Euroclear is utilising Thales’ Asterisk Ratings and the Counterparty database to centralise its hierarchy and counterparty information. In many banks centralisation of counterparty information (critical for risk departments + sales/marketing/CRM functions) is still an ideal, yet to be achieved.
More importantly, Asterisk Ratings and the Counterparty database solves the issue relating to the on-going maintenance of counterparty information. In many banks the problem of how to maintain data and keep it up to date is a real issue which needs to be resolved. Most banks employ a team of people to manually maintain data – a very costly and slow process which is prone to errors.
Euroclear has asked Thales to synchronise its counterparty database with its external vendor feeds to enable all details (and any amendments) of their many customers to be automatically replicated on the database. Thales believes that this is the first time this has been achieved.
Asterisk is a bespoke product which can be tailored to a company’s individual needs. The product has already been successfully implemented globally by Deutsche Bank.