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Symbology: EDI’s Corporate Actions Service Adopts Bloomberg Open Symbology

Free-use Data Tagging System Reduces Costs and Risks in Trading

Exchange Data International (EDI), a premier back office financial data provider, today announced it adopted Bloomberg’s Global Securities Identifiers (‘BBGID’) to name and track all equities securities in its Worldwide Corporate Actions service.

EDI is the latest financial data provider to adopt Bloomberg’s Open Symbology (BSYM), an open and free-use system for naming global securities across all asset classes with a BBGID, a 12 digit alpha-numeric identifier for financial instruments. EDI has implemented BBGID numbers in its equities reference, pricing and corporate actions data feeds. Its Worldwide Corporate Actions service provides detailed information on 50 corporate action event types affecting equities listed on 160 exchanges.

“EDI decided to integrate Bloomberg’s Open Symbology, as it is easily accessible and has no license fee or restrictions on usage,” said Jonathan Bloch, the Chief Executive Officer of EDI. “Bloomberg’s Symbology also advances straight-through processing of equity orders, which aids reporting and compliance management.”

Peter Warms, Global Head of Bloomberg Open Symbology, said, “Existing identifiers that change due to underlying corporate actions introduce inefficiencies, increase costs and add complexity to the data management process. Bloomberg and EDI recognise the importance of comprehensive, open and unchanging identifiers, like the BBGID, in enabling customers to track unique securities consistently and to process corporate action data seamlessly. As BSYM grows in adoption, interoperability across market systems and software using BSYM will improve steadily and reduce operational costs.”

Source: Bobsguide, 24.09.2012

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Filed under: Corporate Action, Data Management, Data Vendor, Market Data, Reference Data, Standards, , , , , , , , , , ,

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