Exchange Data International (EDI), a provider of back office data, announced today a partnership with FailStation, the industry utility that aggregates real time failed trade and pre-matching trades for the industry.
Middle Office Solutions (MOS) and Exchange Data International (EDI) have signed a partnership agreement to expand the products and services offered to their clients, for the first time, combining reference data and applications to achieve their clients STP goals.
With this partnership, Middle Office Solutions and EDI will fulfil a strategic need for investment manager, broker and custodian clients, as the community continues in the use of FailStation as the fails and pre-settlement exception management utility. The adoption of EDI’s reference data furthers the commitment to clients to mitigate the risk, time and cost of processing transactions.
Jose Manso, MOS’s executive vice president of sales and marketing, said, “Today marks a significant landmark in the fails management landscape. The partnership with EDI will allow the FailStation community to gain greater transparency into the settlement process. Partnerships are a focus for Middle Office Solutions in 2011. This will allow our clients globally to reduce their costs in settling all types of trades by integrating reference data with our products & services. We are grateful for the strong support our Partners have given us during all growth stages for FailStation.”
Jonathan Bloch, EDI’s CEO, said, “We are excited to partner with Middle Office Solutions to bring reference data to the FailStation solution. We are confident that clients of Failstation will benefit from the additional information, increased transparency and reduced risk. As an established provider financial data for the back office operations we see this partnership as a new drive into the middle office and hope to work closely with Middle Office Solutions as we have richly complementary products.”