Asset Control, a provider of centralized data management services to the financial industry, is supplying Lloyds TSB with its AC Plus software to help the bank expand its product offering to clients.
AC Plus will be used to support the expanded daily trading activity, manage risk and meet regulatory requirements within the financial markets division of Lloyds TSB Corporate Markets.
David Wright, deputy head of financial markets middle office at Lloyds TSB, said that the bank plans to expand its services in foreign exchange, interest rate and credit trading. According to Mr Wright, Asset Control provides the cleansed and consolidated pricing data the bank requires to support this expansion.
The bank said that Asset Control won the contract for its ability to consolidate internal and external price feeds; its security; and its support for a direct Reuters data feed for pricing and ‘shredding’ – the ability to capture information in digital form, then reconstruct pages of data.
Phase one was implemented in just six weeks and the system is anticipated to be live before the end of the year.
The Asset Control system replaces custom-built, spreadsheet-based applications run by the middle office team. Initially, it is being used to handle the end-of-day pricing process, delivering prices to the trading engine and supplying data to the market and credit risk functions.
AC Plus manages interest rate curves, foreign exchange spot and forward points, and interest rate/foreign exchange option volatilities; it supports real-time and static data from leading data vendors and niche firms. Asset Control says that, in later stages of the project, the technology may be used to consolidate and manage the reference data necessary to support the bank’s debt capital markets expansion.