London exchange signs deal with FactSet
Wednesday, 24 February 2010 11:55am
The London Stock Exchange has commenced a joint venture with tech firm FactSet Research Systems.
The deal will see the exchange deliver FactSet's reference data via UnaVista, a web-based platform that provides validation, matching and reconciliation solutions.
Firms will now be able to receive FactSet's issue-to-issuer linkage data and parent-subsidiary relationship data via the platform.
UnaVista will reconcile the data against the Exchange's SEDOL Masterfile and the firm's own systems.
This, in turn, will reduce the firm's risk exposure without the need for manual checks. As UnaVista is a web-hosted system, firms don't have to invest in expensive new hardware to run it, they also benefit from the reassurance of knowing that their data is safe, because it is securely hosted at the Exchange.
The first firm to benefit from the joint venture will be a major international bank, who signed up to UnaVista's service earlier this month.
The bank chose UnaVista because of its ability to integrate and reconcile data from multiple sources quickly, with no hardware costs, according to a press statement.
Mark Husler, head of information services business development at the London Stock Exchange, said: "By partnering with FactSet, we can provide the very highest quality reference data by combining data from the two businesses and delivering it through a hosted model."
Reference data is now considered one of the most important data sets for financial services companies, particularly following an increased focus on counterparty exposure in testing market conditions.
A recent survey by Tower Group showed that 43 per cent of firms now recognise the importance of entity data, which has the highest impact on credit analysis, application integration, and compliance with "know your customer" regulations.
Company release
This story was found at: http://www.financialstandard.com.au/news/view/28124
Printed: Wednesday, 8 September 2010 7:17am