London-based SmartStream Technologies, the financial transaction lifecycle management specialist, introduced DClear Utilities, a new division that provides shared data and trade processing utilities for the financial services community.
According to SmartStream, DClear will deliver centralized processing of financial instruments across their entire lifecycle through an on-demand style platform, enabling clients to benefit from a shared service center model for common processing services. By consolidating functions such as confirmations matching, order/trade matching and position management into a single entity, DClear's Utilities is designed to deliver greater transaction visibility to help lower operational risk and reduce the cost-per-trade.
It is able to aggregate, reconcile and monitor companies' reference data at an individual data field level, provide integration and cleansing of data sources, with rules-based processing performing integrity checks on all incoming data. With cleaner, more consistent data, there should be fewer trade breaks.
Philippe Chambadal, CEO of SmartStream Technologies, told BS&T that he is seeing a greater need for reference data management in the market.
"The European Central Bank is pushing hard for the creation of a reference data utility to better control risk," he says. "The Utilities will increase efficiency dramatically and allows companies to better know their exposures."