Investment Operations

EDI RE-IMAGINES BUYSIDE INTERACTION WITH CORPORATE ACTIONS DATA

Jonathan Bloch, Founder and CEO of EDI.

Data provider Exchange Data International (EDI) has introduced a new product offering that it says will change how the front- and middle-office at buy-side companies interacts with corporate actions data. According to a company statement, Readable Corporate Action Notices (RCAN) will enable workers to read corporate action notices in the same way as they read the news. RCAN covers 45 corporate events, including dividends, mergers and acquisitions, new listings (IPOs), and stock splits, as well as aggregating corporate actions from over 150 exchanges globally.

“Through this revolutionary technology, front- and middle-office workers can meaningfully engage with corporate actions data and communicate the insights contained within it to their teams,” EDI’s product literature reads. “Further, fund and wealth managers no longer have to rely on their support teams to manually translate the relevant data. This, in turn, opens up the potential for better client communication as information can be readily shared.”

Analysts say currently corporate actions data is confined to machine-readable feeds that are largely unintelligible for anyone without a degree in computer science. Translating this data into a story-like, readable structure is not only an important step in the evolution towards intelligent data management across buy-side firms, but it also allows for better communication across teams. RCAN goes further than a typical corporate actions data feed, supplying various change management features and links to related notices.

“Corporate actions provide critical information to the financial sector, without which it cannot function in a timely manner. If businesses cannot access up-to-date information quickly, important events inevitably will be missed, and potential profits will be lost,” said Jonathan Bloch, Founder and CEO of EDI.

According to EDI, benefits of RCAN include:

  • Intraday notices are provided at four set times throughout the day — the same frequency as the corporate actions data feeds. This gives buy-side firms all the information necessary to make informed market decisions in one simple, readable format.
  • Front- and middle-office workers can remain informed of data values, making operations more efficient and decreasing the chance of corporate actions going unnoticed.
  • Amalgamation of disparate data sections into one simple, comprehensive document, eliminating the need for data aggregation within a client-side database.
  • Inclusion of relevant information from internal and external sources, including added data values, deletions, change management features, links to related notices, and reference and events data.

“At a point in time when companies are searching for ways in which to optimize their workflows and remove any friction between data collection and implementation, innovative products such as RCAN are invaluable additions to corporate data systems,” Bloch said. “Now, more than ever, it is imperative that data is not siloed to the back-office, and instead is made available and useable to all relevant parties for the benefit of the entire company,” he added.