Rimes has joined the growing group of data service providers offering Bloomberg Open Symbology (BSYM) to help clients streamline workflow and reduce operational risk. The company has gone live with Bloomberg’s global security identifier (BBGID) on the Rimes Benchmark Data Service and is initially providing cover across the 100-plus equity data sources it offers. Later this quarter or early next it will add BSYM for fixed income assets, before moving on to adopt the symbology for derivatives and more complex assets.
The company is delivering the Bloomberg securities identifier in daily data feeds to clients that have expressed interest in using it and expects the user group to expand as customers realise the benefits of a free security identifier that covers every asset class and millions of securities down to quote level.
Commenting on the adoption of BSYM for the benchmark data service, Rimes CEO and co-founder, Christian Fauvelais, says: “Improving efficiency and reducing complexity are two of the key principles that Rimes is built on. BSYM is a mission critical reference tool that combined with our data flow capabilities will help our clients achieve further efficiencies in their data management processes.”
Patrick Walsh, vice president and product manager at Rimes, notes that adding the BBGID to the benchmark data service was not particularly taxing as it is, essentially, just another data set and explains that customers opting to include the Bloomberg key in data feeds now receive files containing selected benchmark data, meta data and the necessary BBGIDs. He says this is early days for BSYM, but suggests its future is bright, saying: “BSYM is interesting a it is free and where lots of keys from other reference data companies are proprietary and driven by specific asset classes, the Bloomberg key is open and covers everything.”