Last week EDM solution vendor Asset Control launched a new module for its AC Plus data management platform that is aimed at automating the securities set up process). Phil Lynch, president and CEO of the vendor, explains that by providing an automated process right from the outset to collect the required instrument data, firms can realise vital time saving efficiencies and benefit from a much more interactive data management process.
“The new module adds to our overall solution set by allowing customers to take more control of their data,” says Lynch. “This moves the data management model from a broadcast model where data is pushed in one direction to a much more interactive one.” Hence the requirements of business users and downstream systems can be taken into account during the instrument set up process by adapting it for the specific market and reference data requirements of these parties. This automation cuts out the need for intermediaries in the process and thus could result in cost cutting and efficiency gains, according to the vendor.
The new data collection module is available on demand and is a service-based solution that is optional for all AC Plus users. It also falls in line with the vendor’s strategy to increase firms’ vendor management capabilities in the current market’s cost conscious environment by allowing users to request specific instrument data on-demand. “Cost cutting and managing multiple vendor relationships are two key pain points for our users and we are tackling them with this new module,” says Lynch.
He claims the solution can bring down the time taken to set up particular instruments from hours down to seconds due to the ability to take into account the requirements of downstream processes such as trading or clearing and settlement. “The market data terminal business is changing and firms are keen to take control back into their hands in order to better manage their vendor relationships,” he adds.
This push back from the industry on the vendor community has certainly been a trend within the industry for some time. One need only look at the work of key industry associations and groups such as the Information Providers User Group (IPUG) to scrutinise and challenge vendor data licenses (amongst other things) for proof of this trend.
As for next steps for Asset Control, Lynch indicates that the vendor’s focus is very much on functionality related to data quality monitoring such as dashboards to add in more controls around data consistency. The vendor is also examining functionality to enable firms to further scrutinise the publishers of data in order to determine how much data could be attained direct from source rather than via an intermediary.