New York, NY, October 27, 2021 – FIA Tech, the leading technology provider to the exchange-traded derivative industry, announced today that it has further enhanced its reference data offering with three new services aimed at increasing efficiency in the futures markets. The new services form part of FIA Tech’s strategy and commitment to providing the industry standard reference data to the derivatives industry and serve as valuable stand-alone data sets as well as add-ons to existing services.
Cross Reference Symbology
The futures industry currently wastes significant time and resources manually collecting and mapping product codes. FIA Tech’s new mapping tool provides firms with an easy way to link widely utilized vendor symbologies for product reference data to the exchange venue product code and other FIA Tech product codes such as Docs standard codes. Cross Reference Symbology is offered as an add-on for each of the new and existing FIA Tech services.
Contract Specifications
The Contract Specifications service provides users with the ability to standardize contract classification, identify basic trading information, and identify crucial settlement dates associated with futures contracts. This comprehensive data set of contract information can be adapted to firms’ specific requirements, delivered daily in the format/structure of choice. The comprehensive reference data suite dramatically reduces manual collection and maintenance efforts by financial institutions’ operations teams.
Cash & Collateral
During the lifecycle of a product, multiple events can occur that impact post-trade processing. Many of these events require participants to manually extract and parse exchange/CCP information, which carries heavy overhead cost. One of these many events is the static data related to collateral management. FIA Tech’s Cash & Collateral service provides users with a standardized, aggregated view of collateral instruments accepted by global clearing houses and a number of associated relevant static data points including haircuts, concentration limits, and fees.
Andrew Castello, Head of Reference Data said: “This expansion of FIA Tech’s reference data offering allows us to better service our customers by unifying our product reference data across services and improving our system functionality. We have seen strong market demand for these offerings and believe they will offer significant value to existing and new customers.”
About FIA Tech
FIA Tech recently announced the investment of $44 million by ten leading clearing firms to fund the strategic growth of FIA Tech. The newly capitalized FIA Tech will be investing to further the development of existing products that have successfully served the industry and launch innovative new solutions to improve market infrastructure across the listed and cleared derivatives industry. Under its new structure, FIA Tech will continue to work in partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.
Current FIA Tech services include digitally managing give-up agreements, meeting regulatory compliance requirements arising from CFTC, MIFID II and exchange regulatory compliance, reconciling and settling brokerage fees and providing reference data products that are required across the pre- and post-trade space in futures and equity options.
SOURCE: FIA Tech
