Goldman Sachs, JPMorgan Chase, Morgan Stanley Join with SmartStream to Create New Reference Data Utility
Goldman Sachs, JPMorgan Chase and Morgan Stanley today announced they have joined with SmartStream to create a new Reference Data Utility. The SmartStream Reference Data Utility, informally known as Securities Product Reference Data (SPReD), will provide services for instrument reference data normalization and validation across all asset classes. The founding banks will also become clients of the utility.
The service will provide clients with a multi-tenanted, auditable environment for data collection, cleansing, and change management based on customized integration standards to generate a flexible, bespoke security master database. Leveraging common market processes, incorporating best practices and individual controls, consumers of instrument data across capital markets will benefit from savings and operations improvements as clients of the utility.
“The new Reference Data Utility is at the forefront of what really is an evolution in the industry with the achievement of processing mutualization, the reduction in operational risk and an increase in service quality within the reference data management domain,” stated Philippe Chambadal, CEO of SmartStream. “Our three bank members have embraced the utility model to ensure that the duplication of effort is minimized when addressing common market issues such as inconsistent data in regulatory reporting, costly trade breaks, and risk management.”
The Reference Data Utility will utilize SmartStream’s proven, market-leading data management service; with 5 years of production experience, it is currently the only solution to offer multi-tenant architecture, full auditing capabilities, complete market coverage, timeliness of delivery, and customer-defined sourcing proposition.
“We are pleased to partner with SmartStream and our industry peers on an innovative product that combines emerging technology with a common utility model,” said Julie Harris, Managing Director and head of Operations Data Quality Management at Goldman Sachs. “We believe this solution presents great value for our organization and the broader industry.”
“This is a great example of how our industry can partner to improve effectiveness and reduce costs,” said James Trait, Managing Director at JPMorgan Chase. “This utility will greatly improve the quality, timeliness and consistency of reference data used across our firm to better serve our clients.”
“With the growing challenges around regulation, risk management and product diversity, working together to ensure high-quality reference data is in everyone's best interest,” stated Eric Suss, Managing Director and head of Institutional Reference Data at Morgan Stanley.
The SmartStream Reference Data Utility operates 24/7 to support its client base from centers in New York, London, Bristol, San Jose, Mumbai and Bangalore. Global coverage of listed equities, derivatives, fixed income and structured products incorporates a universe of more than 20 million securities.
Notes to Editors
About SmartStream Technologies:
SmartStream provides Transaction Lifecycle Management (TLM®) solutions and Managed Services to dramatically transform the middle and back-office operations for financial institutions. Over 1,500 clients, including more than 70 of the World's top 100 banks rely on SmartStream’s solutions.
SmartStream delivers greater efficiency, automation and control to critical post trade operations including: Reference Data Operations, Trade Process Management, Confirmations and Reconciliation Management, Corporate Actions Processing, Fees and Invoice Management, Collateral Management, Cash & Liquidity Management and Compliance Solutions. Used independently or as a suite of solutions and services, clients’ gain a lower cost-per-transaction while reducing operational risk, aiding compliance while improving customer service levels.
For more information about SmartStream and The SmartStream Reference Data Utility, visit: http://www.smartstreamrdu.com
Mark Roth, Chief Marketing Officer
Tel: (212) 763-6509
Nathan Gee, Senior Marketing Manager
Tel: +44 (0) 20 7898 0630
Shamira Alidina, Media Relations Director
Tel +44 (0) 7801 590718
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