BNY Mellon subsidiary Eagle Investment Systems has stepped up to the regulatory plate with a release of its portfolio management platform to support accommodate entity identifiers (LEIs) and enhancements to its investment accounting solution to support the processing of swaps that are cleared in line with Dodd-Frank legislation.
The company started to consider client needs around LEIs in mid-2012 and start to develop its data management hub towards the end of the year, giving clients the ability to store and report using LEIs covering a variety of legal entities including issuers, counterparties, brokers, exchanges and depositories.
Working with market data vendors, Eagle has upgraded its inbound interface to consume LEIs. Its initial work was with Bloomberg, the main data source used by most of its clients, but work is progressing to adapt the interface to support LEI data from S&P Capital IQ and then from Markit. Initially, firms will ingest pre-LEIs in the form of Commodity Futures Trading Commission Interim Compliance Identifiers, or CICIs. But Eagle reassures that LEIs using the dame data fields will be equally easily accommodated when they begin to be issued.
Subbiah Subramanian, head of instrument engineering at Eagle, says that the company is working with clients on the LEI and expects them to start implementing the interface over the next couple of months. Eagle will also add the interface to its hosted data management solution that it runs in a private cloud. Similarly, clients can map LEIs to existing proprietary codes or call on Eagle’s data integration service to complete the task. While timing will vary depending on business lines, Subramanian expects all of Eagle’s 150 clients to upgrade and prepare for the arrival of the global LEI system.
Responding to Dodd-Frank requirements that swap transactions must be cleared through exchanges, Eagle has enhanced the investment accounting element of its portfolio management suite to capture cleared swaps using unique product identifiers and unique swap identifiers and calculate specific deal information.
John Lehner, CEO and president of Eagle, says: “We continue to make substantial investments in our products to help simplify risk management and reporting requirements for clients.”
Subscribe to our newsletter