Reference Data Testing

Incorrect reference data accounts for the largest proportion of regulatory reporting errors.

Our Reference Data Testing service identifies errors in static data (such as legal entities and natural persons indicators) to ensure this data is fit for your reporting requirements.

Why is Reference Data Testing important?

If your reference data is incorrect, it can impact multiple trades across many different jurisdictions. Of firms fined for incorrect reporting, 42% of errors were due to issues with reference data. Our Reference Data Testing service takes a step back from the reporting process and identifies errors within your static/reference datasets so you can fix these within your systems.

Inaccurate reference data, particularly if unchecked for many years, can have a knock-on effect on your reporting quality across all jurisdictions, leading to regulatory scrutiny, costly remediation and the possibility of fines.

How-to Guide

Get your Transaction Reporting accurate with our expert advice on how to report personal identifiers

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Key features of the service

  • Executes a range of tests to counterparty and instrument reference data to check for both accuracy and completeness
  • Full population of reference data is tested for complete mappings to the appropriate identifiers
  • Assesses the use and allocation of internal identifiers
  • Normalises legal name and address
  • Includes real-time checking of Legal Entity Identifiers (LEIs)
  • Tailored testing for particular jurisdictions. For example, for Dodd Frank Reporting – are they a US person?

Camels are horses

The problem of identifiers under MiFID II

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What do you get?

Reference Data Testing is delivered as an automated, managed service with testing taking place periodically depending on your trading volumes. Clients receive: 

  • Summary management report on your data, detailing the risks identified and testing findings
  • Summary information on the shape of your reference data
  • A list of all findings by reference data record providing complete transparency and an audit trail
  • Proposed values for LEIs where these are missing from your data.

FIRDS reference database

Are trading venues contributing to poor quality transaction reporting?

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Is your reference data accurate?

To find out, or for a conversation with one of our regulatory specialists, please get in touch.

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