December 07, 2010

Bloomberg Data Solutions and Information Mosaic unveiled a partnership to provide a new service that aims to streamline corporate actions processing while reducing operational risks and costs. Financial institutions will be able to use the same Bloomberg corporate actions data for investment decisions in the front-office, as well as in the middle- and back-office.

Under the partnership, Bloomberg's Corporate Actions Data License will be integrated with Information Mosaic's enterprise solution IMActions, giving financial institutions an automated and streamlined system for straight-through-processing (STP) of corporate actions.

The companies claim that the new solution includes Bloomberg data feeds and is the first that will integrate the new ISO 15022 messaging format, removing the need for bespoke integration work. By automatically feeding Bloomberg data into Information Mosaic's down-stream processing solution IMActions, the joint-service reduces operational risks and inefficiencies in post-trade processing.

"Corporate action processing is becoming increasingly complex, but this solution will reduce errors and enable a more accurate and simplified post-trade processing," says Andrea Danese, global head of data solutions for Bloomberg.

He adds, "Bloomberg's data combined with Information Mosaic's software creates the best possible solution available in the industry today."

John Byrne, CEO at Information Mosaic, says, "Lower fees, heightened risk sensitivity and re-invigorated regulatory scrutiny have meant buy and sell-side firms want to dramatically improve operational efficiency and mitigate risk, with corporate actions processing as a key priority. We are committed to partnering with the leading providers of corporate actions data."

Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining ...