Bloomberg and Information Mosaic bid to streamline corporate actions

Source: Information Mosaic

Bloomberg Data Solutions and Information Mosaic executives today announced a strategic partnership to provide a new service that will streamline corporate actions processing and reduce operational risks and costs.

For the first time, financial institutions will be able to use the same Bloomberg corporate actions data for investment decisions in the front-office, as well as in the middle- and back-office. Under the partnership, Bloomberg's Corporate Actions Data License will be fully integrated with Information Mosaic's enterprise solution IMActions, giving financial institutions an automated and streamlined system for straight-through-processing (STP) of corporate actions. The new solution includes Bloomberg data feeds and is the first that will integrate the new ISO 15022 messaging format, removing the need for bespoke integration work. By automatically feeding Bloomberg data into Information Mosaic's down-stream processing solution IMActions, the joint-service reduces operational risks and inefficiencies in post-trade processing.

"Corporate action processing is becoming increasingly complex, but this solution will reduce errors and enable a more accurate and simplified post-trade processing," said Andrea Danese, Bloomberg's Global Head of Data Solutions. "Bloomberg has the highest quality and most timely data and is available in 126 countries, providing access to more international markets than anyone else. Bloomberg's data combined with Information Mosaic's software creates the best possible solution available in the industry today."

John Byrne, CEO at Information Mosaic, said, "Lower fees, heightened risk sensitivity and re-invigorated regulatory scrutiny have meant buy and sell-side firms want to dramatically improve operational efficiency and mitigate risk, with corporate actions processing as a key priority. We are committed to partnering with the leading providers of corporate actions data."

Comments: (1)

A Finextra member
A Finextra member 09 December, 2010, 15:42Be the first to give this comment the thumbs up 0 likes

We are surprised to see for the "first time" on this press release. In 2003, XSP created an interface to the Bloomberg proprietary back-office file in addition to the Bloomberg security of interest file and ISO 15022 format for Corporate Actions. We have nine clients in production using either the Bloomberg back-office or SOI file and over 50% of XSP clients are using our ISO module in production around the world. So we don't understand how this release can make the claim of being the "first time" clients can use Bloomberg data for corporate actions processing as our clients have been doing so since 2003!