Streamlined data delivery – between Bloomberg’s portfolio management platform AIM and global custodian BNY Mellon’s tools for data insights, accounting and servicing – is a main purpose as the giants decide to connect closer.
According to a joint press release from BNY Mellon and Bloomberg, clients will be able to build on BNY Mellon’s reporting and transaction applications together with the oversight functions of AIM, getting the details and drill-down capabilities needed to support settlement cycles and tradable positions in one place.
By adding more connectivity automation and standardising the data delivery between the parties, they promise their common clients the prospects of faster onboarding, higher straight-through processing rates and more efficient data exchange.
BNY Mellon refers to its approach as an “open platform strategy”, seeking to partner “with industry-leading providers like Bloomberg” to provide clients with a high degree of flexibility in their business models. In April, BNY Mellon presented a similar partnership with BlackRock, plugging its services into the latter’s Aladdin platform.
Back-office goes front desk
The alliance adds yet another chunk of evidence of a strong trend lately – that the post-trade battle is increasingly played out through offers of strengthened “front-to-back” capabilities. In July, industry news site Global Custodian ran an overview of the phenomenon, headlined “Front-to-back is the new black”. And in our own recent interview with Swedish Swedbank’s head of securities services Henrik Reinfeldt, he spotlighted the integration between State Street and portfolio management systems provider Simcorp as a factor behind Swedbank’s choice to establish a new strategic collaboration with the global custodian.