The new head of the SmartStream Reference Data Utility (RDU) is a true believer in the utility concept for post-trade operations.
SmartStream has found a true believer in the industry utility concept and has made industry veteran Peter Moss the next CEO of the SmartStream Reference Data Utility (RDU).
The RDU is a managed service that delivers reference data for regulatory reporting, trade processing and risk management operations in a supposedly more cost-effective utility approach, officials say.
The RDU acts as a processing agent for its participants’ selected data sources via sourcing, validating and cross-referencing data, according to SmartStream.
“Peter believes strongly in the industry utility concept and was attracted by the quality of the financial organizations that are backing the business,” says a SmartStream spokesman. “Peter has worked in the financial data industry for 25 years and is convinced that the SmartStream Reference Data Utility is well placed to drive the next stage of evolution in the reference data market.”
Moss, who joined SmartStream last month, replaces Philippe Chambadal, president of SmartStream, who was serving as CEO of RDU, company officials say.
“Philippe will relinquish all responsibilities associated with the CEO position including any day-to-day controls,” says a spokesman for SmartStream. In addition, Ross and Chambadal will not be sharing responsibilities for RDU. “The business will be solely Mr. Moss’s responsibility,” the spokesman adds.
Moss spent 25 years with Thomson Reuters where he set up the Thomson Reuters Enterprise business, and lead the integration of the Thomson Financial and Reuters businesses after the $17 billion merger in 2007, officials say. He oversaw the data and technology operations as chief technology officer (CTO) and most recently has responsibility for the financial division, a $6 billion revenue business.
The RDU is an industry-sponsored data management service, established with the support of Goldman Sachs, JPMorgan Chase, Morgan Stanley and SmartStream.
“Industry demand for a reference data managed service has been significant and I can see excellent market potential for the RDU across a broad range of industry participants,” says Moss in a prepared statement.
“Though based in London, Mr. Moss will spend a fair amount of time in New York as well as at the San Jose development center,” a SmartStream spokesman adds.
Chambadal led the formation of the RDU, whose backers use the proprietary SmartStream reference data solution, officials say. The Chambadal also led the formation of the Fees and Expense Management and Centre of Excellence businesses.
Moss’s promotion follows changes at the top five months ago.
Chambadal’s seven years as CEO of SmartStream ended in May 2016, when he took on the post of president while SmartStream appointed Haytham Kaddoura as CEO.
Kaddoura had been serving as an advisor to the SmartStream board of directors and is a member of the board of directors for the SmartStream RDU, officials say.
In his new role as president, Chambadal has been focusing his efforts on the RDU and Fees Management Utility businesses, as well as future acquisitions and other strategic initiatives, officials say.
In other news, the financial messaging and systems cooperative SWIFT has accredited SmartStream’s Transaction Lifecycle Management (TLM) Corporate Actions with the SWIFT Certified Application label for another year, SWIFT officials say.
The SWIFT accreditation is awarded annually after ensuring that a technology provider is fully compliant with SWIFT messaging standards. “TLM Corporate Actions has been accredited against ISO 15022 messages and, in-line with SWIFT recommendations, is ISO 20022 Ready in preparation for organizations adopting this standard,” according to SWIFT officials. “ISO 15022 and ISO 20022 are the de facto standards for corporate actions processing adopted by financial institutions worldwide.”
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