Data Management Insight Brief
Canoe Intelligence Solution Offers Access to Asset-Level Data of Alternative Investments
Canoe Intelligence, a technology provider to the alternatives industry, has announced the commercial launch of Canoe Asset Data, a solution to the challenges of accessing and using complete, timely, and accurate asset-level data. The offering delves deep into the underlying holdings of alternative investments, leveraging the document collection, tracking, extraction, and organisation technology developed by the company, and is designed to solve investment use cases such as exposure analysis, portfolio analysis, and due diligence, while alleviating the operational challenges of accessing this granular data.
Canoe Asset Data is the inaugural product release from the Canoe Data Innovation Hub, an initiative dedicated to driving innovation, transformation, and transparency in the alternative investment markets, and was developed in collaboration with 13 clients. Aman Soni, vice president of data strategy at Canoe, comments: “Before its commercial launch, Canoe Asset Data saw strong adoption from its design partners, which speaks volumes about the end product.”
Bloomberg ESG Data Supports Hong Kong Greenhouse Gas Emissions Elimination Tool
Bloomberg ESG data is supporting development of the recently released greenhouse gas (GHG) emissions estimation tool of Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) and the Hong Kong University of Science and Technology (HKUST). The tool is part of key initiatives to facilitate sustainability reporting by corporates and financial institutions in Hong Kong led by the Steering Group, which is co-chaired by the Securities & Futures Commission of Hong Kong and the Hong Kong Monetary Authority.
The tool deploys a regression model using data from listed companies and small- and medium-sized enterprises to represent corporate energy consumption and associated Scope 1 and 2 GHG emissions and enables financial institutions to estimate the GHG emissions of their investees or borrowers in their portfolios, which is important where data from underlying companies is limited. The energy consumption data and GHG emissions data of Hong Kong listed companies used for the model is procured from Bloomberg.
CCData Partners ANNA and DTIF to Ease Adoption of Digital Token Identifier
CCData, an FCA authorised benchmark administrator and provider of digital asset data and index solutions, has made a strategic partnership with the Association of National Numbering Agencies (ANNA) and the Digital Token Identifier Foundation (DTIF) to introduce Digital Token Identifiers (DTIs) and International Securities Identification Numbers (ISINs) into its Asset Metadata product.
The integration of the identifiers means stakeholders in both parties can access metadata for more than 7,000 digital assets and respective ISO identifiers via CCData’s REST API. This should enhance transparency in the digital asset market by distinguishing between the ISIN-identified asset itself and its blockchain-based implementation identified by the DTI.
Microsoft Azure Marketplace Adds Xceptor Data Automation Solutions
Xceptor, an automation platform for financial markets, has moved into the Microsoft Azure Marketplace where clients, partners, and prospects can quickly identify Xceptor solutions and services to meet their data automation needs and benefits from a built in streamlined procurement and payment process. Xceptor offers its clients and prospects the option to either select pre-packaged solutions or collaborate on tailored options that are then integrated via Azure Marketplace.
“Joining forces with Microsoft Azure Marketplace brings us closer to our clients who want convenient, accessible tools to manage their intricate data management and automation needs. This platform simplifies the purchasing process and expedites onboarding,” says Josh Monroe, chief revenue officer at Xceptor.
ICE Benchmark Administration Offers Update on Cessation of Final LIBOR Settings
Intercontinental Exchange (ICE) has confirmed that ICE Benchmark Administration (IBA), the FCA authorised and regulated administrator of LIBOR, has provided an update on the cessation of sterling LIBOR.
In line with feedback from its June 2022 consultation and previous statements, the FCA has used its powers under UK Benchmarks Regulation (UK BMR) to require IBA to publish the 3-Month sterling LIBOR setting using an unrepresentative synthetic methodology until 28 March 2024. The FCA has stated that it has no intention to require publication beyond then and that this setting will cease after publication on that date.
IBA is also required by the FCA to continue to publish the 1-, 3- and 6-Month synthetic US dollar LIBOR settings. The FCA has stated that it intends to require IBA to publish these settings until 30 September 2024, but not beyond that date, when it expects publication to cease.
All other LIBOR settings have ceased to be published.
Mirae Asset Global Investments and Bloomberg Plan Strategic Collaboration
Mirae Asset Global Investments and Bloomberg are planning a global strategic data and technology collaboration to support Mirae Asset, an asset manager headquartered in South Korea and operating in 16 markets, in its global business expansion and digital transformation. Bloomberg will offer solutions tailored to Mirae Asset in support of the asset manager’s mission to provide exceptional investment offerings for global investors. Both parties will also actively explore additional areas for collaboration, particularly in the realms of digital transformation, data solutions and innovation. This is Bloomberg’s first MOU in South Korea.
Bloomberg Adds to Mobile Apps with Bloomberg Pro for Vision
Bloomberg has released Bloomberg Pro for Vision, an application based on Apple Vision Pro that gives Bloomberg Anywhere subscribers access to functionality including News, Bloomberg Television, Instant Bloomberg, Bloomberg Message, Markets, Worksheets, Securities Data, and Research on the move or in the office.
“This is a new way to help financial professionals take full advantage of Apple Vision Pro and maintain productivity, expand desktop real estate and access private information in the office or on the go, all while reducing monitor footprints,” says Len Welter, head of mobile infrastructure and technology in Bloomberg’s Office of the CTO. “We will continue to invest in our mobile apps like Bloomberg Pro for Vision to deliver the news, data and analytics our clients need, wherever they may be working.
”Bloomberg Pro for Vision is available immediately in the App Store on Apple Vision Pro and is accessible to Bloomberg Terminal customers with a Bloomberg Anywhere subscription.
Digital Onboarding Sets Plans Following $58 million Volition Capital Investment
Boston-based Digital Onboarding, a SaaS solution provider helping more than 100 financial institutions deepen their customer relationships, has closed a $58 million investment from growth equity firm Volition Capital. Digital Onboarding provides a digital engagement platform built to grow and service existing customer relationships and designed to enable financial institutions to engage with customers via targeted, journey-based communication and action-oriented microsites.
The investment will support Digital Onboarding’s goals to accelerate its product roadmap, improve support for existing customers, drive awareness among target prospects, and expand its headcount.
Centralis Group Selects Fenergo Client Lifecycle Management
Fenergo, a provider of digital Client Lifecycle Management (CLM), Know your Customer (KYC) and transaction monitoring solutions for financial institutions, has been selected by Centralis Group, which will use Fenergo CLM to streamline client and investor onboarding processes and strengthen its foundation for sustainable international growth.
Luxembourg-based Centralis is an alternative asset and corporate services provider. Fenergo’s technology will enable the firm to increase operational efficiency, optimise the onboarding journey for both clients and investors, and reduce the potential for duplication of effort. By streamlining and accelerating onboarding, Centralis expects to foster stronger client relationships from the beginning while remaining compliant with diverse regulations across its global network.
Mosaic Smart Data Research Reveals Front Office Data Challenges
Mosaic Smart Data, a provider of real-time capital markets data analytics, has revealed the challenges front offices in investment banks face when attempting to get their data in a fit state to deploy AI-powered analytics for improved efficiency, productivity and profitability.
Mosaic research found data quality and integrity is a critical challenge with 66% of banks struggling with data quality and gaps in important data points; 83% with no real-time access to transaction data and/or data analytics; and 66% saying the data that is most useful for analytics is challenging to access. Reference data is unfit for purpose, with 50% of banks having reference data with no unified counterparty identifier, especially for client static data, and sometimes the data is missing altogether.
Matthew Hodgson, CEO and founder of Mosaic, comments: “No powerful analytics or AI can fully function if data is not normalised, maintained in an orderly fashion and gaps in the data enriched. Now is a crucial time to invest in data and analytics for the front office – but ROI must be guaranteed in the current economic climate, and this begins with better data health.”
The research covered six million Fixed Income Clearing Corporation (FICC) transactions from global and regional investment banks in South America, US, Canada, UK, EU, South Africa, Japan and Australia, and surveyed front office staff including traders, salespeople and quants.