Source: Interactive Data
Interactive Data, a leading provider of independent evaluated fixed income pricing and reference data services, has been selected to provide an unprecedented range of corporate actions data for TORA Trading’s new Prism portfolio and risk management system.
TORA Prism is a hosted and fully integrated portfolio management, risk and operations solution.
The project’s uniqueness was recognized at the 2015 Asian Banker Awards last night where it won Implementation of the Year.
Interactive Data provided an unprecedented database of every corporate action for every stock in the world from October 2006 onwards, as well as FX currency rates, yield curves and security master data.
Nick Mussallem, Managing Director Operations, TORA, said that Interactive Data was the only data firm that could provide the necessary data for Prism. “It sounds trite, but it’s true, that if you want to create something that hasn’t been created before, you have to do things that no-one has done before,” he said. “We wanted to build in access to every single corporate action for every single stock in the world, for the past nine years and then intra-day in perpetuity,” he said. “That had never been done before, and Interactive Data was the only company that had that depth of data available.”
“This was the first time such a comprehensive corporate actions database had been delivered in this way,” said Daniel Videtto, Managing Director Asia Pacific, Interactive Data. “Corporate actions have migrated from the back office right into middle and front-office decision making processes, and we’re pleased to have been able to provide this important service to help Tora clients manage risk better.”
Corporate actions data have traditionally underpinned back office portfolio administration and accounting functions. However this data is increasingly being demanded by the middle and front offices too, where it allows firms to:
Inform investment decisions - corporate actions are vital in properly evaluating stock values.
Inform trading decisions - corporate actions can instantly impact security values and therefore should be taken into account within trading strategies on an intraday basis.
Manage market risk by accurately assessing the impact of corporate events on their portfolios.
Manage products accurately to ensure both proprietary and end investors’ investment products are accurately valued and reflect underlying values.
Report on risk metrics as required by regulations such as Dodd-Frank, MiFID II, Basel II, Solvency II, EMIR, FATCA and FSB.