JPMorgan Investor Services announced today that it had devised a solution to the reference data problem which accounts for so many failed trades, and low rtaes of STP. It has built a global repository of reference data which JP Morgan Investor Services global custody clients can access.
Morgan admits that the centralized repository, known as Global Market Reference Data (GMRD), is not the first of its kind. But it still reckons the bank has accomplished a task others have attempted and failed to complete. “The successful implementation
of
GMRD demonstrates our continuing commitment
to provide state-of-the-art technology that facilitates straight-through processing for clients and offers them the best data quality and consistency in the marketplace,” says Neil Henderson, Funds Services and Securities Processing Executive for Investor Services.
“Many companies have tried to build a central repository for reference data and failed. We are very proud to have successfully implemented this incredible technology solution that will enable our clients to do their jobs better.”
GMRD works by centralizing the capture, cleansing and delivery of so-called “asset indicative data” – a composite of descriptive information that identifies a security and how it will operate over time. “It thus establishes data consistency across Investor Services’ core applications,leading to greater straight-through processing and operating efficiency,” claims Morgan.
GMRD, which supports 4.5 million securities and actively maintains 1.2 million of them, enhances Investor Services’ data coverage by subscribing to 12 of the top automated data vendor products. It also increases data quality by applying more than 900 business rules to ensure the data meets the requirements of the subscriber applications. While it currently supports only asset indicative data, GMRD will eventually support institution information, prices, asset servicing notifications and client account data. GMRD was launched
under Investor Services’ global technology architecture program. The application’s security master information is being leveraged for other JPMorgan STP products such as the Concentrator and Instruction Management.
“As
one of our strategic business process and technology re-engineering programs, GMRD was a challenge to launch because of its scale, but the outcomes of our efforts will significantly improve ourability to deliver consistent, quality data across our core applications,” explains Phil Fasano, Investor Services Global Executive for Technology.”It says we are a vigorous technology company with the scale, global breadth, talent and resources to create innovative and flexible technology solutions that are truly the best solutions for our customers.”
An Investor Services centralized data management unit in Dallas, Texas will provide 24-hour global operation support for the GMRD application.