London â 13 October 2005 â Standard & Poorâs, the leading provider of global securities referencing data, today launched Reference Entity Link, a product which provides full issuer and issue coverage behind each CLIP code. The product was launched in response to the needs of Rabobank to achieve a quick, comprehensive solution to identify all the issuers and issues associated with each entity scrubbed in Markit RED. Standard & Poorâs CLIP codes link a business entity to an associated issue. Reference Entity Link is only available to Markit RED subscribers.
Reference Entity Link gives Rabobank access to more than 100,000 issuer and issue CUSIP and CINS numbers for the entities in the Markit RED database. This comprehensive perspective makes it easy to:
â¢ Link a specific CUSIP to a particular business entity
â¢ Identify the credit exposure of each CLIP entity
â¢ Increase operational efficiency by eliminating manual entity- to issuer- to issue cross-referencing
The Markit RED database is the market standard for confirming reference entities and their reference obligation "pairs." Governed by an advisory board of representatives from seven major financial institutions, it provides accurate, audited legal reference names for approximately 1,800 entities, covering 2,500 issues. Markit RED recently announced their 100th subscriber.
Standard & Poorâs offers Reference Entity Link as an optional service. Reference Entity Link is updated weekly and delivered via FTP. It may also be fully integrated into in-house trading, risk management and other systems. Reference Entity Link is an extremely valuable product considering the fact that nineâdigit CLIP codes are mandatory for dealers matching on DTCC.
Commenting on this initiative, Darren Purcell, Associate Director for European Securities Classifications at Standard & Poorâs said:
"Once again we have listened carefully to the needs of our clients and developed a product which takes the CLIP service one step further. We are delighted to combine Standard & Poorâs CUSIP numbers and CLIP codes with the Markit RED database to provide the best service we can for Rabobank."