New agreement comes as more major financial institutions place their faith in MDSL solutions to future-proof their technology
London, New York, Paris, Gothenburg, Tokyo and Hong Kong – MDSL, the leading global Technology Lifecycle & Expense Management solutions provider, announced that it has signed a 5-year contract for MDSL’s Market Data Manager with one of the leading banks in Germany and Poland, which also maintains a world-wide presence for its customers in all major markets. The agreement covers Germany, UK, USA and the Asia Pacific regions.
The new solution will be fully hosted by MDSL but administered by the bank’s internal market data management team.
The bank needed to replace its incumbent market data management (MDM) solution and future-proof itself against increasing workloads. As the volume of work increased, it needed to ensure not only that it could manage its current workflow but also that it could deal efficiently with rapidly multiplying new projects.
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The bank also decided to deploy MDSL’s Request & Procurement Manager (RPM) module, together with four interfaces, to boost their reporting capabilities. An optional add-on to Market Data Manager, RPM lets users review all their market data entitlements and raise their own requests for moves, new additions, changes and deletions (MACD) via an easy-to-use, intuitive web-based interface.
Ben Mendoza, MDSL CEO and founder, commented: “Our client really appreciates the importance of applying best practices around the management of vital market data services, and could see how our RPM solution will provide consistency and workflow automation across all departments. RPM guarantees the highest levels of data integrity – regardless of the level of MACD requests.”
RPM’s search-based catalogue draws on the pricing information already held in MDM so that users know their requests are always based on the latest and most accurate data. Automated email alerts keep authorisers, vendors and internal teams fully informed at every step, while a fully customisable workflow interface guides users throughout the procurement process.
- Benefits to the client of Market Data Manager include: Full visibility of their market data expenditure
- Effective cost control and containment
- Proactive contract management
- Business line reporting – a single source of understanding of all their market data spend
- Clear and improved management reporting.
Ben Mendoza continued: “For cost optimisation, the client will use our targeted Self-Certification capabilities to ensure all service usage is optimised, while savings are maximised. They also wanted improved reporting and business intelligence, and were particularly impressed with the senior management dashboard reporting provided by Market Data Manager. We are delighted that so many of our more recent innovations have proved to be of such high value to our new client.”
The data preparation phase of project has already begun, with full-scale deployment scheduled to start later this year.