Ad-Hoc Security Request/Response Solution using Markit EDM

Business Problem

In an effort to reduce and track costs, a large Global Fund Services firm required a solution to contain its Bloomberg request and response process. The standard process proposed and implemented by EDM best practices was not sufficient for their requirements.

 

ReformIS Consultancy Solution

A process was designed and developed so that business users could make requests to Bloomberg through the Markit EDM thin client UI. The process sends the request to Bloomberg, tracks the status of the request and returns a transformed pivoted file in .CSV format. Each request has an estimated cost displayed to the user and is retained in the database for tracking purposes. The following workflows were developed to support the process:

 

Ad Hoc BPS (Bloomberg Per Security) Request – This workflow contains five tabs, each with a different functionality.

 

  • Create Templates – Users with administrator rights are able to create templates by selecting available Bloomberg fields that are grouped using the Tree View element. A user must provide a template name and a sequence so that the fields are ordered to the user’s preference.
  • Edit Templates – Administrators are able to edit the templates they created. They can add, remove and reorder fields. They can also change the names of templates.
  • Predefined Templates – Users that are granted permissions to this tab by administrators can upload a list of securities, select a predefined template from a drop-down list and submit requests to Bloomberg. Users can also enter an email address so that once the file is returned and transformed into a .CSV, it is emailed to them. A user must select a client from a drop-down list to indicate who the request is being made for. An estimated cost for the request will appear upon clicking submit. This will also be captured and stored in the database.
  • Manual Request – Administrators can submit one time requests by selecting available Bloomberg fields from the Tree View element, providing a sequence for those fields and uploading a list of securities. Upon submission, the request is made. The manual request does not require a template name. The underlying template will not be stored in the database.
  • Request Status – All submitted requests can be tracked on this page. Users can see their own requests and statuses in real time. Once the file is returned the user will have a link to the file location.

 

Two other workflows were developed to support the Ad Hoc BPS Request workflow:

 

Bloomberg Available Fields for Request – Users with administrator rights can add and subtract fields that are available in the Create and Edit Template tabs in the Ad Hoc BPS Request workflow. This helps reduce costs as the fields available to users for requests can be limited.

 

Ad Hoc BPS Request Permissions – Administrators are able to fully permission the Ad Hoc BPS Request workflow by:

 

  • Creating Groups – Administrators can create new groups by entering a group name.
  • Editing UI Users to Groups – Administrators can add/remove web users to groups.
  • Editing Groups to Templates – This provides the specific user group access to specific templates. The drop-down on the predefined template tab will only display the permissioned templates.
  • Editing Groups to Clients – This provides the specific user group access to specific clients. The dropdown on the predefined template tab will only display the permissioned clients.
  • Editing Groups to Tabs – This provides specific user groups access to specific tabs and limits the Ad Hoc BPS Request workflow.

 

Accounting For Ad Hoc BPS Request – All submitted requests are captured and stored in the EDM database. An estimated cost based on the number of securities and fields is stored for each submitted request. This is also displayed to the user before final submission. This helps the business track its monthly Bloomberg costs and assists in helping to reduce them. The business is able to track its costs against multiple entities such as:

 

  • Cost per Template
  • Cost per Client
  • Cost per Web User