Securities industry participants are backing the creation of a new Reference Data Coalition (Redac), an international forum for the co-ordination of issues associated with the information requirements for straight-through processing.
The forum is being established in a bid to lend coherence to the multiple industry user groups currently tackling reference data issues.
The new entity will be overseen by the Financial Information Services Division (FISD) of the US-based Software and Information Industry Association. It has been set up following a series of meetings among ISITC, FISD and the Reference Data User Group (RDUG) and is intended to ensure coordination among the various initiatives.
In a statement, FISD says the forum "will help ensure a broad understanding of the key issues and challenges associated with reference and security master file data and ensure coordination of developments on a global basis".
FISD says the primary objectives for Redac will be to ensure that data reference requirements for STP are well defined and clearly articulated to all involved parties, specifically related to multiple-listed and other 'non traditional' securities.
The group says the over-riding goal is to ensure global industry buy-in, including full participation across the spectrum of capital markets participants.
As part of this, it will seek to evaluate and promote coordination among the standards activities affecting reference data, including Isin, FIX, Swift, 15022 and MDDL.
"Redac will help ensure that standards bodies are aligned with industry requirements and will help drive these standards toward implementation on a global basis," says the FISD.