Mellon Financial has selected the Valordata Feed (VDF) from Telekurs Financial as part of its enterprise-wide global reference data infrastructure. Mellon is using VDF to integrate a range of securities reference data – including security descriptions, ID cross-reference and corporate actions – into Mellon’s Eagle PACE data management platform, provided by Mellon subsidiary Eagle Investment Systems. Mellon is consolidating its security master data on Eagle PACE to enable it to clean, enrich, extract and distribute data to meet the report-ing and information requirements of its internal and external clients.
Amy Harkins, Mellon senior vice-president and managing director of Mellon market data and director of global asset servicing, says Telekurs was chosen for its “unique combin-ation of structured database and fully encoded data, as well as extensive global coverage and high quality”. “By enriching the Eagle PACE environment with data from Telekurs’ VDF, Mellon is able to further eliminate human intervention in the security master workflow,” she says.
Barry Raskin, president of Telekurs (USA), says Mellon was a long-standing user of some of Telekurs’ older product lines for pricing and corporate actions data, prior to its decision to take a complete reference data solution via VDF. “Eagle PACE now has VDF loaders, which Mellon, as the owner of Eagle, believes will help to facilitate growing the Eagle PACE footprint. From the Mellon perspective, this is a great opportunity to provide a differentiation in its service,” Raskin says. “Mellon is a great custodial bank, and now it has another arrow in its quiver in the form of a relationship with a premier reference data provider.”
The process of integrating VDF into Mellon’s PACE platform is well under way, Raskin says. “The agreement was signed late last year and we have been working very closely with Mellon and Eagle to get the implementation done. It’s coming very soon and we are in discussions with potential clients about the service already.”
For Telekurs, the Mellon relationship gives VDF a valuable stamp of approval, Raskin believes. “It also gives us an opportunity to talk to a lot of institutions that we couldn’t get to at the right level previously.”