FIA Technology Services has announced the development of a global reference database of exchange-traded derivative product data which is being implemented across all FIA Tech services.
The database, which is available free of charge to all FIA Tech Brokerage Services subscribers, was compiled in partnership with JDX Consulting, a provider of bespoke resourcing solutions to clients in the areas of operational and regulatory remediation.
We anticipate reduced data management costs for our customers.
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The reference database will include industry-wide contract-level specifications including symbols, official contract descriptions, and currency information. The database also organises contracts into standardised groupings to simplify brokerage processing.
Nick Solinger, president of FIA Tech, commented: “This database will allow our clearing member customers to seamlessly connect to and integrate with industry systems, vendors and exchanges. Using a single golden source will improve efficiency and interoperability. We anticipate reduced data management costs for our customers, their IT providers as well as fewer breaks in post-trade and brokerage processing.”
Consolidation, Standardisation and Simplification
FIA Tech works with the listed derivatives industry to address operational inefficiency that could be improved by industry solutions. The firm operates the industry solutions for give-up documentation (EGUS), brokerage invoicing and settlement as well as ownership and control regulatory reporting for swap dealers, FCMs and exchanges globally.
Devika Darbari, CEO Americas of JDX Consulting, added: “The industry is focused on consolidation, standardization and simplification. The creation of a single global reference database of exchange-traded derivative products is a welcomed solution, which will help the industry gain these key objectives along with creating efficiencies, reducing costs and ensuring the effective management of reference data. JDX were honored to have been selected and partner with the FIA Tech to bring this solution to the market.”