Euroclear Bank and SmartStream join forces 22 October 2012Brussels and London Reporter: Jenna Jones
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Euroclear Bank and SmartStream are launching Central Data Utility (CDU), the first centralised reference data utility service.
“Powered by SmartStream technology, securities data processed in the CDU will first be validated, cleansed of inaccuracies and then enriched before being relayed to clients in the precise format that the client has chosen, on an intra-day basis,” said a joint statement from the firms.
The Euroclear Bank service will source securities data from data vendors as well as from data originators, such as central securities depositories and stock exchanges. CDU will start with Eurobond data and expand to other asset types as the service develops.
Yves Poullet, CEO, Euroclear Bank, said: “Through our unique partnership with SmartStream, we aim to drastically reduce the number of mismatches by providing the highest quality of data accuracy, including the use of in-house information and a comprehensive network of other data providers. Firms no longer need to bear the enormous costs and risks of scrubbing securities information themselves.”
"We are very proud we could help bring this revolutionary data utility to market. The financial services market has never seen a bank-owned utility tackle data issues in this way; it literally transforms the way this information is managed,” said Philippe Chambadal, CEO, SmartStream.
“This service will not only offer best-of-breed data sourcing, but will provide a common platform which will incrementally drive up data quality as more clients participate in the service,” added Chambadal.
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