Exchange Data International (EDI) is pleased to launch the Document Retrieval Service (DRS), which empowers financial sector consumers with comprehensive research capabilities to track missing documents from their investment portfolios.
On 5 March 2021, the UK’s Financial Conduct Authority (FCA) announced the publication of all LIBOR settings will cease immediately after 31 December 2021, except for the US Dollar which will continue until June 30, 2023. The FCA states that as a result, all 35 LIBOR settings will either not be provided by administrators, or no longer be representative after these dates.
The DRS has an extensive archive containing over 1 million offering circulars, prospectuses and pricing supplements. The most recent bond offering documents will contain clauses covering the eventuality of benchmarks ceasing to exist and what steps should be taken to replace them. Also, there may be consent solicitations sought for historic issuance. The offering documents will provide a comprehensive overview of the respective terms & conditions and the Agents, to assist the decision-making process on a security by security basis.
EDI’s flat fee includes any documents found on a particular ISIN, and users will only pay for successfully delivered documents.
Dave Moore, EDI Head of Fixed Income, commented: “This innovative service allows our clients to adjust their records to accommodate the replacement of the old benchmarks with the new. This should assist in achieving a once in a lifetime smooth transition.”