Cusip Global Services offers Cabre business entity database for free

Cusip Global Services offers Cabre business entity database for free

Cusip Global Services (CGS) says it will make its new business entity identifier database available for free to users from the beginning of next month.

The Standard & Poor's unit's new code, known as Cabre (Cusip Avox Business Reference Entity identifier), was created through a partnership with DTCC division Avox.

The Cabre is designed as a 10-character code that is available as an adjunct to existing services, and is also available to global market participants in a variety of distribution options, including portfolio, bulk-file and Web-based applications. The database is currently generated and maintained for more than 335,000 issuers, obligors and counterparties.

CGS claims that by offering its customerbase - which includes over 1000 financial firms around the world - free access to the data, it is addressing a "growing market need" for a universally accepted business entity identification system.

Scott Preiss, VP, CGS, says: "Accurate, well-maintained reference data on securities and legal entities is a growing priority for the financial services industry. With the unprecedented focus by global market participants - including the regulatory community - on a common language for business entity identification, we recognise the need to provide transparency and unrestricted access to such a standard."

Last week three US trade bodies called on the Securities and Exchange Commission to crack down on S&P over fees charged for Cusip reference data. In a joint letter to the US markets watchdog, the Bond Dealers of America, the Investment Adviser Association and the Government Finance Officers Association, argue that the licensing fees charged for the data by S&P are "unreasonable and unwarranted".

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