Reference data provider CB.Net Ltd has formed an alliance with counterparty data service provider Azdex Ltd and software supplier iMeta Technologies Ltd to create an international securities directory.
CB.Net says the tri-lateral alliance was formed in response to the market’s demand for accurate reference data for securities transaction processing and compliance requirements. CB.Net, Azdex and iMeta will be working together to provide a central repository of counter-party information. The initial offering will include the details of over 200,000 entities.
“Working together on the repository as a team means that we can collectively offer best of breed in each of our areas of expertise and bring this to the market a lot quicker than if one of us had embarked on this as a solo project,” says Ian Dunning, managing director at CB.Net says. “I look forward to presenting the end result to the market.”
The project aims to combine CB.Net’s operational data expertise, Azdex’s counterparty data and iMeta’s technical platform, to build an international securities directory.
“This alliance provides another opportunity for the industry to leverage the growing repository of Azdex counterparty data,” says Ken Price, CEO of Azdex. “We’ll be working together to provide a one-stop resource to the market.”
Dr. Adrian Roe, managing director of iMeta, adds that his firm has experience of providing scalable, high-availability software – and recent experience of providing counterparty data management solutions to the securities industry. “We are very excited by the opportunity to work with CB.Net and Azdex in bringing this solution to the industry,” he says.
Following proof of concept, the prototype functionality will be tested by market participants. General availability and release is scheduled to be available early in 2005.