Here we are in 2013 and still only one company, Rimes Technologies, has won the best data provider category since the first edition of the Buy-Side Technology Awards in 2007. One might be forgiven for assuming that perhaps this category is “unpopular” or that the market is still in its nascence and poorly served in terms of provider numbers and the refinement of their respective offerings. But that is wrong on both counts—every year, this category attracts between six and 10 providers, all with top-notch offerings, and yet Paris-based Rimes continues to punch above its weight and beat all comers to this coveted title. It’s an astonishing track record and one that has only been matched by Markit EDM, which has owned the data management product category since 2007.
Rimes makes no secret of why it believes it provides a more complete, and therefore, a more compelling service than any of its competitors: It offers what it describes as a truly managed service, where it typically molds its offerings around its clients’ needs rather than the other way round. This might sound like a somewhat prosaic business model for such a sophisticated marketplace, but clients, especially capital market ones, crave simplicity. Rimes makes it its business to secure whichever specific databases clients request, irrespective of existing client numbers using those databases, a policy mirrored by its validation stance, which it describes as 100 percent ad-hoc, determined exclusively by clients’ requirements. This flexibility extends through to Rimes’ customized scripting support, ensuring that its various data feeds work seamlessly with clients’ incumbent applications. Rimes currently feeds approximately 30 third-party and 100 proprietary data management, risk, performance, and compliance applications, each of which requires a customized feed.
In addition to its traditional data-processing expertise, Rimes has recently positioned itself as the de facto leader in the data governance space, offering clients a three-pronged service incorporating a repository in which to store all their feeds; a directory containing all the metadata that can, for example, be interrogated when addressing regulatory issues; and a governor, comprising reports and online tools to assist with how, when, why, and by whom their data is governed.
Rimes Technologies Reaction:
“We are honored to be recognized by the judges again for our continued market leadership and inventive product roadmap. As the requirements for benchmark and reference data and their governance grow increasingly important to buy-side executives and other asset owners with each passing year, we are committed to staying ahead of our clients’ evolving needs. With greater attention to data quality, management, usage and distribution being driven by both greater complexity and scrutiny—from regulators, investors and data providers—buy-side firms need a thorough and carefully planned approach to exercise compliance and cost-savings while avoiding the reputational risks and wasted resources that can be incurred in its absence. We are here to ensure that our clients can maintain their focus on the business of managing money, not the data that runs it.”
—Alessandro Ferrari, senior vice president of global marketing, Rimes Technologies Corp.
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