HSBC has selected the GoldenSource Enterprise Data Management suite as the platform to manage and consolidate reference data for securities, customers, and counterparties together with transaction data. The platform also includes a number of GoldenSource Connectors that provide interfaces to major market data vendors, including Reuters, Bloomberg and Telekurs. HSBC is implementing the GoldenSource solution to build the enterprise data foundation that initially powers CIBMâs electronic securities trading platform prior to rolling it out to other systems across CIBM.
HSBCâs strategy is to build on an integrated application suite that can deliver an operational trading environment based on centralized data repositories in a short timeframe avoiding the significant time and resources required to build in-house. The bank benefits from leveraging the reduced time and cost of systems development and maintenance by developing centralized repositories for its data, accessible by those that need it, when they need it, where they need it and how they need it across the organization.
"Innovative global banks such as HSBC recognize that a well-defined enterprise data management infrastructure can help them integrate their enterprise by centrally cleansing, enriching and applying the data needed to comply with the stringent execution demands of a real-time electronic trading platform," said Michael Meriton, president and CEO of GoldenSource Corporation. "HSBCâs decision to use GoldenSource Enterprise Data Management as the "single source of truth" is a welcome endorsement of our vision that a sound enterprise data management platform is the pre-requisite to powering all other systems across the enterprise".
GoldenSource transforms a financial institutionsâ data and technology infrastructure from multiple disparate master files and incompatible systems into an integrated financial enterprise, without the costly replacement of legacy systems. GoldenSource connects and powers the entire range of transaction and decision systems spanning: front office, client service, risk, regulatory, compliance and back office functions. GoldenSource improves information quality and efficiency and delivers a substantial return on investment by reducing operational costs, as well as supporting strategic risk management and revenue generation initiatives.