The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

SmartStream Signs Up Data Vendors for Reference Data Utility

SmartStream Technologies is building out its Reference Data Utility (RDU) – informally known as the SPReD Securities Product Reference Data platform – through the addition of data vendor agreements with Interactive Data, Exchange Data International, SIX Financial Information, S&P Capital IQ, S&P Dow Jones Indices and Euromoney Tradedata.

These agreements add to a tie-up with Thomson Reuters made last month and covering reference data including the company’s open source PermID identifiers. SmartStream is also working towards agreements with Markit on credit default swaps reference data, with Bloomberg on reference data including Financial Instrument Global Identifiers, formerly Bloomberg Global Identifiers, and with other data vendors providing data that clients want the RDU to process on their behalf.

The company says both client and data vendor interest in the utility is high, and despite some early misgivings about the role of data vendors in relation to utilities, no data vendors have yet refused to work with the RDU. Instead, they view the utility model as an additional channel to distribute their data.

Philippe Chambadal, CEO at SmartStream, explains: “Clients and prospects want to spend more with their data vendors, not less, as a result of regulatory initiatives or to add value to their businesses. The RDU’s mission is to lower the cost of processing reference data. Delivering on that mission creates opportunities for data vendors as we open up space for additional spend by lowering data integration costs, one of the biggest barriers to purchasing more vendor data.”

While SmartStream has reached a number of agreements with data vendors, it declines to say which are up and running at the utility, but does confirm that exchange feeds used by the investment banks backing the RDU are being outsourced to the utility and that further additions will be made to the data vendor community working with the utility in line with client requirements.

The SmartStream RDU was officially launched last month and is owned jointly by SmartStream, which is the largest shareholder, Goldman Sachs, JPMorgan Chase and Morgan Stanley. It is, essentially, SmartStream’s existing multi-tenanted data management service dropped into a new subsidiary company and already has over 20 customers including the founding banks as well as other banks, hedge funds and exchanges.

Related content

WEBINAR

Upcoming Webinar: Evolution of data management for the buy-side 2021

Date: 27 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The buy-side faced a barrage of regulation in 2020 and is now under pressure to make post-Brexit adjustments and complete LIBOR transition by the end of 2021. To ensure compliance and ease the burden of in-house data management, many...

BLOG

Live at Data Management Summit USA Virtual – Day Two Keynote and Q&As

A-Team Group’s Data Management Summit USA Virtual Day Two was based on the theme of best practices for data driven strategies in today’s new normal. The day started with an informative live keynote from Arvind Joshi, director of data management at Scotiabank, on how to establish data quality for analytics. This was followed by three...

EVENT

RegTech Summit APAC

RegTech Summit APAC will explore the current regulatory environment in Asia Pacific, the impact of COVID on the RegTech industry and the extent to which the pandemic has acted a catalyst for RegTech adoption in financial markets.

GUIDE

MiFID II handbook, third edition – How compliant are you?

Six months after Markets in Financial Instruments Directive II (MiFID II) went live, how compliant is your organisation? If you took a tactical approach to cross the compliance line on January 3, 2018, how are you reviewing and renewing systems to take a more strategic approach and what are the business benefits of doing so?...