Big Hitters Build SPReD Utility
SPReD will provide commoditized services around data management on a utility model.
Based on SmartStream’s Reference Data Utility, the Securities Product Reference Data (SPReD) service is designed to provide reference data normalization and validation across all asset classes.
The founding banks will become clients of the utility, and a number of additional sell-side firms are likely to join the utility in the coming months, says SmartStream chief executive Philippe Chambadal.
“The SPReD utility is about taking on the internal data management functions that exist within a bank
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