EDI Launches Pay-As-You-Go Service Global corporate actions service.
EDI is working on obtaining data for warrants from stock exchanges and investment banks globally and expects to offer the service as a separate module to its equities service in February next year. It currently provides corporate actions data on equities, such as dividend announcements, via its Worldwide Corporate Actions Web and datafeed products.
The new pay as you go service, called Securities Information on Demand, will be launched in the second quarter of 2003. It is aimed at financial services firms that are cutting their budgets, says Jonathan Bloch, managing director of EDI, and enables smaller sell side firms and fund managers with small portfolios to access the information they need without having to pay annual contracts.
Users will be able to access the data via EDI's Web site and will pay a fixed fee for the information they purchase. Customers can either pay by credit card or receive a bill at the end of the month. Bloch says the company hasn't decided on a price yet.
EDI delivers back office data to clients via feeds or over the Internet. Products include UK services such as Stock Splits Database as well as UK and global corporate action and dividend data. Merrill Lynch, Deutsche Bank, Goldman Sachs and regional stockbrokers Charles Schwab and TD Waterhouse are EDI clients.
The company's Worldwide Corporate Actions service sources information on equities directly from 131 exchanges daily. Only the Qatar, UAE and Vietnam exchanges are missing. Bloch says this is simply because customers have not demanded data from those exchanges.
EDI competes with Interactive Data Corp. and Telekurs. Bloch says EDI's smaller size allows it to more easily customize its data products for customers.
The company is run out of London with 50 staff and has a development center in India. Staff from both countries translates the corporate actions announcements into English.
Last month Kevin Brady, previously head of Thomson Financial's Investment Banking and Corporate groups, joined EDI's board of directors (IMD, Nov 18).
By Kirsten Hyde
