Senior managers have finally got a handle on counterparty data’s importance with regards to risk and entity exposure and they are now attempting to leverage it as an asset to fuel growth, according to recent research carried out by A-Team Group and sponsored by GoldenSource and CounterpartyLink.

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As part of the industry’s drive to contain systemic risk, financial institutions should receive daily end of day counterparty risk reports, according to the Counterparty Risk Management Policy Group’s (CRMPG) recent report.

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As part of the industry’s drive to contain systemic risk, financial institutions should receive daily end of day counterparty risk reports, according to the Counterparty Risk Management Policy Group’s (CRMPG) recent report.

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Business entity data specialist Avox has signed a partnership agreement with financial information and media service provider Xinhua Finance to extend its reach into the Chinese market.

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Business entity data specialist Avox has signed a partnership agreement with financial information and media service provider Xinhua Finance to extend its reach into the Chinese market.

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Data, portfolio valuations and OTC derivatives trade processing vendor Markit has launched a new documentation library that allows financial institutions to post, manage and share compliance, counterparty credit and regulatory documents securely. Called Markit Document Exchange, the new service automates KYC, anti-money laundering and compliance certification processes in order to reduce risk and lower operational costs. It is aimed at both buy side and sell side clients and thus far, five banks and two asset managers have signed up for the service.

Data, portfolio valuations and OTC derivatives trade processing vendor Markit has launched a new documentation library that allows financial institutions to post, manage and share compliance, counterparty credit and regulatory documents securely.

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Following several months of market speculation, CounterpartyLink has been sold by parent Cicada Cos to a group of investors led by Andover Capital, part of the Zurich-based specialist fund Investors Guaranty Global Alliance (IGGA). The deal places CPL among a number of financial content and technology investments already owned by IGGA and the Investors Guaranty Fund (IGF) behind it, providing a raft of potential technology partners, sales channel partners and sales prospects.

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Two alliances this month between providers of counterparty data and suppliers of data management systems indicate that counterparty data’s role in the bigger enterprise data management (EDM) picture continues to mature and more closely resemble that of security master data.

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Dubai-headquartered EastNets has signed a distributor agreement with CounterpartyLink (CPL) under which EastNets will make CPL’s legal entity reference data available via its portal or for direct distribution to its clients. EastNets privides payment and security solutions for the financial, corporate and government sectors in EMEA.

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Standard & Poor’s is providing a counterparty data feed to Siperian’s master data management (MDM) Hub, enabling Siperian customers to view relationships between securities, issuers, parents and subsidiaries for better risk analysis and operational management. With the combination of Siperian’s master data management platform and Standard & Poor’s security and legal entity data feed, Security to Entity CrossWalk, firms can cross reference data assets to reduce internal risk and exposure. The addition of Standard & Poor’s Security to Entity CrossWalk (an alliance between Standard & Poor’s, D&B and Telekurs Financial) to Siperian’s MDM Hub offers a more transparent, holistic look at how various entities are related to each other, according to the vendors.

Avox, the business entity data specialist, and GoldenSource, provider of enterprise data management solutions, have entered a strategic partnership that they say will allow firms to utilise fully verified and ‘’stress-tested’’ business entity data across their entire organisations. Mutual clients will now be able to easily integrate the Avox business entity data service with the GoldenSource EDM platform, the partners contend.

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Alacra, a provider of online business information solutions, has signed an alliance agreement with CounterpartyLink, supplier of global client, counterparty and issuer legal entity reference data. Through this alliance agreement, Alacra’s Concordance and Compliance customers will have access to CounterpartyLink’s full list of maintained reference data.

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By Sharon Wilbraham, Contributing Editor, A-Team Group

As the commercial benefits of improving management of counterparty data become more apparent, and new sources of data and systems for centralising it emerge, counterparty data is rapidly losing its status as the poor relation of the reference data family

As financial institutions have largely been left to their own devices to find internal, often manual, methods to manage and utilise counterparty data over the years, many inconsistencies have arisen throughout the industry.

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Proactive risk management is a key driver for investment in improving client and counterparty data, finds a new report from A-Team Group, sponsored by GoldenSource. While it has been well publicised that regulations like KYC and AML have forced firms to pay tactical attention to client and counterparty data, it is now clear that there is a move towards more “defensive” management to ensure compliance through proactive risk management. Firms want to achieve full awareness of potential exposure, on an ongoing basis. The recent “credit crunch” has only served to reinforce this trend, the research report suggests.

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Progress with industry-level efforts to create a universal standard for entity identification may be going nowhere fast, but this is not preventing financial institutions from undertaking projects to get their counterparty data in order. As a result, counterparty data is fast losing its reputation as the poor relation of the reference data family.

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Having teamed with GoldenSource and IBM for the initial launch of its global managed reference data solution to provide instrument reference data (Reference Data Review, May 2007) Broadridge Financial Solutions, formerly ADP Brokerage Services Group, is leveraging the expertise and functionality that exists in the GoldenSource product to launch a counterparty data service in Q1 of 2008, according to the vendor.

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Complinet has signed a global contract with Reuters that will allow Reuters DataScope Select users to screen selected entities against international sanctions lists, watch lists and other information that can help them comply with counterparty and Know Your Customer regulations. The deal follows the recent tie-in between the two companies that established Complinet as Reuters’ source for embedded sanctions lists (Reference Data Review, May 2007). Under the latest agreement, Complinet will provide Reuters’ Enterprise Information group with a screening capability based on its Global Screening technology platform and drawing on its extensive database of international sanctions and watch lists from more than 11,000 sources and 120 sanction lists and enforcement records from bodies across the globe.

Deutsche Boerse-owned counterparty data specialist Avox has added Nomura International to its roster of clients, where it joins the likes of Citigroup, Dresdner Kleinwort, Barclays Capital, Bank of Scotland and Standard Bank. Nomura International also entered into a three-year deal with Avox competitor CounterpartyLink last year (Reference Data Review, October 2006).

Capco and Lombardi , provider of business process management (BPM) suite software and services, have joined forces to strategically market and sell the Teamworks BPM suite as part of Capco’s Client Profile Management (CPM) solution.

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