Overview
A Tier 1 bank and FCM requiring a multi-vendor symbology mapping service to resolve instrument identifier reconciliation gaps affecting its clearing operations.
Challenge
The bank’s FCM clearing sales team was losing revenue because its systems could not reconcile and link with its clients’ (hedge funds and asset managers) instrument identifiers. Intraday files sent to Osttra for FIX message generation and downstream client settlement and reconciliation required GMI and RIC codes that the bank could not consistently provide.
Solution
The bank implemented Smartstream’s Listed Derivatives Reference Data Service, leveraging its Cross-Reference Symbology capability to map exchange tickers to multiple vendor identifiers, including Bloomberg Open FIGI, RIC, and GMI codes. Smartstream sourced data directly from exchanges not covered by existing vendors, filled missing attribute gaps, and delivered a customised output file tailored to the bank’s requirements.
Benefits
The bank resolved its instrument identifier reconciliation issues, enabling its clearing sales team to recover missed revenue opportunities. Expanded exchange coverage and enriched data attributes strengthened the overall quality of the bank’s reference data, improving the efficiency of downstream settlement and reconciliation workflows with clients.
