Interactive Data Launches Enhanced Class Actions Service in ISO 15022 Format
May 13 2008 - 4:30AM
Business Wire
Interactive Data Corporation (NYSE: IDC), a leading provider of
financial market data, analytics and related services, today
announced that its Pricing and Reference Data business has launched
its class actions service mapped to ISO 15022 format. Interactive
Data�s class actions service is designed to help financial
institutions track, monitor and recover funds emanating from
securities class action litigation. Securities litigation may be
brought on behalf of a group of shareholders (the �class�) who have
suffered an economic loss arising from a violation of the
securities laws. With the current sub-prime crisis, the number of
class action claims is expected to increase � and this is not just
a US phenomenon. It has been estimated that over half of sub-prime
securities have found their way into Europe, and that around a
third of them could be located in the UK. Interactive Data�s
web-based Xcitek Class Actions� service has been helping clients
track class action events since 2005, and provides a detailed
database of securities class action litigation filed in the US
court system. Interactive Data has now mapped its class actions
data into the ISO 15022 format and has made it available as an
optional module of FTSSM, Interactive Data�s securities
administration tool. Interactive Data�s latest offering includes
critical dates and data, with the security codes relating to the
defendant, all in standard ISO 15022 format. A link to the
web-based platform, www.xca.xcitek.com, is also included in the ISO
15022 message. This link connects the user to the web-based version
of the service, which provides a full-text description of the
proceedings with all related documents. Roger Sargeant, managing
director, Interactive Data (Europe) Ltd, said: �Class actions are
an essential means of providing redress to investors from
violations of the securities laws, and with the recent market
turmoil, these actions look set to increase. Class members usually
need to submit proof of their claims in order to participate in the
proceeds from a final judgement or settlement. We have a
comprehensive system that is capable of compiling and disseminating
class action information, allowing the user to view and track the
progress of all monitored class action lawsuits.� Nat Sey,
reference data business manager, Interactive Data (Europe) Ltd,
added: �We have been collecting and distributing corporate actions
data to the financial industry for well over 20 years and have used
this expertise, as well as the relationships cultivated with the
major claims administrators and plaintiffs� counsel, to provide a
comprehensive service in ISO 15022 format to track securities class
actions. ISO 15022 can reduce the risk of incorrect interpretation
and allows the user the opportunity to receive a standardised file
for downstream processing and further automation of these events.�
About Interactive Data Corporation Interactive Data Corporation
(NYSE: IDC) is a leading global provider of financial market data,
analytics and related services to financial institutions, active
traders and individual investors. The Company's businesses supply
real-time market data, time-sensitive pricing, evaluations and
reference data for millions of 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. Through its businesses,
Interactive Data Pricing and Reference Data, Interactive Data
Real-Time Services, Interactive Data Fixed Income Analytics, and
eSignal, the Company has approximately 2,300 employees in offices
located throughout North America, Europe, Asia and Australia. The
Company is headquartered in Bedford, Mass. Pearson plc (NYSE: PSO;
LSE: PSON), an international media company, whose businesses
include the Financial Times Group, Pearson Education, and the
Penguin Group, is Interactive Data Corporation's majority
stockholder. Interactive Data Pricing and Reference Data provides
global securities pricing, evaluations and reference data designed
to support financial institutions� and investment funds' pricing
activities, securities operations, research and portfolio
management. Interactive Data Pricing and Reference Data collects,
edits, maintains and delivers data on more than 6 million
securities, including daily evaluations for approximately 2.5
million fixed income and international equity issues. Interactive
Data Pricing and Reference Data specialises in �hard-to-get�
information and evaluates many �hard-to value� instruments.
Pricing, evaluations and reference data are provided in the U.S.
through Interactive Data Pricing and Reference Data, Inc. and
internationally through Interactive Data (Europe) Ltd. and
Interactive Data (Australia) Pty Ltd. Interactive Data and the
Interactive Data logo are service marks of Interactive Data
Corporation. FTSSM is a service mark of Interactive Data (Europe)
Ltd. Xcitek Class Actions� is a trademark of Xcitek, Inc. All
rights reserved. For more information about Interactive Data
Corporation and its businesses, please visit
www.interactivedata.com.
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