Table of Content
Our client is one of the investments servicing giants in the US that provides comprehensive financial services including investment management, investment research and trading. Typical customers of the client are asset managers, asset owners, alternative asset managers, insurance companies, pension fund or other official institutions. Our client handles assets across classes, including equities, derivatives, exchange-traded funds, fixed income assets, private equity, and real estate.
Our client’s main aim was to provide investment services to its customers with a holistic picture of current securities in the market and related reference data in one place at any given time. For this the client needed a web application that would allow their end customers to subscribe and view a dashboard that displays consolidated, current up-to-date data of all the securities along with the market dynamics. This dashboard would present real-time, consolidated data that assembled security, broker and issuer reference and market data including detailed information with the securities mapped to their respective issuers and brokers.
Key requirements for this application were to:
- Enable scalability to incorporate ever increasing numbers of issuers, brokers and reference data of securities
- Maintain regular/ daily updates on issuer-security references
- Provide robust IT infrastructure for seamless integration with internal as well as 3rd party systems for smooth data exchange and retrieval of market data
- Map securities one-to-one to the respective issuers and brokers
- Augment issuer record with required reference data attributes
- Assure data quality and enrichment of customer data hub
- Source and enrich client information from 3rd party sources or other public domains
- Manage security master and link to counterparty/issuer database
- Customize data attributes for specific end customer projects that involves data sourcing from sources other than the standard data sources
Xoriant has a rich experience and a holistic understanding of unique challenges of data management gained by partnering and working closely with global financial institutions. Xoriant leveraged its reference data management division which offers comprehensive master data management solutions that are streamlined, easy to install, flexible and require minimum setup time.
Considering the increasing data volumes and end-customer queries, Xoriant team coordinated with the client project team and finalized a protocol for data exchange, agreed upon common file formats, data processing and delivery guidelines. Leveraging the Data Stewardship program and the rich experience in the financial domain, Xoriant supported towards the following key contributions:
Security – Issuer Mapping:
One-to-one mapping of securities with the issuers required integration with a trusted source like stock exchange or a regulator along with in-house owned global entity database.
Xoriant’ trained data stewards incorporated client’s processes, policies and guidelines for administering and enriching underlying data set for all the issuers.
Proactive updates and re-verification of key data attributes thereby assuring data quality and accuracy as per different corporate actions.
KEY SOLUTION HIGHLIGHTS
- Considering the volumes of data and the security concerns for the domain, Oracle database was identified as the appropriate fix for the client requirements
- For flexibility and easy operations to plug and play any additional components of the existing systems, Spring framework was used
- For secured and appropriate sessions management with accurate transactions tracking and regular data updates, Spring framework was integrated with Hibernate
- Database independent queries through Hibernate query language facilitated faster retrieval of data
- Sourced data from various public domains as well as other 3rd party sources seamlessly
- Xoriant leveraged in-house Operational Framework for data aggregation which aided timely reports on the trends and market variations and security data sourced from other 3rd party sources
TOOLS & TECHNOLOGIES
- Oracle 11g
BENEFITS TO THE CLIENT
- Foreign languages support facilitated sourcing of data from various 3rd party and public domains which implied accurate and holistic information of securities. This enabled the client to gain a competitive advantage
- Reduced IT and infrastructure costs significantly thus allowing the client to concentrate on their core business processes
- Accurate security-issuer mapping ensured existing customer retention and considerable increase in the existing customer base