Reference Data Management is a high priority area for most of the CIOs in the securities industry today. The Tower report suggested that more than 60% of the respondents rated Data Management projects as high priority. This is due to the increasing cost of managing duplicate data for various geographies, failed trades, and compliance requirements, such as Anti Money Laundering and 'Know Your Customer'.
Cognizant has developed a comprehensive "Reference Data Management Framework"
that includes defining the Reference Data
strategy, performing Gap analysis, and
implementing and maintaining enterprise-wide
Reference Data. A dedicated "Reference
Data Competency Center" comprising
industry experts from investment banks,
asset management firms, and brokerage
houses actively tracks industry developments
and helps evolve and enhance our solution
framework.
Cognizant has successfully executed a complete
end-to-end reference data solution for
a leading bank in the U.S. This is expected
to bring down its data maintenance cost
by around 25% and the number of trade
failures is expected to decline by more
than 50%. |
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| Tower Group® estimates Derivatives-related IT budgets at sell-side firms are growing at 12-15% annually, compared with 3-5% for Equities and Fixed Income. |
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