EDM space, said McPhater, with customers questioning the need to run their own servers, carry out upgrades, manage disaster recovery and the like. More generally, compliance and the need to reduce costs were driving EDM projects. On the compliance side, the biggest impact was currently from BCBS 239, centred on risk data aggregation and reporting. ‘Every second conversation’ is about this, said McPhater, and one organisation that he had spoken to of late had cited an investment of €15-20 million to achieve compliance. With regards to reduced cost, this stemmed from much
better use of data sources, removing duplication and understanding which sources were most used. There can also be savings from cutting back on the infrastructure to support data management, including cutting the number of databases and servers. One project in Q3-4 2014 was seeking to reduce costs by 25-40 per cent, said McPhater. A notable cutover for the EDM suite was in Q3 2014 at
Markit’s first EDM client in mainland China, China Life Asset Management in Beijing. This was for a securities master platform covering reference and market data. Here, there was a range of input sources, a meta layer in Mandarin, multiple legal entities, and a number of target systems, including Charles River and DST’s HiPortfolio. After a long sales cycle, the project had taken six to seven months to the initial go-live.
Nationwide selected Markit’s thinkFolio platform in
March 2015, for portfolio and trade management across all asset classes. As part of this initiative, thinkFolio will support
User list Markit EDM
Example customers
Apollo Global Management (US) BBVA Asset Management (Spain) China Life Asset Management (China) Credit Suisse (worldwide) Friends Life Investments (UK) Glenmede Trust Company (NA) HSBC (worldwide) Kames Capital (US, Netherlands) KfW (Germany) Loomis (UK) MacKay Shields (US) Nordea (worldwide) Northern Trust Nykredit (Denmark) Robeco (Netherlands)
86
Schroders (UK) UBS (worldwide)
Nationwide for enhanced portfolio management trade generation and compliance. Nationwide will also leverage the solution to help streamline investment workflow capabilities. Markit announced in Oct 2015 that MUFG Fund Services has selected Markit’s private equity services to provide valuations for illiquid debt and unlisted equity positions. Markit’s private equity services provide valuations for illiquid debt and unlisted equity positions. The service differentiates itself through the use of high-quality market data and proprietary methodologies. It is designed to satisfy the statutory and policy requirements of investors, regulators, and auditors for independent calculation of asset values. Markit was selected by KfW, Germany’s largest development bank, in Oct 2015, following its public tender process. KfW will deploy Markit’s enterprise data management (EDM) solution to help drive its BCBS 239 compliance, enable its expansion to a multivendor environment and streamline its data management architecture while further supporting KfW’s liquidity and Portfolio Valuations projects. In December 2016, IHS Markit partnered with Oliver
Wyman to develop a comprehensive methodology for banks to determine risks under the new Fundamental Review of the Trading Book (FRTB) standards. In May 2017, Glenmede Trust Company, N.A., an independent
investment and wealth manager selected
IHS Markit’s Enterprise Data Management (EDM) platform and integrated EDM Warehouse for its data management transformation.
Risk Management Systems & Suppliers Report |
www.ibsintelligence.com
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