Financial world’s most authentic source of information, Bloomberg Data Solutions and provider of post-trade operations, Information Mosaic entered into a strategic alliance. Officials at the companies said that the partnership is designed to create a new service that will streamline corporate actions processing and reduce operational risks and costs.

The partners said in a press release that alliance between Bloomberg (News - Alert) and Information mosaic will enable the financial institutions for the first time to use the same Bloomberg corporate actions data for investment decisions in the front-office, as well as in the middle- and back-office.

Bloomberg is known for combining innovative technology with unmatched analytics, data, news, and display and distribution capabilities, to deliver critical information via the Bloomberg Professional service and multimedia platforms spanning television, radio, digital and print, making up one of the world's largest news organizations with more than 2,300 news and multimedia professionals at 146 bureaus in 72 countries.

Information Mosaic is a global provider of advanced post-trade automation solutions to the securities and investment services industry, including custody, asset servicing, private wealth management, asset management and investment banking. The company is also known for corporate actions automation, which earned it multiple awards for best corporate actions solution and achieving record scores in independent benchmark tests.

In the press release, the officials of the companies explain how the partnership is going to help the financial institutions.

Under the partnership, Bloomberg's Corporate Actions Data License will be fully integrated with Information Mosaic's enterprise solution IMActions, giving financial institutions an automated and streamlined system for straight-through-processing (STP) of corporate actions.

The new solution includes Bloomberg data feeds and is the first that will integrate the new ISO 15022 messaging format, removing the need for bespoke integration work.

By automatically feeding Bloomberg data into Information Mosaic's down-stream processing solution IMActions, the joint-service reduces operational risks and inefficiencies in post-trade processing.

“Corporate action processing is becoming increasingly complex, but this solution will reduce errors and enable a more accurate and simplified post-trade processing. Bloomberg has the highest quality and most timely data and is available in 126 countries, providing access to more international markets than anyone else. Bloomberg's data combined with Information Mosaic's software creates the best possible solution available in the industry today,” Bloomberg's Global Head of Data Solutions explained in a statement.

John Byrne, CEO at Information Mosaic, said in his statement, “Lower fees, heightened risk sensitivity and re-invigorated regulatory scrutiny have meant buy and sell-side firms want to dramatically improve operational efficiency and mitigate risk, with corporate actions processing as a key priority. We are committed to partnering with the leading providers of corporate actions data.”

A couple of month back, Bloomberg announced that VCON, the firm's voice trade confirmation system for cash and derivative instruments, was the first to connect buy-side and sell-side firms to multiple central clearing counterparties (CCPs) for interest rate swaps (IRS) central clearing.

Bloomberg also announced that Citadel LLC, Freddie Mac and PIMCO are among the firms now using Bloomberg's VCON industry workflow solution to connect to CME Clearing. Other clearing houses already connected via the Bloomberg tool are the Intercontinental Exchange (ICE) & CME Clearing for Credit Derivatives, and the International Derivatives Clearing Group (IDCG) for Interest Rate Swaps. Clients also have access to LCH.Clearnet's Swapclear service through Bloomberg VCON's integration with MarkitServ.