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Type
of Function | Attributes
for Unique Identification | Where
do people get their information to fulfill this function? |
What
are the problem situations |
|
Master Data |
Master data
set up requires details on both issuer and issue. Also needs data from the prospectus.
Listed below are the data items required to set up a security
Equities: Co
Name + Full Security Description, Restrictions, Voting Rights, Par Value, Trading
place, Currency, Issuer’s Country of registration, Clearing and Settlement information,
NSIN/ISIN Cross-Reference, Sector Code. Fixed-Income:
Co Name+Coupon
+Rank (Sr, Jr, Sub)+ Abbreviated Sec Description+ Pool+ #of the pool (PN +#)+
Maturity (YYYYMMDD)+ Class (Cl)+Series (Ser)+Tranche (Tra) + Trust (Tr) + Program
(Prog)+ Guaranteed (Gtd)+ Restricted Info (144A, Reg S, Accredited Investors (AI)),
Trading place or contributor, credit risk, form of security, clearing and settlement
information, Sector Code | -
Data
Vendors
- Collect
information from prospectuses
- Use
SEC filings
- Call Lead Manager
for information.
|
Information
is available with very minimum information when the security is a Red Herring,
but when the final prospectus is issued all the information can be made available.
Terminologies
between the Vendors differ.Lack
of standardsMissing
NSIN numbers esp. the ISIN NumberTimeliness
of issuing ISIN Numbers |
|
Pricing
Services | Symbol,
combination of company name and security description (short), NSIN, Currency,
Trading place | - Pricing
Vendors
- Snap
data from RT feeds
|
No
uniform standard for symbol allocation (RIC Codes, Bloomberg symbols, Telekurs
symbol are unique to their system.Short
description is not yet a standard.NSINS
such as SEDOLS are used to denote trading place ( creating an admin nightmare)
|
| Corporate
action services | Co
name, Security description and all of the above, except (Clearing/settlement,
trading place, Sector Code, credit risk), NSIN/ISIN, |
- Back-office
Vendor
- Collect
the information oneself.
- Exchanges
| Timeliness
of corporate action messagesMessages
are not structured, in a standard way therefore, very difficult to program
OTCBB
and other OTC, it is hard to get corporate action messages due to lack of regulation.
Corporate
action feed is complex and needs a good message structure. |
|
RT Feed |
All the fields
in the Master file but primary attributes are trading place, symbol and NSIN,
short co name and security description, currency codes |
- Data Vendors
- 3rd
Party contributors
- SIAC
|
Lack of uniform
symbology among vendorsCritical
information is missing from the feed, because customers trade just with symbols
or NSIN as a result they are satisfied. |
|
Clearing and Settlement |
Delivery form (book
entry), Clearing system name, ISIN, Currency, Security description; trading place,
eligibility to the particular clearing house, |
- Depositories
and clearing houses
- Vendors
-
Collect
this information and manually input this.
- Custodians
in the various countries are a good source.
|
Information is
not easy to maintain |
|
Numbering
Agency | Same
information as listed in security master file |
- Do it oneself
using GIAM
- Procure
data from Data Vendors
- ANNA
agencies provide this information
|
Frequently we
only have information when the issue is issued as a Red Herring.
Frequently
information is not completed as there is a delay in receiving the final prospectus.
No
uniform standards followed by ANNA members. Some agencies provide large quantity
of information while others input only what is available.
This
is a major problem for our industry.Contractual
issues with numbering agencies are difficult.
|
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