âWith sustained turbulence in global markets, transparent client hierarchical data is now perceived as essential by both buy and sell-side firms. Many now recognize that as well as improving risk management, they can leverage the information to streamline their operations, save money and can exploit more opportunities by targeting the most appropriate counterparties,â James Redfern, head of sales and marketing, CounterpartyLink.
The report goes on to identify three areas where the industry is looking to use counterparty data as a âbusiness enablerâ, including:
â¢ To ensure compliance, risk management and consistent data practices between the central repository and downstream businesses;
â¢ To cross check internal information with external independent sources;
â¢ To expose hierarchies and true business entity information.
âTo help address this we offer a unique application, GoldenSource Counterparties, that allows firms to link all of the required information together to provide a total view of an institutionâs counterparties,â explains Sam Weibel, vice president of investment banking solutions at GoldenSource Corporation. âWe are working with our customers to allow them to normalize and transform industry classifications into a consistent representation no matter what the source, and to identify the roles and relationships between all accounts and counterparties.â