A large multi-region Asset Manager looking to consolidate its systems to enhance global vision and growth embarked on a program to select an overall architecture and component systems. A consistent set of front-end systems supported by a common Enterprise Data Management (EDM) layer to decouple a wide variety of back-office solutions was the selected model. In this context a common, global Security Master was required to ensure consistency and quality in managing that key data resource.
An RFP for overall EDM capability was developed and a shortlist of potential suppliers who could support both Security Master and the wider EDM requirements was made. Following selection, the team worked with the vendor to develop the package to meet specific needs especially in the context of data scrubbing functionality, change management and audit capability and tailoring of the data captured and displayed.
A phased approach was taken to deployment, firstly replacing the security master functionality in the most demanding region (Europe – with the highest current capability) to ensure a strong baseline and then extending to other regions.
A global security master enables security set-up, validation, data scrubbing and on-going maintenance to be coordinated, using a consistent and controlled workflow. Throughout the business there was a scattered approach to data procurement, and the Security Master project has enabled interaction with data vendors to be rationalised. Furthermore, within the global investment system architecture, the security data flow has been simplified without constraining growth and addition or changes to the investment systems.
ReformIS were involved in all stages of the project at Project Management and Business Analyst level; RFP and selection, data requirement, definition, design. The key features of the Security Master were:
- All non-transactional securities were in scope.
Bloomberg data was sourced, with a combination of Back Office, Credit Risk and Data Licence feeds, and limited manual entry of unsupported classes.
Integration into a TIBCO-based Enterprise Service Bus with a defined internal schema.
Scheduled daily end of day updates by region with configurable review and data scrubbing
- Sign off of critical field changes and related audit trail
- Automated delta publication of changed securities and issuers
- Local variation built into consumption rules
Further work was scheduled to expand the solution to a full global implementation with multi-centre data maintenance and delivery of security information regardless of where the original request is made. Transactional securities (OTC derivatives, Repos and Deposits) were also included. A common XML schema was implemented to ensure consistency of messages, regardless of consuming system.
ReformIS have experience of the many issues that must be addressed during a global Security Master implementation, for example:
Proving data equivalence to users familiar with only their own original sources
Balancing global with local system data requirements and recognising the common, core data
Recognising and dealing with the complexity of implementation of a multi-phase, multi-region project delivery
- Managing complex code releases
- Ensuring strong global management, especially in the Front Office
- Obtaining agreement on common standards and definitions
Definition of XML schemas to carry any type of security, based on key features of a security rather than imposed classifications