Big changes in Corporate Actions market with EDI’s elimination
of NYSE's June 2017 redistribution rules, as it launches like-for-like service
at under 50% of NYSE cost
18 September 2017, London & New York:
Exchange Data International
(EDI) today announced the launch of a complete replacement service for NYSE
Corporate Actions at less than 50% of the redistribution costs charged by NYSE.
“Clients finally have a truly complete and competitive
alternative for corporate action data,” says Jonathan Bloch, founder and CEO of
EDI, the challenger supplier of global security corporate actions and reference
data. “The provision of reference data has been viewed by many clients as a
license for exchanges and legacy providers to print money,” says Bloch. “Many
exchanges have been charging top-dollar for data for years, but the recent
changes to reporting rules and new redistribution fees announced in June this
year have taken many data redistributors to breaking point.”
EDI’s ‘like-for-like’ NYSE service offers a far
more compelling approach to redistribution fees. “Beyond its extremely high
fees, NYSE imposed a requirement on its redistributors to provide names of
downstream consumers of its data in order to charge an additional levy, should
they redistribute the data, making the data more costly. We don’t,” Bloch says.
According to Bloch, there’s a reason EDI has begun
to be perceived as a disruptive data vendor. “It’s about time the corporate
actions sector had a competitive environment: we now provide redistribution users
with the same quality data sets, for half the cost, without any onerous
redistribution rules.”
Established in 1994, EDI is a data vendor, not an
exchange that morphed into a data business. Covering the
major markets with an emphasis on emerging and frontier markets – including Africa,
Asia, the Far East, Latin America and the Middle East – EDI’s 400 staff research,
use smart systems and machine-learning to quality-check and distribute corporate
actions and reference date globally. “We’re able to source, check and supply
data sets without the massive overheads or burden of legacy technology, passing
on the efficiency and cost savings to users,” says Bloch.
He adds: “A stock exchange exists primarily to
raise capital for companies and liquidity for their shares. As we see it, the
corporate actions sector has long needed more competition amongst providers, and
our aim is to radically change the status quo, by providing a real alternative
and improving the cost-benefit for clients.”
Editorial contacts:
Alla Lapidus
/ John Norris
Moonlight
Media
Tel: +44 (0)
20 7250 4770
North America:
Martin Rabkin / martinrabkinink
Tel: +1 914-420-5739
About Exchange Data International
Based
in London, with offices in New York, India and Morocco, Exchange Data
International helps the global financial and investment community make informed
decisions through the provision of fast, accurate, timely and affordable data
reference services. Our extensive database contents include worldwide equity
and fixed-income corporate actions, dividends, static-reference data, closing
prices and shares outstanding, delivered via data feeds and the Internet. For
more information, visit http://www.exchange-data.com.
