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The knowledge platform for the financial technology industry

Anarchy in the UK (at Least) as Market Participants Fret Over BIC Inadequacy, Future of IBEI as Entity ID

The operations group of German bank West LB AG has begun the roll-out of Asset Control’s AC Plus data management solution to first replace a legacy mainframe system managing feeds from WM and Bloomberg, with a view to using AC Plus to replace an inhouse built centralised data management solution in the longer term. The...

Swift Unveils Free SEPA Data Registration Service

Swift has opened the SwiftDirectories Data Update service, a secure and confidential website where financial institutions can maintain their SEPA-related data. Access to this website is open to any appointed employee of a financial institution. Users can register online and update payments-related data belonging to their financial institution whenever required. From the end of December...

Swift to Consult with Marketplace On Eleminating Barrier 1 Gaps

Securities reference data is a key area where there are gaps in existing ISO message coverage which will need to be filled if ISO messaging is to provide a complete solution for removing Giovannini Barrier 1, a gap analysis exercise recently completed by Swift has concluded. Barrier 1 refers to the inefficiencies created by the...

Barclays Global Investors, BBH Exchange FpML Messages over Swiftnet

Barclays Global Investors and Brown Brothers Harriman have become the first asset manager and custodian to exchange FpML (Financial products Markup Language) based contract notifications over Swiftnet. Soon after, State Street, on behalf of PIMCO and other buy-side customers, began testing FpML communication with Bank of New York, Mellon Bank, Northern Trust and State Street...

Central Instrument Model, Compliance with ISO 19312 Key in MDDL 3.0, But Does the Market Really Want it?

Version 3.0 of MDDL (Market Data Definition Language) is now available, but the jury’s out on whether the latest iteration of the XML dialect for securities market data will be greeted with any greater degree of enthusiasm by the market than its predecessors. GoldenSource – historically a strong advocate of the standard – has not...

Firms Will Spend $1.67 Billion on EDM in 2007, Aite Finds, But Most Don’t Plan to Hire Chief Data Officers

Enterprise data management (EDM) initiatives will account for $1.67 billion of spending by financial services firms in 2007, driven in the US by securities reference data challenges and data silos, and in Europe by the requirement to control client and counterparty data to comply with regulation such as MiFID and Basel II. So says analyst...

Strategic Evolution of Reference Data Well Under Way, Data Management Attracting Board Level Attention

Proof of the long-predicted evolution of reference data management into a strategic concern for financial institutions comes this month in a new A-Team research paper commissioned by SunGard Data Management Solutions. The research, the result of a Buyer Persona Study carried out by A-Team Group during Spring 2007, finds that the strategic evolution of reference...

Swift Imposes Structure on MiFID Transaction Reporting Data

Swift is close to completing an ISO 20022 formatted transaction reporting message which it plans to pilot for three months on its network prior to launching a commercially available solution by the end of October in readiness for the November 1 Markets in Financial Services Directive (MiFID) implementation deadline. As an ISO standard, the message...

Telekurs Specifies Reference Data Changes for MiFID Compliance

Telekurs Financial has released further details of the reference data it is adding to its Valordata Feed (VDF) to help its clients comply with MiFID. These details add flesh to the bones of the announcement the vendor made late last year of its plans to address the data requirements of MiFID (Reference Data Review, November...

Firms Shy From Cost of Migration To New Ref Data Codes for MiFID

The Committee of European Securities Regulators (CESR) has published the responses to its public consultation on the use of reference data standard codes in transaction reporting under MiFID. By press time however CESR had not published its final decisions on the codes to be used, so it is as yet unclear whether the responses will...