Order Management Solution Integration using Markit EDM

Background:

The Markit EDM product (formerly Cadis) was chosen to form a hub consolidating data from a major Asset Manager’s existing information systems and also from new strategic systems that were about to be introduced. The integration of an external market leading vendor’s Order Management System (OMS) was identified as the key first stage in this project and it was targeted as the repository for data from three of the Back Office systems, Bloomberg security enrichment services and Index constituent information.

The aim of the data hub was to consolidate this scattered enterprise information to produce Master or “Gold Copies” of:

  • Securities
  • Positions
  • Issuers
  • Indices
  • Accounts

A combined Reformis and Markit EDM team followed the Markit EDM implementation philosophy and best practices to deliver the data hub solution.

Reformis Solution

The joint approach used focused design sessions to understand crucial areas of the implementation, to clarify the requirements and produce Markit EDM Design diagrams documented in Visio.

Using this approach, the associated build work was able to begin in parallel, fleshing out key design decisions at an early stage.

Five streams of work were identified: Issuer, Security, Index, Position and Account, with each being assigned an owner. Each owner was responsible for refining their stream ensuring it would integrate with the others and take advantage of solutions already constructed. Delivery of the solution to a strict schedule was critical to the client, as the Markit EDM Hub would affect the timelines of the majority of the wider data project. Additionally, the team were required to work with and mentor permanent staff and consultants on the use of Markit EDM.

The team succeeded in delivering to schedule and ensured implementation according to the joint plan.

Key Features:
The Markit EDM hub was aligned to the OMS published formats and data standards and consisted of “Gold Copies” of the following key business information:

  • Securities – Held securities from the three Back Offices combined with the securities described in constituent data from various Index vendors. Unique securities would need to be identified, whilst cleansing and aligning data to a common standard and enriching gaps in the information using Bloomberg PerSecurity.
  • Indices – Index Constituent and Index Level data would be initially sourced from Rimes, an Index consolidator. However this data would need to be verified and aligned to the client’s common standards and security information extracted.
  • Issuers – For held securities from two of the Back Offices enriched with Bloomberg data
  • Positions – From all three Back Offices aligned to the gold copy securities and accounts
  • Accounts – Aligned to positions, also providing Account Market Value.

Click here to get in touch with Reformis