In a bid to standardize reference data and save costs, three bulge brokers are joining together along with a fintech company SmartStream are forming a new system to help traders.
Goldman Sachs, JPMorgan Chase and Morgan Stanley today announced they have joined with SmartStream to create the SmartStream Reference Data Utility, informally known as Securities Product Reference Data (SPReD). This utility or service 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 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.”
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.
