OpenIM The Open Investment Model

SD-13.4 — Market & Reference Data Management

Business Domain: BD-13 Investment Data & Reporting (Cross-cutting — data) · Applies: BOTH

Purpose

Sources, validates and distributes the market and reference data the institution runs on — prices, yields, rates, FX, credit ratings, corporate-action notifications, instrument-reference and entity-reference feeds. Market & Reference Data Management is the data-supply pipe: it manages the relationships with data vendors, brings their feeds in, normalises them to one internal shape, applies first-line validation, and distributes the result to the domains that consume it. It is distinct from the master Service Domains it feeds — SD-13.1, SD-13.2 and SD-13.3 curate the slow-changing golden records, and SD-13.4 sources the vendor feeds those masters are populated from, as well as the fast-moving market data that is not master data at all and that valuation and risk consume directly.

Service Operations

  • Vendor-feed management — manage the contracts, entitlements and connections to data vendors (the major market-data and reference-data providers and the exchanges), and the licensing terms that constrain how their data may be used and redistributed.
  • Feed ingestion and scheduling — bring in the scheduled feeds — start-of-day, intraday, end-of-day, corporate-action — and monitor for late, incomplete or failed deliveries.
  • Data normalisation — map each vendor’s format, codes and conventions onto OpenIM’s internal shape, so a consuming domain reads one consistent structure regardless of source.
  • First-line data validation — apply mechanical checks on arrival: tolerance and staleness checks on prices and rates, completeness checks on reference feeds, cross-vendor comparison where more than one source covers the same instrument.
  • Source hierarchy and golden-source selection — where several vendors supply the same data point, apply the configured source-of-record hierarchy to choose the value that is distributed.
  • Reference-data distribution — publish validated market and reference data to the consuming domains and to the data platform, on the schedule each consumer needs.
  • Vendor-quality monitoring — track each feed’s timeliness, completeness and accuracy over time, and feed the result into vendor reviews (SD-17.8) and the data-quality function (SD-13.7).

Inputs and outputs

  • Inputs: vendor and exchange feeds — prices, rates, FX, ratings, corporate-action notifications, instrument- and entity-reference data; the source hierarchy and validation rules.
  • Outputs: normalised, validated market and reference data — consumed by SD-08.1 Security Pricing and the rest of BD-08 Valuation & Pricing, BD-07 Investment Risk, SD-13.1 / SD-13.2 (reference feeds that populate the masters), SD-13.5 (the index-provider universes), and the data platform (SD-13.12). Corporate-action notifications feed SD-12.6.

Entities

  • Owns: E-08 Price & Market Data (observed prices, yields, rates, FX — the fast-moving observable inputs) and E-09 Asset Class (the asset-class taxonomy across public and private markets, applied to E-02 instruments and PM/PB/DR/RA specialisations)
  • Consumes: E-02 Instrument / Asset and E-01 Legal Entity (to attach incoming data to the right golden record); E-14 External Identifier (any partition — instrument-side, entity-side and fund-side identifiers are all used to join vendor data on external identifiers).
  • Note: E-08 is observed market data, not master data — it is high-volume and time-series, and SD-13.4 owns it precisely because it is feed-sourced rather than curated. The instrument and entity masters the feeds populate are owned by SD-13.1 and SD-13.2.

Standards

  • Identifier standards — ISIN, CUSIP, SEDOL, FIGI, LEI — used to join vendor feeds onto the internal golden keys via E-14.
  • Market-data licensing — vendor and exchange licensing terms are a hard operational constraint on redistribution; managed as part of vendor-feed management.
  • DAMA-DMBOK and the EDM Council DCAM framework — the data-management discipline; market and reference data quality is a DCAM-assessed capability.

Open extensions

  • The source-hierarchy and golden-source-selection logic as a configurable rule set.
  • The split of corporate-action notification (sourced here) from corporate-action processing (SD-12.6).
  • Real-time / streaming market data versus batch reference data as distinct ingestion patterns.

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