as a single source for all customer and counterparty data. In May 2015, Mizuho went live with Securities & Products, GoldenSource’s security master application. The selection process was initiated in early 2013 and


the contract was signed in June. GoldenSource’s main competitors for the deal were Markit (its EDM offering stems from the 2012 acquisition of Cadis) and First Derivatives. In Vanlint’s view, GoldenSource’s offering met Mizuho’s key requirement of storing the counterparty data and instrument issue data in the same repository. ‘This is a trend we see now, especially on the sell-side: issuers are your counterparties and your customers,’ he said. There were no other platforms out there that covered both security master and counterparty master management to the same depth as 360 EDM, he claimed. One of the biggest challenges for an organisation


undergoing such a project is to come up with the target model, rather than replicating what already exists, particularly when it comes to workflow, said Vanlint. This is what Mizuho had been working on, with deliverables split into two milestones. The securities reference side was scheduled to go live first, during 2014, followed by the counterparty onboarding. It is interfaced to Mizuho’s main trading and risk management system, MX.3, supplied by Murex. At Australia Securities Exchange (ASX), GoldenSource underpinned a multi-year platform project to automate data feeds for corporate actions with EDM. The initiative started in 2011, with ASX aiming to replace manual processes with a real-time market feed for corporate actions, based on ISO 20022 and straight-through processing (STP). Other components included a middleware layer from Tibco, a web portal and a new data warehouse. ASX previously had a suite of market data products called Reference Point, which were pushed out to the customer at


User list 360 EDM


Example customers


Aozora Bank Bank of Tokyo-Mitsubishi CIBC World Markets Cattolica Assicurazioni (Italy) Consorzio Operativo MPS (Italy) Daiwa Securities SMBC (Bahrain, France, Germany, Italy, Spain, Swit- zerland, UK) Deutsche Bank


46


Franklin Templeton HSBC Securities Services International Property Securities Exchange


M&G Investments Macquarie Bank (Australia) Nordea


OpHedge (US) Oppenheimer & Co. (US) Risk Management Systems & Suppliers Report | www.ibsintelligence.com


Pioneer Investments Standard Chartered (Hong Kong, Singapore) State Street UBP UBS


the end of each day in batches. Nassar Ahmad, VP of client operations, APAC at GoldenSource, said that the exchange wanted to move to a ‘more flexible and real-time set of market data products, which met the latest market standards’. A first phase was completed in June 2012, followed by the main build for all corporate action announcements, aggregating reference data behind cash instruments and the real-time feed. The latter integrates with the ASX web portal and feeds the data downstream into internal systems, before being automatically distributed to the market. Using ISO 20022, said Ahmad, would allow ASX to offer richer data products, citing that it could now offer 200 types of dividend messages as opposed to 20. In February 2017, ASX expanded its collaboration with Goldensource to fully automate the creation and rollovers of approximately 20,000 futures and options contracts annually. The project intends to reduce maintenance costs and risk, as well as speed up new product development.


In 2015, GoldenSource increased its Italian client base with two notable wins. In November 2015, Cattolica Assicurazioni selected GoldenSource’s Market Data Solution, to manage price transparency and accelerate reporting capabilities for Solvency II. In the next month, Consorzio Operativo MPS chose GoldenSource Customer and Counterparties for customer and counterparty migration. In Jan 2017, International Property Securities Exchange (IPSX) chose GoldenSource’s cloud enterprise data management platform, to host its various data sets such as property securities, member firm information, and market data on the cloud. In May 2017, Oppenheimer & Co., a US registered broker-dealer, migrated to GoldenSource’s hosted services on its EDM platform, to improve operational efficiency of its Anti-Money Laundering (AML) and Know Your Customer (KYC) programs.


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