SIX Financial Information now offers extensive cross-asset reference data to help insurers, asset managers and custodians comply with the European Union's Solvency II Directive.
SIX Financial Information draws on its expertise as a premium provider of corporate actions, evaluations and broad reference data, to offer the granular, high quality asset data required for Solvency II compliance. Affected firms face significant hurdles as they manage increased volumes and ensure the data quality required to calculate capital adequacy under Pillar 1 as well as the reporting and disclosure requirements under Pillar 3.
"We are ready to support the reporting challenges faced by European clients with consistent and transparent asset data to help them meet the stringent accuracy, completeness and appropriateness requirements that underpin all three Pillars," states Darren Marsh, Senior Product Manager at SIX Financial Information. The service features over 120 individual data points, including the Complementary Identifier Code (CIC), a new asset classification schema specific to Solvency II. SIX generates CICs at the instrument level to capture regulated markets under MiFID 2004/39/EC and also for individual market listings to reflect specific country of valuation as defined for group reporting under the final Solvency II guidelines.
The service also includes pre-Legal Entity Identifiers and NACE industrial classifications are being added alongside the GICS®, SIC, ICB and proprietary codes already in SIX Financial Information's extensive database.
"The full potential lies beyond our structured, fully encoded central database by provide both standard Solvency II services in addition to custom solutions when necessary for more complex business requirements. Both options give clients the breadth and quality of data needed to make better informed decisions," concludes Marsh.
In addition to the security level identifiers and classifications included in the Solvency II compliance data service, SIX provides a wealth of security and issuer reference data such as terms and conditions, corporate hierarchy and ratings, market prices and evaluated pricing, forex and interest rates and fund composition with weightings. All data services are delivered from our database of fully encoded, structured and linked data that simplifies data management, reduces errors and paves the way for touchless master data management.