Bloomberg PolarLake has added corporate actions and index data services to its data management utility, which already manages reference, ratings, pricing, position, trade and legal entity data on behalf of both buy-side and sell-side customers.
The corporate actions data service is based on data feeds from the company’s data vendor partners, data sourced from custodians over the Swift network, and Swift messaging based on industry standards ISO 15022 and ISO 20022. The service cleanses corporate actions data and raises alerts in relation to a defined universe of securities of interest. Corporate actions can be linked to other datasets such as securities or entities, and upcoming events can be flagged.
John Randles, CEO at Bloomberg PolarLake, explains: “As we built out the PolarLake data management utility, we wanted to make sure data was of high quality across all datasets. To ensure this, we needed to develop a corporate actions service to keep datasets in sync and create the best data masters.”
The service can be used as a stand alone product or with other PolarLake datasets, and has attracted half a dozen customers since it was introduced late last year.
The company’s index data service was added to the utility early this year and provides a managed service that onboards, formats, maps and scrubs index data from both data vendors and non-public sources. The data can be linked to other datasets such as security master and underlying data, and integrated with consuming applications.
Randles comments: “Index data will be huge this year. We already have significant interest in the index data service and a few clients have signed up.”
Looking at the broader progress of the PolarLake data management utility, Randles says it has a full set of datasets for both the buy-side and sell-side, although more will be added in response to customer requirements. To date, over 30 customers around the world are using the utility and more are expected to join as they move away from deployed software in search of solutions that can simplify and reduce the cost of data management.