Big Hitters Pull Together to Establish SPReD Reference Data Utility

JP Morgan, Morgan Stanley and Goldman Sachs partner with SmartStream to establish a new reference data utility.

SmartStream's CEO, Philippe Chambadal: "Banks have come to the conclusion that doing this [data management function] on their own, times 50,000 firms, was highly inefficient and that it was better to move that function to a shared-service model."

The utility, based on SmartStream's Reference Data Utility, created by the New York-based reconciliations specialist approximately five years ago, is informally known as the Securities Product Reference Data (SPReD) platform, designed to provide services for reference data normalization and validation across all asset classes.

The founding banks ─ JP Morgan, Morgan Stanley and Goldman Sachs ─ will become clients of the utility, and, as Philippe Chambadal, CEO of SmartStream, explains in this

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