Leading fixed-income services provider enhances communications with credit managers
Virtus Partners announced today it has adopted the Financial Instrument Global Identifier, or FIGI, to identify syndicated loans that sit in collateralized loan obligations (CLOs) and other credit based structures. By adopting the FIGI standard, CLO and credit (or just loan) asset managers now have the ability to easily identify loans and create comprehensive reports to help investors better understand the performance of their investments.
Based on Bloomberg’s Open Symbology, the Financial Instrument Global Identifier (FIGI) is an open data standard and unique identifier of financial instruments that can be used across all global asset classes, including syndicated loans, common stock, options, derivatives, futures, corporate and government bonds, municipals, currencies, and mortgage products. Last year, nonprofit technology standards consortium Object Management Group voted unanimously to adopt FIGI as the standard methodology for identifying financial instruments, such as syndicated loans in CLOs.
Robert Tomicic, Partner and Co-Founder of Virtus Partners, commented, “Integrating the FIGI into our platform enhances our ability to provide data and services to our clients in a highly efficient and automated way. The connectivity with Bloomberg’s comprehensive loan database, pricing services, news and analytics with Virtus’ trade settlement solution, administration and outsourcing services will lead to improved efficiencies for our customers.”
“Virtus Partners’ long-standing position in collateral administration, combined with their recently enhanced secondary settlement platform, is a natural partner for Bloomberg’s fixed income platform, as we continue to see the adoption of the FIGI for syndicated loans, ” said Mark Betteridge, Global Product Manager, Syndicated Loans and League Tables, Bloomberg.
Virtus will use the FIGI to efficiently communicate and transfer data to and from clients. Additionally, Virtus will seamlessly be able to connect its data and services to the broader Bloomberg community. By adopting FIGI, Virtus is enhancing its ability to deliver top-quality front-, middle- and back-office services for credit and fixed-income managers.