National Settlement Depository (NSD), Russia's central securities depository, and GoldenSource Corporation concluded an agreement providing for the purchase of an Enterprise Data Management (EDM) system by NSD. GoldenSource Corporation is a global market leader specialising in the development of EDM solutions for the financial industry.
GoldenSource Corporation's EDM systems are used by many major international financial industry firms to manage the flow of corporate information and data required for vital operations.
The implementation of the GoldenSource EDM platform will allow NSD to conduct automated data collection from a number of sources simultaneously, to process data (in particular, to automatically reconcile data to find discrepancies and to select benchmark data), and to provide clients with well-structured corporate information about issuers, their securities and corporate actions.
Eddie Astanin, Chairman of the Executive Board, NSD, pointed out: "There is a great demand from our clients and investors for timely, reliable and well-structured corporate information in the Russian market. As Russia's central securities depository, NSD has invested much work and significant resources and time into this project. We plan to use GoldenSource's industrial platform to create services highly sought by our clients and to generate added value in the market."
Michael Meriton, President and CEO, GoldenSource Corporation, said: "The industry is clearly shifting toward managed services and reference data utilities as a means of reducing operational costs and improving data quality. GoldenSource's unique data architecture enables exchanges, depositories, and other service providers to offer new services to their customers which not only generates revenue from their data, but also enables operating efficiencies to their participating financial institutions. NSD is particularly well suited to offer this service for Russian securities which will I am sure benefit the market participants, especially Custodians, but importantly the Russian market overall."