With the deadline for MiFID II edging closer and close, Asset Control has integrated with the Derivatives Service Bureau (DSB) to support OTC derivative instruments.
The company said the integration extends its AC Plus data management platform to support International Securities Identification Number (ISIN) creation and reference data lookup for OTC derivative instruments for full MiFID II compliance.
Asset Control’s flagship product, AC Plus, is used for master data lifecycle management, tracking every data element from the point of capture to final delivery. AC Plus claims to give banks and asset managers the ability to manage costs and achieve the highest standards of data governance.
Headquartered in London, DSB serves as a global numbering agency, providing identification of OTC derivatives to serve the needs of market participants and regulators.
Martijn Groot, VP product management, Asset Control, said: “MiFID II regulation presents the need for organisations to retrieve a specific set of data including, but not limited to, ISIN codes and TOTV and uTOTV flags for new as well as existing OTC derivatives”, according to Martijn Groot, VP product management at Asset Control.
“To do this, users are required to supply the product definition and further input attributes to the DSB via their RESTful API, the FIX Protocol or a web GUI. Upon initiation of an OTC instrument request, AC Plus triggers a lookup mechanism to first check if the requested information is already available in its master database. If not, an automatic follow up process takes place, routing the request to the DSB to complete the master record and thereafter transmit the results back to AC Plus and the requesting system. This process increases flexibility and prevents any unnecessary costs, requests and delays.”
The AC Plus data model has been extended to fully support all financial instruments and their required reference data attributes for MiFID II. The company has also extended its integration with existing enterprise data providers to onboard all newly published MiFID II fields.
Asset Control’s new integration with DSB services will act as a bridge between requesting user systems and its existing flagship solution. It will represent a ‘holistic solution’ for the end to end tracking of master data to ensure that users are ‘truly MiFID II ready’ according to Asset CEO Mark Hepsworth.
Copyright © 2017 RegTech Analyst
Copyright © 2018 RegTech Analyst
