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Audit chain is broken front-to-back, not asset-to-asset, says GoldenSource

A major hurdle to achieving a consistent view of pricing, positions and exposure lays in the divide between market data feeds and reference data repositories, according to GoldenSource, a global software provider of enterprise data management (EDM) solutions.

Pricing mechanisms in the front office and valuations for P&L in the back office often depend on the same price and rate data, yet both areas derive this information from disparate sources. According to research* from consultancy A-Team Group, 87 percent of risk managers are interested in centralizing market and reference data, namely to address the following:

• Volatility – unprecedented market movements are impacting portfolios, customers, counterparties and issuers faster than ever; back-office risk and P&L systems can no longer wait until end-of-day to access critical market data

• Accuracy and consistency – because of the similarity, regulators are expecting much of the same data used in the trading decision process to be extended to valuation, P&L and risk management

• Multi-source validation for middle- and back-office valuation – regulatory and client demands for insight into how a value was derived means that golden copy pricing needs to extend beyond static reference sets and include multiple market data sources

• Elimination of asset-based silos: siloed desks have traditionally been blamed for the inability to get a complete view of risk and exposure; these silos are now being broken down, yet the divide between market and reference data persists

“By definition, enterprise risk management and reporting should go front-to-back as well as across assets,” says Gert Raeves, VP of Strategic Business Development at GoldenSource. “A trusted data environment for interdependent front- and back-office processes now relies on the centralization of market and reference data. With market data, there is a convergence point where a snapshot of the market can be captured and validated for downstream applications.”