23 October 2017
visit www.atos.net

UK asset managers lack confidence in reference data quality - survey

28 January 2010  |  7207 views  |  0 Stock market quotes

Over a third of UK-based asset managers and banks are not confident in the quality of reference data they use to support trading activity, according to a survey from IT services firm Patni.

The survey of 100 company representatives found that 91% of asset managers do not have a single supplier of reference data, with the remainder admitting that they were not sure of their source at all. Respondents say that an average of six per cent of trades fail as a result of poor reference data.

Yet just half of those questioned say they have not considered outsourcing the management of their reference data to a third party, due to fears of a potential loss of control and security breaches. Meanwhile, the overwhelming reason cited for considering outsourcing is the potential for cost savings, followed by higher levels of accuracy.

Philip Filleul, product manager, reference data, Patni, says: "Many buy-side and sell-side firms are now uncomfortably aware of both the time and costs they devote to purchasing, cleansing and distributing reference data, as well as the risks that arise when these tasks are not performed effectively, among them failed trades and lost revenue opportunities."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Call for national reference data respository to combat systemic risk

Call for national reference data respository to combat systemic risk

07 August 2009  |  4655 views  |  0 comments
New platforms to challenge LSE on reference data

New platforms to challenge LSE on reference data

23 September 2008  |  8491 views  |  0 comments
Industry-wide effort needed to standardise reference data - TowerGroup

Industry-wide effort needed to standardise reference data - TowerGroup

06 November 2007  |  4137 views  |  0 comments
Reference data quality remains investment hotspot - report

Reference data quality remains investment hotspot - report

24 November 2006  |  8210 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
15621 views comments | 17 tweets | 30 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13659 views comments | 22 tweets | 28 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10053 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9958 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8953 views comments | 9 tweets | 18 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job