Jonathan Bloch, EDI
London and New York - Exchange Data International (EDI) has announced the launch of a complete replacement service for NYSE Corporate Actions at less than 50% of the redistribution costs charged by NYSE.
Jonathan Bloch, founder and CEO of EDI, said: "The provision of reference data has been viewed by many clients as a license for exchanges and legacy providers to print money. Many exchanges have been charging top-dollar for data for years, but the recent changes to reporting rules and new redistribution fees announced in June this year have taken many data redistributors to breaking point."
EDI's 'like-for-like' NYSE service offers an alternative approach to redistribution fees. "Beyond its extremely high fees, NYSE imposed a requirement on its redistributors to provide names of downstream consumers of its data in order to charge an additional levy, should they redistribute the data, making the data more costly. We don't," Bloch says.
EDI's 400 staff research, use smart systems and machine-learning to quality-check and distribute corporate actions and reference date globally. "We're able to source, check and supply data sets without the massive overheads or burden of legacy technology, passing on the efficiency and cost savings to users," says Bloch.