FactSet Launches First Two Offerings in New Ref Data Suite
FactSet has introduced a new global business entity data feed, EDM Publishing Package, and a mapping service, the Concordance Service, which are the first two offerings in a new suite of reference data products, officials tell Inside Reference Data.
The product lines are aimed at helping clients link proprietary entity-level identifiers to FactSet and security-level symbologies, or internal security-level identifiers to entity identifiers. The idea is that the offerings can be used to transform content from being one-dimensional, security-focused, to being multi-dimensional, linking security data to entity data.
New York-based Ken Zockoll, director, content development, FactSet, says the background for launching these new offerings now is the growing focus on content as a strategic resource. “The primary key for financial content is shifting from security to entity,” he says.
The EDM Publishing Package covers security-to-entity relationships and entity-to-entity relationships across all asset classes. These relationships include 2.7 million securities linked to 190,000 issuing entities, 2.8 million business entities, 250,000 tracked entity hierarchies, and entity-level change management, covering fields such as parents, names and addresses.
The offering is sold as a data feed, or alternatively as an API-based product for clients that choose not to store the data internally.
The Concordance Service is a service bureau offering, allowing clients to send FactSet a list of entities or securities to be mapped on a daily basis. "Generally if a client engages with us on the concordance service, they will also take the publishing feed as FactSet business entity data, and entity-to-security linkages becomes the glue that allows clients to optimize the organization of its internal and external content sources into a functional data model," says Zockoll.
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