Modern Back Office Workflows for Pricing and Reference Data: The Power of Daily Security Master Maintenance

One of the main areas QUODD has focused on in the past few years is addressing how firms can better serve their middle-and-back-office employees with access to vital market data. What we’ve observed is that the back and middle office professionals don’t always require the bells and whistles that come with the offerings from legacy providers. But what they do need and want is the modern, reliable applications to keep up with today’s demands delivered by technology partners that truly understand their unique business needs. 

The industry trend is rapidly moving towards data-on-demand that involves customized delivery models, coupled with a user-specific experience that works better with the workflow needs of middle-and-back-office employees, who are often either fully or partially remote and need immediate fingertip access.

At QUODD, we built our QX Digital Platform to bring this modern experience to our valued clients across the buy and sell sides; spanning operational workflows within banking & trust, asset management, asset servicing (custody/clearing/fund admin), wealth tech solutions, accounting platforms, capital markets, fintech trading/analytics and other segments. In this series of posts, we aim to highlight a number of the modern workflows we’ve built over the last year to help our clients achieve better operational efficiency and scale in the back office.

Utilized Across Back-office Teams for Accurate Reporting

Security master maintenance is an essential component of any wealth management platform. QUODD’s security master solution is utilized across various back-office teams including Asset Setup and Management, Fund Accounting, Valuations, Pricing, and Security Operations.

Accurate and timely data is of utmost importance and any inaccuracies can lead to incorrect valuations, misinterpretations of risk exposure, and ultimately, failure to meet Service Level Agreements to your various stakeholders. 

Empowering Seamless Integration into Security Master Maintenance Tasks

The QUODD Digital Platform empowers users to seamlessly integrate automation into essential security master management tasks:

• Stay ahead of changes with proactive notifications regarding upcoming adjustments to your security lists.
• Enhance fund accounting accuracy and efficiency with timely ex-date information.
• Optimize operations by streamlining trade execution and settlement processes.
• Ensure uniform and reliable data across portfolio management, risk analysis, and reporting functions.

QX Query users can swiftly create and customize built-in templates, complete with predefined fields, to instantly request specific security master data. Alternatively, QX Digital Platform users can leverage the QX Lookup feature to effortlessly access pricing and reference data for individual securities.

In summary, daily security master maintenance is essential in wealth management to uphold data accuracy, ensure regulatory compliance, manage risks effectively, enhance client trust, optimize operational efficiency, maintain system integration, and prevent fraud and errors. It is a foundational aspect of sound financial management practices in the industry.

About QUODD’s QX Digital Platform 

QUODD built a fit-for-purpose digital platform that gives customers access to reliable and comprehensive market data functionality and content for middle and back-office workflows.

The QX Digital Platform delivers the highest quality, proven, reliable, and cost-effective source of comprehensive security pricing, reference data, and analytics across all asset classes, integrating best-of-breed content providers for funds, equities, and fixed income via a web-based market data portal. In 2023, QUODD tripled the number of companies using the QX Digital Platform.

Serving as a cornerstone of the QUODD market data suite of products and services, QX Digital Platform was built to help wealth management servicing firms to connect the workflows between the back to middle to front offices; empowering financial institutions with the operating efficiency and controls to most effectively support data management and client servicing needs.

QX Digital Platform is utilized as a primary or secondary source by leading institutions in the bank wealth management, trust, and retirement segments and/ or by their enabling technology platform providers that are continuing to grow as operations outsourcers.

The technology powering QX Digital Platform ingests, normalizes, and productizes best-of-breed sources of market data content for consumption with the lowest amount of friction.