Cordium, a provider of compliance consulting, accounting, tax and software to the financial services industry, has implemented Electra Data into its Compliance Employee Level Filing (ELF) platform.
Electra Data, an automated data acquisition service, eliminates the need for Cordium to establish, manage and maintain data feeds with brokers that are servicing its clients by enabling the flow of data via direct feeds managed by Electra on Cordium’s behalf. The addition of Electra Data offers an alternative solution to existing account aggregation connections, thereby delivering added value and security to Cordium’s clients, which are granted easy access to over 500 direct brokerage feeds through its deployment within the Compliance ELF platform.
“Our decision to utilise Electra Data was prompted by the increasing demand among our clients for a seamless method of utilising direct feeds sent by the brokerage firms,” says Jordan Schwartz, Cordium’s Director of Global Software Solutions. “Electra’s existing relationships with a vast number of brokerage firms, as well as its ability to normalise the various data formats, was a driving factor in our uptake of Electra Data. This relationship helps us maintain our ongoing commitment to bringing optimal value and support to our customers.”
Electra Data provides consolidated securities, cash position and transaction information from more than 500 global custodians, prime brokers, broker-dealers and other financial institutions. Through its support of every aspect of data acquisition and flow, Electra Data reduces manual processes and the associated costs and risks and, as a result, brings the added benefit of efficiency to Cordium’s internal processes. Cordium and Electra work hand in hand with the client firms to establish the direct feeds into the Compliance ELF system, helping to reduce the burden for clients.
“This strategic partnership not only adds significant benefit to Cordium’s data management operations, but it also helps to extend Electra’s reach to include the vast collection of compliance and trading data currently used by Cordium clients,” says Ian Danic, Executive Director at Electra. “Our leadership in data acquisition and transformation solutions is strengthened by this relationship, helping to position us as a continued market leader in post-trade processes for today’s leading financial institutions.”
