Source: Cusip Service Bureau
The Cusip Service Bureau (CSB), the leading provider of unique issuer and instrument identifiers, today announced that QED Financial Systems has contracted to use CUSIP NOW, the CSB's innovative service that delivers new CUSIP issues and reference data to market participants every 15 minutes.
With new securities entering the market thousands of times every business day, CUSIP NOW utilizes FTP "push" technology to make this information quickly available to market participants. The CUSIP global numbering system allows the markets to communicate effectively and enables the efficient and accurate processing of securities during the lifetime of an issue. As new securities come to market, QED customers will be able to identify these issues and set them up within their securities warehouse for immediate use by their clients.
"CSB has recognized the need for a coordinated overall response to client challenges in this dynamic market environment," said Jim Taylor, Managing Director for Standard & Poor's, which operates the CUSIP Service Bureau for the American Bankers Association. "QED's customers will be able to use CUSIP NOW to maintain a competitive edge, with the basic building blocks required to communicate new issue information in today's marketplace."
"We at QED recognize the importance of quality data and how it impacts the accuracy of investment accounting results and financial reporting," said Michael Dowd, QED Senior Vice President of Operations. "We are committed to providing our clients with value-added services that streamline their investment operations, and the CUSIP NOW service is a perfect complement to our Q2 Investment Workflow System."
CUSIP NOW includes corporate debt and equity issues, as well as competitive and negotiated municipal bond offerings that are registered with the CSB. The service is particularly timely for the bond markets given recently shortened MSRB (Municipal Securities Rulemaking Board) and TRACE (Trade Reporting and Compliance Engine) trade reporting timeframes.