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Refinitiv Puts Data and Compute in the Cloud to Deliver PRIIPs Compliance Service

Refinitiv is building out cloud capability by providing a menu of data and services that breaks down its traditional product outlook. Clients can select the capabilities and content they need, compute is performed in the cloud, and longer term, cloud is expected to unlock some of the costs of platforms, people and processes.

An example of Refinitiv’s approach to providing both data and compute in the cloud is a recently released service for Packaged Retail and Insurance-based Investment Products (PRIIPs). The regulation is designed to avoid the sale of unsuitable products to consumers, and instead, provide them with clear product information they can use to understand and compare products before they invest. Essentially, sales of investment and insurance products to individual investors must provide fair value.

The Refinitiv service offers access to PRIIPs data and analytics in the cloud. Rather than trawling tick data to find client transactions and then running analytics to identify fair value, the solution allows the user to plug in parameters to identify and review fair value. In line with the industry’s migration to the cloud, nothing is needed on premise and savings can be made in the back office.

Commenting on the PRIIPs service and the wider potential of cloud, Marion Leslie, managing director of the Enterprise business at Refinitiv, says: “A real benefit of cloud is to unlock process resources in the back office around reference, pricing and valuations data. Putting just data in the cloud, or systems in the cloud and pulling data up and down is expensive. The need is to compute in the cloud, to put your master reference database and analytics in the cloud and compute there.”

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