Interactive Data Announces New Business Entity Data Service
April 19 2006 - 4:30AM
Business Wire
New business entity data service aims to help customers meet their
requirements for risk management and compliance under regulations
such as UCITS III. The new service combines Avox's parent-issuer
level content with FT Interactive Data's issue level content FT
Interactive Data Europe, part of Interactive Data (NYSE: IDC) and a
leading supplier of financial information to global markets,
announced today that it has formed an alliance with global business
entity data content and services provider Avox (formerly known as
Azdex), to provide a business entity data service aimed at helping
customers to meet their requirements for compliance under
regulations such as the European Commission's Undertakings for
Collective Investments in Transferable Securities (UCITS III)
directive. The new service will combine Avox's parent-issuer level
content with FT Interactive Data's issue level content and will be
offered as an optional module within FT Interactive Data's FTS(TM)
portfolio administration service. Increased global risk management
requirements for industry compliance and accountability through new
regulations such as UCITS III have fuelled a growing need for
business entity data to perform issue-issuer-parent entity
linkages. Under UCITS III total exposure to a particular parent
organisation through all its subsidiaries must be calculated and
managed in order to ensure that the total exposure falls within the
limits set by the regulator. This process of concentration risk
management is often referred to as 'group notion'. It is expected
that there will be an increase in demand for business entity data
amongst European fund management administrators to coincide with
the ending of the 'grandfathering' period for funds created under
the preceding UCITS directive in February 2007. In addition to
UCITS III, Basel II and MiFID requirements may also have an impact
on demand for business entity data throughout 2007. Bob
Cumberbatch, FT Interactive Data's European business director,
commented: "Many customers tell us they need a comprehensive and
affordable service offering business entity linkages data that will
help them meet their UCITS III compliance requirements. They need
to identify and maintain linkages that determine which issues link
into which issuers, and which issuers link into which higher
entities or parent organisations. Business entity data is a
specialised area - corporate actions alone cannot be relied on to
capture all of the changes that occur either to an individual
business entity or within a corporate group's organisational
structure." FT Interactive Data intends to offer its auto-matched,
hand researched business entity data service via FTS on a per
entity request basis. The service will be monitored on a daily
basis. -ENDS- For further information please contact: Sue Mitchell,
Interactive Data (Europe) Ltd. Tel: +44 (0) 20 7825 8076 Email:
sue.mitchell@interactivedata.com Ken Price, Avox (formerly known as
Azdex) Tel: +44 (0) 20 7868 5076 Email: ken.price@avox.info
Forward-looking and Cautionary Statements This press release
contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and Federal
securities laws, and is subject to the safe-harbor created by such
Act and laws. Forward-looking statements may include our statements
regarding our goals, beliefs, strategies, objectives, plans
including product and service developments, future financial
conditions, results or projections or current expectations
including Interactive Data's expectation that there will be an
increase in demand for business entity data among European fund
management administrators in 2007. These statements are subject to
known and unknown risks, uncertainties, assumptions and other
factors that may cause actual results to be materially different
from those contemplated by the forward-looking statements. Such
factors include, but are not limited to: (i) lack of an increase or
a decrease in demand for business entity data among European fund
management administrators in 2007; and (ii) other factors
identified in Interactive Data's most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission. We undertake no obligation to update these
forward-looking statements. About Interactive Data Interactive Data
Corporation (NYSE: IDC) is a leading global provider of securities
pricing, financial information and analytic tools to institutional
and individual investors. The company supplies time-sensitive
pricing (including evaluated pricing), dividend, corporate action
and descriptive information for more than 3.5 million securities
traded around the world, including hard-to-value instruments. Many
of the world's best-known financial service and software companies
subscribe to the company's services in support of their trading,
analysis, portfolio management and valuation activities.
Interactive Data is headquartered in Bedford, Massachusetts.
Through its branded businesses, FT Interactive Data, ComStock, CMS
BondEdge and eSignal, Interactive Data has approximately 2,100
employees in offices located throughout North America, Europe, Asia
and Australia. Pearson plc (LSE: PSON; NYSE: PSO), an international
media company whose businesses include the Financial Times Group,
Pearson Education and the Penguin Group, owns approximately 62 per
cent of the outstanding common stock of Interactive Data
Corporation. FT Interactive Data Europe, part of Interactive Data,
is a leading provider of financial information to global markets.
FT Interactive Data supplies global securities pricing,
evaluations, dividend, corporate action and descriptive information
designed to support mutual funds' pricing activities, securities
operations, research and portfolio management. FT Interactive Data
collects, edits, maintains and delivers data on more than 3.5
million securities, including daily evaluations for approximately
2.5 million fixed income and international equity issues. FT
Interactive Data specialises in 'hard-to-value' instruments and
'hard-to-get' information from emerging markets. FT Interactive
Data Europe is a division of Interactive Data (Europe) Ltd. The FT
Interactive Data business includes FT Interactive Data Corporation,
a Delaware corporation, and the FT Interactive Data divisions of
Interactive Data (Europe) Ltd. and Interactive Data (Australia) Pty
Ltd. For further information please see: www.interactivedata.com
About Avox Avox Limited utilises an entirely new approach to
validating, correcting and enriching business entity data. The firm
has established a shared pool of business entity data regularly
contributed by a growing number of clients including Citigroup,
Clearstream, Bank of Scotland, Barclays Capital, Dresdner Kleinwort
Wasserstein, Standard Bank and Deutsche Borse. This industry data
is combined with up-to-date content from other authoritative
sources including regulators, business registries and company
filings. Customised reporting and content are then provided on a
pre-scheduled basis to each client. Changes made by any of Avox's
clients to a data record are immediately revalidated by an Avox
analyst and, if proven correct, they are broadcast, complete with a
full audit trail, to all other clients holding the same record. The
data in Avox includes corporate hierarchies, address information,
industry sector codes, company identifiers, regulatory content and
links to issued securities. Avox has offices in London, New York,
Paris, Toronto, Johannesburg and Wrexham (Wales). Avox is a
majority owned subsidiary of the Deutsche Borse Group, one of the
world's largest financial exchange organisations. For further
information please see: www.avox.info
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