The Enterprise Data Management (EDM) Council attracted a number of new members at its second meeting, held earlier this month. New members include ABN Amro, Barclays Capital, HSBC, M&G and Nomura, and bring the total membership to 39, representing 25 user firms and 12 members from the five founding vendor sponsors: Cicada, BearingPoint, GoldenSource, IBM and SunGard.
Key areas discussed at the most recent meeting included the importance of accurate customer and counterparty data and challenges to standardizing data management processes across the firm. A survey conducted at the meeting found that 90% of members consider EDM implementation and organization best practices among the top three priorities for their organization in 2006. Two working groups will present their initial research on these topics at the next meeting.
The goal of EDM is to standardize and integrate reference and transaction data in the categories of securities, customers, counterparties, transactions and positions.
The council promotes EDM and related standards while providing assistance on data management issues to its members.