns that it might be perceived as simply a group of vendors trying to capture a market,” he says. “The fact that in 2007 it is being handed over to the financial institutions to run was the main criteria for our signing up. We wouldn’t want to be involved in any initiative that was proprietary because that goes against everything we do. The council has a good cross-section of financial institutions as members, and we are particularly interested in getting involved in the business metrics working group as this relates to our efforts on the data quality benchmarking side.” ADP’s commitment to the council comes as it steps up its pursuit of opportunities to deploy the securities master database it maintains as part of its Global Processing Solution with non-bureau clients (Reference Data Review, September 2006).
A-Team Insight Blogs
Upcoming Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings
Date: 21 January 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions...
Extracting value from data is a priority for financial institutions as the business looks to increase efficiency, reduce costs, identify new opportunities and gain competitive advantage. Some source in-house tools to improve the quality and accessibility of internal and external data, others look to third-parties for solutions. A new tool from GoldenSource, Quant Workbench, brings...
The highly successful Data Management Summit USA Virtual was held in September 2020 and explored how sell side and buy side financial institutions are navigating the global crisis and adapting their data strategies to manage in today’s new normal environment.
The time for talking is over. The time for action is now. A bit melodramatic, perhaps, but given last month’s official launch of the global legal entity identifier (LEI) standard, practitioners are rolling up their sleeves and getting on with figuring out how to incorporate the new identifier into their customer and entity data infrastructures....