Bloomberg Unveils Entity Exchange to Ease Counterparty Onboarding Process

Entity Exchange helps hedge funds speed up onboarding while controlling the distribution of information to counterparties.

Bloomberg, the global business financial information and news provider, today launched the Entity Exchange platform. The new platform is a web-based, centralised and secure solution which enables buy-side firms to provide entity data and documentation to their trading counterparties.

Entity Exchange takes a broader approach to KYC by optimising the client onboarding process for the buy-side.

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Entity Exchange essentially eases the process of opening new trade accounts for the buy-side and also helps brokers fulfill Know-Your-Customer (KYC) compliance requirements.

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To benefit from sophisticated trading strategies, hedge funds need to trade with a wide variety of sell-side counterparties who require a vast amount of information and documentation to establish trading relationships. These requirements frequently change and increase.

While global regulations require brokers to collect and organise an increasing amount of customer information as part of an established KYC process, entity information management can be made easier for the buy-side. Entity Exchange takes a broader approach to KYC by optimising the client onboarding process for the buy-side.

Dan Matthies, head of Bloomberg Entity Exchange commented: “The launch of Bloomberg’s Entity Exchange extends our expertise in reference data management and helps firms innovatively solve for the many on-boarding challenges they are faced with. Entity Exchange also takes a new and unique approach to the KYC process that considers the buy-side’s on-boarding experience as well as the sell-side’s information requirements.”

Backed by Bloomberg’s data intelligence team, Entity Exchange aggregates an investment firm’s information into an entity profile used to automate the completion of various onboarding forms.  

The platform also gives clients control over the distribution of sensitive firm information through a permission-based workflow, producing a comprehensive audit trail, in addition to delivering timely, client-validated information to sell-side firms.

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