Interactive Data Corporation announced its collaboration with Bloomberg to adopt Bloomberg's Open Symbology (BSYM), a flexible and open system for identifying securities across all global asset classes.
Interactive Data is using BSYM in its financial data products to help reduce the time and effort that its clients devote to data mapping and cross-referencing practices. By using the BSYM library of securities identifiers, in tandem with other standard naming conventions, Interactive Data is enabling clients to adopt a sustainable and transparent system for naming financial securities and reduce operational costs by easing the integration and maintenance of this content.
Jay Nadler, COO at Interactive Data, commented: "This is the latest development in Interactive Data's long standing commitment to help clients ease the burden of instrument cross-referencing in support of operational efficiency across their internal processes. As a result of our collaboration with Bloomberg, we are now integrating BSYM into our Reference Data and Real-Time Feeds offerings. Consequently, we can help to deliver a more flexible approach to support our clients' integration of content across the applications and systems that they currently have in place."
The adoption of Bloomberg's Open Symbology identifiers complements Interactive Data's ongoing work across business entity identification, including ISO 17442-based entity identifiers and pre-LEIs such as the CFTC's Interim Compliant Identifier (CICI). By linking entity hierarchies and their issued securities, the firm can show the inter-relationships between financial instruments, issuers and market data to provide risk managers with the means to identify and manage risk exposure.
"Bloomberg Open Symbology is gaining adoption as a viable and comprehensive alternative to proprietary naming conventions for financial instruments," said Peter Warms, Global Data Manager for entity content, corporate actions and symbology at Bloomberg. "Working with Interactive Data to integrate Bloomberg's global identifiers into its data feeds helps common clients realize the interoperability of enterprise systems and reduce operational costs."