Reuters is to license use of Reuters Instrument Codes in an effort to establish a global standard for managing and tracking securities data across the lifecycle of a trade.
Kevin Bradshaw, global director enterprise information products, Reuters, says the extension of the RICs code from front office through to settlement, provides “a powerful solution to the industry-wide problems of failed trades and high costs resulting from inconsistent and inaccurate data”.
The Reuters Instrument Code is used within Reuters products. It is one of the few established global codes that enable an instrument to be identified at exchange level, thus providing a one to one match for all financial instruments. The license will initially cover the use of the RICs for all global exchange listed equities, as this is the area that financial institutions have highlighted to be the most problematic, says Bradshaw.
The licensing service forms part of Reuters Enterprise Information Products, including the Datascope business, which provides end of day and historical pricing data, cross reference data, terms and conditions, and corporate action information across all global asset classes.