Demonstrating its commitment to enhancing efficiencies and transparency required in the capital markets, the Standard & Poorâs CUSIP Service Bureau today announced CUSIP NOW, a new issue alert service that will be available free of charge to all licensed CUSIP customers starting December 2006. CUSIP NOW is an innovative service that utilizes âpush technologyâ to deliver new CUSIP issues and reference data to market participants every 15 minutes. CUSIP is a unique, intelligent, 9-character identifier that is permanently assigned to individual securities and their issuers.
âThis new service underscores our commitment to help financial firms streamline and improve their operations, especially with rapidly evolving regulations that focus on the fixed income markets,â says Jim Taylor, Managing Director, Standard & Poorâs CUSIP Service Bureau. âThis comprehensive service will help market participants maintain a competitive edge by providing the basic building blocks required to communicate new issue information in todayâs marketplace.â
New securities are registered and enter the market thousands of times every business day. CUSIP NOW makes this information quickly available to end-users, thereby allowing the markets to communicate effectively, using CUSIPâs global numbering system for the efficient and accurate processing of securities during the lifetime of an issue.
The service delivers CUSIP data via FTP file downloads to client databases, enabling firms to manage financial instruments more efficiently using a common and trusted language. CUSIP NOW will include corporate debt and equity issues, as well as competitive and negotiated municipal bond offerings that are registered with the CUSIP Service Bureau. The service is particularly timely for the bond markets given recently shortened MSRB (Municipal Securities Rulemaking Board) and TRACE (Trade Reporting and Compliance Engine) trade reporting timeframes.
CUSIP NOW will be available free of charge to all end-user organizations that are licensed to receive CUSIP data. Beginning December 2006, the CUSIP Service Bureau will begin accepting applications online for companies that wish to register for the free CUSIP NOW new issue alert service. Subsequent releases of additional CUSIP based identifiers are planned for 2007. The American Bankers Association owns the CUSIP standard.