Philippe Chambadal, SmartStream
"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 and as we lower data integration costs."
New York - SmartStream, the financial Transaction Lifecycle Management provider, has announced that Euromoney TRADEDATA, Exchange Data International, Interactive Data Corp, S&P Capital IQ, S&P Dow Jones Indices, SIX Financial Information, and Thomson Reuters, have each established agreements allowing The SmartStream Reference Data Utility (RDU) to process their data on behalf of mutual customers.
This industry-led reference data utility, informally known as SPReD, provides services for instrument reference data normalization, validation, cross-referencing and cleansing across all asset classes. In addition, Markit and SmartStream are working towards an alliance partnership for the integration of Markit's CDS reference data within the RDU.
The processing agreements enable on-boarding of each company's data and jointly managed support between each data vendor and the RDU, resulting in a higher service-level for clients.
The RDU takes a neutral position with data vendor partners, whereby clients select the data vendors they want the RDU to process on their behalf. Data vendors and the RDU work together to create more value for customers by taking advantage of their irrespective strengths and capabilities.
Philippe Chambadal, CEO, SmartStream, states: "As we talk with our clients and prospects, they 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 and as we lower data integration costs - one of the biggest barriers to purchasing more vendor data. We welcome the prospect of working with each of our data vendor partners to build more value for our mutual clients."