The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

EDI Adds Shareholder Circulars, Says “No Fall-Out” From Decision to Compete Head-On with LSE

Share article

Reference and corporate actions data provider Exchange Data International (EDI) has fulfilled a commitment made earlier this year to offer online access to shareholder circulars (Reference Data Review, March 2007).

An enhancement to its direct sourced UK corporate actions database WinCAB2, the web-based service enables more timely, easier and cheaper access to these documents, which provide information such as nominee and overseas restrictions and conversation and redemption formulae, and which historically have had to be sourced in hard copy by firms, according to Jonathan Bloch, CEO and founder of EDI. The vendor has established direct links with issuer companies to ensure it receives the documents on a timely basis, he adds.

This development follows EDI’s decision to compete head to head with the London Stock Exchange by sourcing its own corporate actions data – a move it positioned as a direct response to data pricing and distribution policy changes by the LSE. As the only vendor that was re-vending the LSE’s Stock Situation Notices (SSNs) EDI says it was uniquely affected by the changes.

EDI set out to not only avoid loss of revenue by generating its own corporate actions data, but to provide a superior service, and the addition of shareholder circulars linked to corporate actions was pitched as a key element of this added value. “This is the first time the shareholder circular has been linked with the corporate action information, meaning clients get both the summary and the underlying documentation,” Bloch says. “Clients who subscribe to our web service for corporate actions can go on to the web site and also see the relevant documents in full.” The service is being trialled by five clients, he adds.

Bloch says there has been “no fall-out” following its decision to compete directly with the LSE – adding that clients have welcomed the creation of competition in the UK corporate actions space. EDI will announce further service enhancements around corporate actions and fixed income in the new year, he says.

Related content

WEBINAR

Recorded Webinar: How to leverage the LIBOR transition to improve your data management game

The transition away from LIBOR (London Interbank Offered Rate) is well underway, but there remains considerable ambiguity around how the final stages will be executed – especially with regards to benchmark replacements in markets outside the UK. What are the options, where are the uncertainties and what stage have firms reached in their preparations? The...

BLOG

Last Minute Preparations for SFTR: Are You Ready Yet?

The clock is ticking, and the initial SFTR deadline is barely a month away – but with delays, regulatory opacity and widespread industry concerns around the data challenges posed by such a substantial change, is an April implementation even achievable? Tactical approaches to compliance won’t be good enough. A strategic plan of attack is necessary...

EVENT

Data Management Summit London

Now in its 10th year, the Data Management Summit (DMS) in London explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Risk & Compliance

The current financial climate has meant that risk management and compliance requirements are never far from the minds of the boards of financial institutions. In order to meet the slew of regulations on the horizon, firms are being compelled to invest in their systems in order to cope with the new requirements. Data management is...