New initiative aims at facilitating compliance with new regulatory requirements
Markit, a leading, global financial information services company, today announced that its Markit Enterprise Data Management (EDM) platform, recently acquired from Cadis Software, is now fully compatible with Morningstar’s Complementary Identification Codes (CIC). This will enable Markit EDM’s customers to easily aggregate, analyse and distribute their asset data in compliance with the Solvency II directive.
Under Solvency II, insurance companies operating in the European Union must identify all fund holdings and individual securities held by institutional investors against a set of industry standard codes known as CICs. Morningstar’s CIC Mapping Service enables insurers to categorise investment holdings in accordance with the standardised security types defined by the European Insurance and Occupational Pensions Authority. The solution uses Morningstar’s proprietary rules and data validation processes, and leverages its global reference database.
Daniel Simpson, managing director, head of Markit EDM at Markit, said: “Our EDM platform acts as the central hub for our clients’ data and provides the complete data governance, increased level of transparency and data quality that are now being demanded by regulators. By enabling the CIC Mapping Service, one of Morningstar’s key Solvency II solutions, to be integrated within our platform, we are helping our clients to get a better handle on the data they will need to comply with their new regulatory obligations and operate more efficiently.”
Markit EDM consolidates data from multiple sources on a single platform which sits at the heart of an organisation to provide users with reliable, transparent and auditable data. This best-in-class platform addresses a multitude of data management needs including front-to-back office integration and data frameworks for trading, pricing, risk and regulatory compliance management.
