Markits Enterprise Data Management (EDM) platform is now fully compatible with Morningstars Complementary Identification Codes (CIC).
Under Solvency II, insurance companies operating in the European Union must identify all fund holdings and individual securities held by institutional investors against a set of industry standard codes known as CICs. Using Morningstars CIC Mapping Service insurers can categorize investment holdings in accordance with the standardized security types defined by the European Insurance and Occupational Pensions Authority. The solution uses Morningstars proprietary rules and data validation processes, and leverages its global reference database.
Daniel Simpson, Managing Director, Head of Markit EDM at Markit, said: By enabling the CIC Mapping Service, one of Morningstars key Solvency II solutions, to be integrated within our platform, we are helping our clients to get a better handle on the data they will need to comply with their new regulatory obligations and operate more efficiently.
(JDC)