Rimes, a leader in benchmark data management, has implemented Bloomberg's Open Symbology (BSYM) to enable clients to streamline their workflow and reduce operational risk.
Bloomberg's global security identifier, or BBGID, is now live on the RIMES Benchmark Data Service (RIMES BDS), and a select group of clients have opted to include it in daily data feeds.
Many of the systems in use today across the securities industry have been built around proprietary, closed standards leaving users to rely on different instrument codes (or market data identifiers) in the trading, settlement or clearing process. Bloomberg's security identifier protocol, the BBGID, gives firms a free-use alternative to using proprietary codes, which eliminates redundant mapping processes, streamlines workflow and reduces operational risk. Today, BBGID covers 100 million active and inactive securities globally and is available free of licensing fees or other usage restrictions.
Christian Fauvelais, Chief Executive Officer and co-Founder of RIMES, comments: "Improving efficiency and reducing complexity are two of the key principles that RIMES is built on. BSYM is a mission critical reference tool, which combined with our data flow capabilities will help our clients achieve further efficiencies in their data management processes."
"Bloomberg's symbology uniquely represents a truly open, global and comprehensive naming methodology," said Peter Warms, Global Head of Bloomberg Symbology. "With its integration of Bloomberg's global identifier into its data feeds, RIMES joins other third parties data providers that are helping to make BSYM an industry standard."
RIMES also builds private databases for clients via a Bloomberg Data License, which gives them access to one of the world's largest, most accurate databases for reference and historical data. Intra-day and end-of-day market and reference data is available for all asset classes and includes corporate actions, credit and issuer data on more than six million securities traded around the world.