Deutsche Börse is gearing up to launch a new reference data product from its recently formed Back Office Services division. The new Propris – Process Proven Information Services – range of data services will provide reference data for financial events and new issues in the German, Luxembourg and the Eurobond market.
On target for a Q1 launch in 2005, Propris marks the first packaging of reference data sourced from securities settlement house Clearstream, owned by Deutsche Börse. Deutsche Börse declines to comment on whether this is part of a wider reference data strategy that might contain a series of products to come.
Propris provides corporate events data covering ISIN-based instruments. The product suite is made up of six modules covering both new issues and financial events for three different data sets: Germany, Luxembourg, Eurobonds. (See Table 1, below, for a breakdown of the message rate per month by module).
Deutsche Börse’s total universe of instrument coverage is 90,000 ISIN-based securities in the German market, 19,000 in the Luxembourg market, and 75,000 in the Eurobond market.
Propris, which is patent protected, will be made available via vendors rather than directly to users. The major reference data vendors tested their interfaces to the data earlier in the year and there are plans for further testing possibly in January.
The exchange has not yet defined the pricing policy for the product suite.
Packaged Clearstream data
Markus Reutzel, a manager within Deutsche Börse’s Back Office Services division, says, “Data owned by Clearstream has been stored across different systems, and this marks the first time we have packaged the data into useable products. Our motivation is to support clients with clean sets of data to help reduce STP failures.”
He continues, “The product is named Process Proven as the data is sourced from Clearstream, where it has already undergone cleansing, approval and checks to ensure the quality.”
The Back Office Services unit was formed in June of this year and is part of Deutsche Börse’s Information Services division now headed by Dr. Holger Wohlenberg, who has replaced Christoph Lammersdorf.