Exchange Data International (EDI) has released Readable Corporate Action Notices (RCAN), a solution designed to enable personnel in front- and middle-office buy-side firms to read corporate action notices in the same way as they read news. RCAN is based on machine learning and was developed by EDI. It covers 45 corporate events, including dividends, mergers and acquisitions, new listings (IPOs), and stock splits, and also aggregates corporate actions from over 150 exchanges globally.
Noting that before RCAN, corporate actions data was confined to machine-readable feeds that were largely unintelligible for anyone without a degree in computer science, EDI says translating the data into a story-like, readable structure is a step in the evolution towards intelligent data management across buy-side firms, and also allows better communication across teams.
Jonathan Bloch, founder and CEO of EDI, says: “We are committed to continuous innovation, and this year we are offering the most comprehensive update to our Worldwide Corporate Actions Service since its launch in 2002. Corporate actions provide critical information to the financial sector, without which it cannot function in a timely manner. If businesses cannot access up-to-date information quickly, important events will be missed, and potential profits will be lost.”
The benefits of RCAN cited by EDI include:
- Intraday notices provided at four set times throughout the day, the same frequency as the corporate actions data feeds. This gives buy-side firms all the information necessary to make informed market decisions in one simple, readable format.
- Front- and middle-office workers can remain informed of data values, making operations more efficient and decreasing the chance of corporate actions going unnoticed.
- Amalgamation of disparate data sections into one comprehensive document, eliminating the need for data aggregation within a client-side database.
Inclusion of relevant information from internal and external sources, including added data values, deletions, change management features, links to related notices, and reference and events data.
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