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Waters Rankings 2025: Best managed data service provider—SmartStream Technologies

Name of product or service: Reference Data Services

Waters Rankings 2024 gold stars
    • WatersTechnology Staff

Overview

SmartStream’s Reference Data Services (RDS) is a managed, 24/7 offering designed to deliver high-quality, normalized, and cross-referenced reference data across a range of asset classes. The RDS addresses the complexity of sourcing and maintaining security master data by streamlining fragmented processes, improving data quality, and ensuring regulatory compliance, supporting trading, risk, and reporting functions with consistent, enriched data delivered ahead of the trading day.

This award reflects the dedication of our global team and the trust placed in us by our clients. With RDS, we’ve built a service that removes the burden of reference data management while ensuring firms stay ahead of evolving regulatory demands. We’re proud to support the industry with accurate, intelligent, and high-quality data every day 

Linda Coffman, executive vice president, Reference Data, SmartStream

The solution  

SmartStream’s RDS reduces manual data management by sourcing, aggregating, validating, and normalizing reference data from over 100 exchanges and vendors. The service delivers accurate security master data, ready for integration each morning, while supporting multiple regulatory regimes, including Mifid II, the Securities Financing Transactions Regulation (SFTR) and the European Market Infrastructure Regulation (EMIR). Its API suite and use of its proprietary Pearls of Data Quality (persistence, early detection, automation, review, listen and skills) methodology ensure efficient data delivery and reduced risk across trading, risk management and compliance functions.

Differentiators  

SmartStream’s RDS differentiates itself from other similar offerings through its Pearls of Data Quality framework and cross-referenced data coverage spanning asset classes and regulatory requirements. It supports proprietary identifiers and vendor symbology, enabling linkage across fragmented systems. With real-time updates, advanced validations and integrated regulatory enrichment, the RDS offers a scalable and regulatory-ready data service that helps eliminate internal complexity and empowers firms to operate with confidence and precision.

Recent goals

The RDS has significantly expanded its regulatory reporting services with enhancements to SFTR and Mifid II validations, greater OTC and listed derivatives coverage, and AI-powered data-quality checks. The introduction of SmartStream’s RegRegistry service consolidates daily updates from regulators including the European Securities and Markets Authority (ESMA), the UK’s Financial Conduct Authority (FCA), the Commodity Futures Trading Commission (CFTC) and the International Organization for Standardization’s Market Identifier Codes, offering clients a single, accurate source of regulatory reference data to streamline reporting, maintain compliance and reduce internal processing overheads.

Product roadmap

SmartStream will further enhance its RDS with real-time data delivery, expanded AI automation, and broader regulatory coverage. Future developments focus on tighter platform integration, enhanced analytics, and low-touch deployment, enabling clients to respond to regulatory change faster and manage global reporting requirements more efficiently. With increasing regulatory scrutiny, SmartStream is committed to driving innovation in managed data services that reduce cost, risk, and operational complexity.

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