Sophis, a leading provider of cross-asset, front-to-back-office solutions, today announced the release of its new data service module for users of VALUE, the firm's platform for buy-side institutions. The module serves as a hub from which clients can retrieve electronic data on financial instruments from a range of external and internal sources and according to a variety of pre-configured parameters. The data service module has been developed in response to increased specialisation among data providers and a wider range of instruments being used by asset managers and hedge funds in recent years.
The module has been installed at six client sites and is being rolled out to all users of VALUE - Sophis' cross-asset, front-to-back-office platform consisting of four integrated modules: front office; risk management; middle/back office; and data management. The service will also be made available to users of Sophis' sell-side platform, RISQUE.
"Our data service answers an obvious need created by new data management challenges. With the increasing complexity of financial instruments and the emergence of specialised data providers, we needed to develop a hub that would centralise all the data required by our customers and offer a high level of customisation. In particular, ex-traders that are now working on the buy-side wanted to take prices from data sources of their own choosing directly into their own databases. The benefits of the new module are huge: customers have direct access to top quality, accurate data. It also saves them a lot of resources on data management and dramatically speeds up implementation periods. For start-up funds especially, this means a much quicker time to market," comments Daniel Abitbol, Business Development Manager, VALUE.
The module allows VALUE users to choose both the data source (e.g. Reuters, Bloomberg, Markit or Convertibles On-Line - Sophis' own database of convertibles bonds) and retrieval parameters (automatic or manual, with or without pre-checking, in real-time or to pre-defined schedules). The module also includes a conflict manager that allows the user to prioritise one data source over another, or warns of sudden moves in a specific data set (e.g. dividends). By automating data retrieval, the module also eliminates the need for manual input and checking, thus reducing operational risks and improving process efficiency in the middle office. The data service module's combination of flexible data management and ease of implementation establishes new middle ground between ASP-based (application service provider) solutions that many asset managers have found too inflexible and expensive in-house solutions.