Reference Data

Management
Agenda

In this session, you will learn about:

• Understand Reference Data Management

(RDM)
• List Down the Types of Data
• Explain the Functions of RDM
• Describe the Impact of RDM
• Identify the Products of RDM

Private and Confidential 2

 Building blocks
Introduction to Reference
Data Management
What is Data?

Data is a collection of information, which is usually organized.

Data is in the form of:

Words

Numbers

Pictures

Private and Confidential 4

What is Data?

Data can be classified based on how it is used.

Banks are Dependent

on Data for:

KYC Reporting to MIS reporting

regulatory authorities

Private and Confidential 5

What is Reference Data Management?
The core work of RDM is to create and maintain data for an organization. Data can be in the
form of client details, settlement instructions, national holidays, currency rates etc.
Data is used for:

Processing Transactions Compliance Analytics

Measurements

Risk Management Client Reporting

Private and Confidential 6

List of Data Providers

• AlphaSense
• Bloomberg L.P.
• Cbonds
• CQG
• Dealogic
• Eurekahedge
• FactSet
• Fidessa • Mergermarket
• FIS (SunGard) • [Link]
• ICE Data Services • Moody's Analytics
• Interactive Data Corporation • Morningstar, Inc.
• IRESS • NYSE Technologies
• Markit • Preqin
• Quandl
• S&P Capital IQ
• SIX Financial Information
• Thomson Reuters
• TraderMade
• Vela Trading Technologies
Private and Confidential 7
 Building blocks

Types of Data

Private and Confidential 8

Types of Data

Types of Data

Static/Reference Market/Streaming
Data Data

• Data that doesn’t change

often. • Data that changes on real
time basis.
• Data that defines the
customers, securities and • Used in analysis, trading,
transactions that flow dealing, risk management,
through the financial settlements etc.
systems that exists. • Eg. Securities prices,
• Eg. SSI, securities details currency rates etc.
etc.

Private and Confidential 9

Static Data

Static data Data

is critical
can be to Straight
classified Through
based on how itProcessing
is used. (STP).

STP enables the whole trade process for capital markets and the payments to be conducted
electronically without the need for manual intervention.
Private and Confidential 10
List of Counterparty Static Data

1 Name, Address and Contact

Details

2
Authorized Credit Limits

3 Standard Settlement
Instructions

4
Date of Account Set up

Private and Confidential 11

List of Counterparty Static Data

4
Type of Institution

5
Tax Status

6
Registered Representatives

7 Confirmation Details (Email,

Electronic etc.)

Private and Confidential 12

Creating a Counterparty Account: Process

1 Middle Office
The MO forwards request to
2
Front Office requests for Compliance via email
Front Office
new account via email
Compliance
3
Compliance checks client info
4 for accuracy and completeness

Client
Compliance verifies details
If information is missing, Compliance seeks from client, approves request
all details along with the relevant 5
and forwards to RDM team
documents as applicable under the KYC via e-mail
and AML norms.
Client updates and sends back the same.
Ref Data Team
The RDM team opens
6 account in RDM

Private and Confidential 13

Creating a Trading Account: Process

Middle Office
1 2 The MO forwards request to the
RDM Team
Front Front Office requests for
Office new trading account

Ref Data Team

The RDM team checks client
3 info for accuracy and
4 completeness
Middle Office
If information missing or inaccurate, the RDM
team informs MO about the same. 5 The RDM team opens
account in RDM and sends
The MO liaises with counterparty, gets all
confirmation to MO
required information and passes it back to
RDM team

Private and Confidential 14

Standard Settlement Instructions (SSIs)

Standard Settlement Instructions

are the main driver of the STP
process from the point of trade
agreement to final settlement.

It provide details of which

settlement agents are going to be
used to settle the trade by both the
sell-side firm and the investors who
use its services.

Both the cash-side and the stock-

side of a securities trade will be
settled – normally on a DvP basic by
the settlement agents chosen by the
sell-side firm and the investor.

Private and Confidential 15

Adding Settlement Instructions (SSIs)

The Standard Settlement Instructions

(SSIs) specify how a trade is to be
settled.
SSIs are added to trading accounts
based on requests from Middle/Back
Office.

The below fields are important for

the process of adding SSIs to an
account:
• Place of Settlement
• Delivering Agent Bank/Local Bank
• Deliverer’s Custodian

Private and Confidential 16

Example of SSIs – Set Up: Process

Set-up Process of SSIs

Middle Office
1 The MO forwards this request
2 via web form to the RDM team.
Client Client sends request to set up
standard settlement
instructions via email.

Ref Data Team

3 The RDM team adds instructions as per
the details provided by client.

Private and Confidential 17

List of Instrument Static Data

Alternative/
Type of
Currency Maturity Date External
Instrument
References

LIST OF INSTRUMENT STATIC DATA

Exchange Exchange Rate Coupon Dates

Private and Confidential 18

Securities Identification Numbers
List different security identifier used in financial markets are:

03 04
01 02

SYMBOL/
TICKER/
ISIN CUSIP CINS
STOCK
SYMBOL

08 07 06 05

BLOOMBERG VALOREN
RIC SEDOL
GID

Private and Confidential 19

Symbol
The SYMBOL is a unique identifier used to represent a particular security
listed on a stock exchange.
Usually the issuer provides a ticker symbol which is used to identify the security
traded in the stock exchange.

Private and Confidential 20

Symbol
Every listed security has a unique ticker symbol, facilitating the vast array of trade orders
that flow through the financial markets every day.

Examples

Usually it is uncommon to see ticker symbol for fixed income security as it is mostly traded
over the counter.
Private and Confidential 21
International Securities Identification Number (ISIN)

The International They are composed of a In the United States,

Securities Identification 12-digit alphanumeric ISINs are extended
Number (ISIN) is used code and act to unify versions of 9-character
worldwide to identify different ticker CUSIP (Committee on
securities. symbols which can Uniform Security
vary by exchange and Identification
ISINs are assigned to currency — for the Procedures) numbers;
securities to facilitate same security. ISINs can be formed by
unambiguous clearing adding a country code
and settlement and check digit to the
procedures. beginning and end of a
CUSIP, respectively.
Example: US-
049580485-1

Private and Confidential 22

International Securities Identification Number (ISIN)

A global uniform unique code that identifies instruments to facilitate cross-border trading.

ISO COUNTRY LOCAL

CHECK ISIN Identifier
CODE IDENTIFIER

2 Characters 9 Characters 1 Character 12 Characters

Example: [Link] Inc - Common Stock

US 049580485 1 US0495804851

CUSIP

Private and Confidential 23

Structure of ISIN
Country Code

1 A two-letter country code, drawn from a list (ISO 6166) prepared by

the International Organization for Standardization (ISO).

2 This code is assigned according to the location of a company’s

head office.

3 A special code is used for international securities cleared through

pan-European clearing systems like Euroclear and CEDEL.

Depository receipt ISIN usage is unique in that the country

4 code for the security is that of the DR issuer, not
that of the underlying security.

Private and Confidential 24

Structure of ISIN

National Securities Identifying Number (NSIN)

A nine-digit numeric
identifier, called the If a national number is The numeric identifier
National Securities composed of less than has no intrinsic
Identifying Number nine digits, it is padded meaning it is essentially
(NSIN), and assigned by with leading zeros to a serial number.
each country’s or region’s become a NSIN.
National Numbering
Agency (NNA).

The digit is calculated based upon the

A Single preceding 11 characters/digits. It uses a
Check-Digit sum modulo 10 algorithm and helps
ensure against counterfeit numbers.

Private and Confidential 25

Usage of ISIN

Some European countries have adopted ISINs as their primary security identifier.
ISIN are implicitly used in the U.S. and Canada because they are built upon CUSIP numbers.

Private and Confidential 26

Usage of ISIN
In countries with no NNA, three neighboring individual NNAs work together
to administer ISINs.

The [Link] is the CUSIP Global Services (cusips are owned by the American
Bankers Association and managed by Standard & Poor’s) and its NSIN is a
CUSIP number.

Private and Confidential 27

Usage of ISIN
In countries with no NNA, three neighboring individual NNAs work together
to administer ISINs.

The Stock Exchange Daily Official List (SEDOL) is used as the NSIN source,
issued by the country’s NNA, the London Stock Exchange.

Private and Confidential 28

Usage of ISIN
In countries with no NNA, three neighboring individual NNAs work together
to administer ISINs.

The Swiss NNA Telekurs bases its NSINs on a Valor Number.

Private and Confidential 29

Usage of ISIN
In countries with no NNA, three neighboring individual NNAs work together
to administer ISINs.

The Hong Kong Exchange (HKEx) is responsible for ISINs in China.

Private and Confidential 30

Usage of ISIN
In countries with no NNA, three neighboring individual NNAs work together
to administer ISINs.

Indian ISINs are managed by the Securities and Exchange Board of India.

Private and Confidential 31

History of ISIN

ISINs were first used in 1981, but didn’t

reach wide acceptance until 1989, when
the G30 countries recommended
adoption.

A year later, the Association of National

Numbering Agencies (ANNA) was formed
and endorsed by the ISO.

The Global ISIN Access Mechanism was

developed in 1994 to facilitate the
electronic exchange of ISIN information
across the different NNAs. ANNA ensures
ISIN availability throughout the world.

To that end, they have worked out an

information exchange process named
GIAM-2, which uses the Internet and CD-
ROM technologies.

Private and Confidential 32

CUSIP Global Services (CGS)

CGS brings coverage, consistency and expertise to the global securities

marketplace offering:

Identification Standardisation Classification

Classification of
Financial Instruments
Standardized
Universally recognized (CFI)
descriptions
identification codes to group
for up to 50 data
for more than 9.1 million instruments with similar
attributes for over 6
unique financial features; for example, the
million securities offered
instruments. CFI codes for equities
in the U.S. and Canada.
include instrument
groups such as shares,
preferred stock, mutual
funds and UITs.

Private and Confidential 33

CUSIP Global Services (CGS)

CUSIP GLOBAL SERVICES

CGS International CGS Business Entity

Numbering System CGS ISINs Identifiers
For counterparties,
(CINS) For over 4 million
issuers and obligors in
For over 1 million global instruments.
global financial
instruments.
transactions.

Private and Confidential 34

Importance of CGS Identifiers

• CGS identifiers support the

accurate and efficient clearance
and settlement of securities.

• Supports processing of income

payments made during the life
cycle of an issue.

• CUSIP is a registered trademark

of the American Bankers
Association. CUSIP Global
Services (CGS) is managed on
behalf of the American Bankers
Association by S&P Capital IQ.

Private and Confidential 35

Importance of CGS Identifiers
Among many other things, they enable the following:

Allows various
Custodians and
market participants If you own a
sub-custodians to
to easily identify Depositories to
easily communicate
and access issue- accurately manage
on securities
specific data. transactions and
transactions.
examine historical
data.

Private and Confidential 36

CUSIP

CGS CUSIPs are 9-character identifiers that capture an issue’s important differentiating
characteristics within a common structure. It is issued for financial instruments offered in
the U.S. and Canada.

ISSUER ISSUE CHECK CUSIP

023135 10 6 023135106
First 6 Characters Next 2 Characters
identifies the identifies the type
unique of the: of Instrument: Next 1 Character
The mathematical
• Company • Debt formula checks the
• Muncipality • Equity accuracy of the Resulting 9
• Government previous 8 Characters -
Agency Uniquely identifies characters A unique
the issue within Identifier
A hierarchical the issuer Delivers as one
alpha numeric character check
convention linked A hierarchical result.
to alphabetic alpha numeric
issuer name convention.

Private and Confidential 37

CUSIP International Numbering System (CINS)

CGS CINS is a 9-character alphanumeric identifiers, which contains alphabet in

the first position signifying the issuer’s country or geographic region.
It as an extension to CUSIP in response to U.S. demand for global coverage, and is
the local identifier of more than 30 non-North American markets.

COUNTRY ISSUER ISSUE CHECK CUSIP

G 0052B 10 5 G0052B105
Next 1
First Characters Next 2
Next 5 Character
identifies the Characters
Characters The
unique of the identifies the
combined mathematical
territory type of
with country formula Resulting 9
code uniquely Instrument checks the Characters -
CGS rule based
identifies the accuracy of A unique
engine governs Uniquely
issuer the previous 8 Identifier
designation identifies the characters and
In this case: issue within
In this case: delivers 1
G=United the issuer
Abingdon character
Kingdom
result.
Private and Confidential 38
CGS ISIN

A CGS ISIN is a unique global code that identifies instruments to facilitate

cross-border trading.

There are currently 78 recognized

National Numbering Agencies (NNAs)
throughout the world which are
responsible for the assignment of ISINs
in their respective countries.

CGS is a NNA responsible for the

assignment of ISINs in the U.S. and in
other areas where designated or
appointed.

A CUSIP or CGS CINS identifier will

always be in position 3 to 11 of a CGS
ISIN.

Private and Confidential 39

CGS ISIN

A global uniform unique code that identifies instruments to facilitate cross-border trading.

ISO COUNTRY LOCAL CHECK ISIN Identifier

CODE IDENTIFIER

2 Characters 9 Characters 1 Character 12 Characters

Example: [Link] Inc - Common Stock

US 023135106 7 US0231351067
CUSIP

Example: Cable and Wireless Jamaica Limited - Shares

JM P19231102 6 JMP192311026
CINS

Private and Confidential 40

SEDOL

Stock Exchange Daily Official List SEDOL codes are now issued to all
(SEDOL) is a seven-Character countries for both listed and unlisted
identification number traditional instruments covering all asset classes.
used for securities traded in UK and It serves as a unique country level
Ireland generated by the London identifier. This facilitates the issue of
stock exchange. UK ISINs.

SEDOL

The London Stock Exchange is the UK Each SEDOL also provides

representative of the Association of comprehensive reference data and
National Numbering Agencies corporate actions data through an
(ANNA), and allocates UK ISINs in enhanced SEDOL Masterfile (SMF)
addition to universal SEDOL codes. service.

Private and Confidential 41

Structure of SEDOL
The seven character SEDOLs, consist of two parts:

SIX-PLACE ALPHANUMERIC CODE TRAILING CHECK DIGIT

SEDOLs issued prior to January 26, After January 26, 2004, SEDOLs
2004 were composed only of were changed to be alpha-numeric
numbers. and are issued sequentially,
beginning with B000009.
• SEDOLs issued to Asia and Africa
typically begin with 6. At each character position numbers
• SEDOLs issued to UK and Ireland precede letters and vowels are
(until Ireland joined the EU) never used. All new SEDOLs,
typically begin with 0 or 3. therefore, begin with a letter. Ranges
• SEDOLs issued to Europe beginning with 9 are reserved for
typically began with 4, 5, or 7. end user allocation.
• SEDOLs issued to Americas began
with 2.

Private and Confidential 42

Other Features of SEDOL

The following LSE allocates SEDOL code A unique, market-level,

circumstances may trigger on a real-time basis global security identifier
the issuance of a new covering a broad coverage increases STP efficiencies
SEDOL code: of asset classes with and decreases the costs of
• Change of corporate additional identification cross-border trade
headquarters to a data. failure.
different country
• Merger and Acquisitions This reduces trade failures
• Issuance of a new code if and the streamlining of
a new ISIN as a result of: manual processes.
o A company name
change
o Takeovers
o Share
reclassifications.

Private and Confidential 43

Valoren

Six Telekurs is the

National Numbering
Agency for Switzerland,
Belgium and the
Principality of
Liechtenstein.

It is responsible for
allocating Swiss security
identification numbers
known as valoren
numbers. It is typical six
to nine digits in length.

Private and Confidential 44

Valoren

Valoren is a founding member of the Association of National Numbering Agencies

(ANNA) and leads the way in introducing standards aimed at simplifying trading and
securities administration.

These numbers are similar to the CUSIP numbers that are used in Canada and the U.S
.

In Switzerland and Liechtenstein, the VALOR number is the main identifier in the Swiss
Value Chain. It is used as the main identifier by financial institutions throughout Europe.

Private and Confidential 45

Reuters Instrument Code (RIC)

• The Reuters Instrument Code

(RIC) is the unique name given to
each global stock followed by the
exchange code showing where it
is quoted.

• The exchange code used in the

RIC is proprietary to Reuters and
is used extensively by Reuters
clients.

• The codes are used for looking up

information on various Reuters
financial information networks.

Private and Confidential 46

Reuters Instrument Code (RIC)

RIC code is mainly two parts:

Second part is exchange

First part is a symbol. code which is optional. It
is separated by period.

Example: [Link] represents the Microsoft on NASDAQ.

Private and Confidential 47

Bloomberg Global ID (BBGID)

Bloomberg is a financial software, data and media company headquartered in New York
City. It was founded by Michael Bloomberg in 1981.

It provides financial software tools such as an analytics and equity trading platform, data
services and news to financial companies and organizations through the Bloomberg
terminal.
Private and Confidential 48
Bloomberg Global ID (BBGID)

The Bloomberg Global ID

(BBGID) is a 12 digit alpha-
numeric, randomly generated
ID covering active and non-
active securities. In total, there
will be more than 852 billion
potential numbers available.

It does not contain

information characterizing
financial instruments, as the
identifier is randomly
generated.

Private and Confidential 49

Bloomberg Global ID (BBGID)

• BBGID provides comprehensive

global coverage of the financial
markets and the ID will be
invaluable for those lacking an
identifier like loans, and futures
and options.

• BBGID identifiers are available

through Bloomberg's website
with no material impediments
on use.

• Unique, non-changing identifier

that covers all Global financial
instruments with no restrictions
on usage.

Private and Confidential 50

Limitations of RIC BBGID as Reference Data

It has been built around proprietary,

closed standards used to identify
securities. Today, there are hundreds
1 of such symbology sets, created by
vendors, markets and the companies
themselves.

Most of the existing reference

data sets have their own
commercial terms that limit and 2
restrict usage.

Supporting this multiplicity of

standards has created systems that
inflate the cost of maintenance and
3 hamper the ability of companies to
reinvest on new innovations.
Private and Confidential 51
Limitations of RIC BBGID as Reference Data

This process keeps

companies from fully
streamlining operations and
realizing efficiencies across
business units.

An effective symbology for

any class of instrument must
have broad coverage, be
freely available, flexible
enough for use in multiple
functions.

Private and Confidential 52

Market/Dynamic Data

Market data isData

associated with financial
can be classified based onproducts like shares, bonds,
how it is used.
derivatives, currencies etc.

It refers to numerical price data from

stock exchanges etc. Market data
constitutes real time data, historical data
and interpretative data.

Private and Confidential 53

Pricing Services

• Pricing vendors delivers end-of-day, • Pricing vendors, collect, edit, maintain

intra-day and real-time data from and deliver the pricing and related data
markets around the world. from all the markets and exchanges
• The accuracy is critical to value around the globe.
portfolios accurately and publish • This information includes
NAV. bid/offer/last trade/ open/ close/
high/ low prices and volume data.
Private and Confidential 54
Pricing Data

The end-of-day pricing data covering around 120 markets and exchanges and is
delivered to clients after the markets close.

Intra-day Real-time Weekly pricing

pricing data market data information

Is provided at
regular intervals Is also provided
Is provided to
during the with details of
clients from a
business day for dividend and
broad range of
Investment security
global sources at
mangers to make information for by
a varying speeds.
an informed certain Exchange.
decisions.

Private and Confidential 55

Pricing Data for Listed and OTC Securities
The intra-day, end-of-day and end-of-market prices and related data for listed
securities as well as over-the-counter (OTC) securities:

Common and
Options and
preferred stock,
futures contracts
rights, warrants, and
1 depositary receipts 2

Listed bonds and Fixed dividend,

convertible preferential, and
securities
3 4
loan capital

Private and Confidential 56

Pricing Data for Listed and OTC Securities
The intra-day, end-of-day and end-of-market prices and related data for listed
securities as well as over-the-counter (OTC) securities:

Closed-end funds and

exchange traded Foreign exchange

5 funds (ETFs) 6 rates

Indices and
market indicators Data items
7 8

Private and Confidential 57

Prices for OTC Securities

The prices US OTC securities are sourced from a range of sources as under:

OTC Bulletin Board Other OTC OTC Markets Group Inc

(OTCBB) provides brokers/dealers report (formerly Pink Sheets
market maker trade and trades of OTC securities LLC), is a centralized
quote information for to FINRA. quotation service that
OTC securities that meet collects and publishes
SEC or other regulatory For securities not traded market maker quotes for
authority filing on an exchange or quoted OTC securities.
requirements. on the OTCBB, FINRA
distributes the trade It provides market
prices as "Other-OTC" maker quotations for
prices via the Trade Data OTCBB and Other-OTC
Dissemination Service securities, and for other
operated by Nasdaq OMX. securities for which
trade prices are not
available.

Private and Confidential 58

Hierarchy of Pricing Data Provided

Pricing data for OTC securities

Common
Rights Warrants units
stock

Private and Confidential 59

Hierarchy of Pricing Data Provided

Pricing vendor provide pricing data for OTC securities according to the following:

If an issue is listed on If an issue is not listed

an exchange, a trade or on an exchange but is
quote from the covered on the OTCBB,
exchange is provided, if 1 a trade or quote from
available. Otherwise, a
quote from OTC
2 the OTCBB is provided,
if available. Otherwise,
Markets Group may be a quote from OTC
provided, if it is Markets Group may be
available.
3 provided, if available.

If an issue is not listed on an exchange,

and is not covered by the OTCBB, an
“Other-OTC” trade is provided, if
available. Otherwise, a quote from OTC
Markets Group is provided, if available.
Private and Confidential 60
Hierarchy of Pricing Data Provided

ADRs Preferred Stock

If an issue is listed on an If an issue is not listed on an

exchange, a trade or quote from exchange, an evaluation may be
the exchange is provided, if available from Interactive Data.
available.
Trade pricing from OTCBB or
"Other-OTC" and/or quotes from
OTC Markets Group may also be
available.

Private and Confidential 61

 Building blocks
Functions of Reference
Data Management

Private and Confidential 62

Basic Functions of a Reference Data System

Private and Confidential 63

Reference Data Management Functions

• There is growing importance for RDM in

terms of improving data quality, usability
and timelines of data being delivered.

• Data management and reference data is

driven by regulatory and risk mitigations.

Private and Confidential 64

Why is RDM Important?

RDM is considered to be a core activity in any organization

more specifically banks.

It means recording the complete details of the client to the

banks.

The function is responsible for maintaining the client’s

details, the SSI’s etc., which helps the bank to provide
services on behalf of the client such as trading.

The key function is the quality of the data that is maintained

which reflects the banks readiness for any situation.

Private and Confidential 65

4 Pillars of RDM

01 02 03 04
Client Data Organizational Product Data Calendar Data
Data
Is useful in getting Is useful in trading, Is useful in
clients on-boarded , dealing, risk maintaining trade
Is useful to maintain management, and settlement
that helps the bank
the books, legal settlements and other holidays within
to book and process
entities and general back office functions systems to help the
trades. Included
ledgers for financial such as instruments settlement process
counterparty data,
reporting. data, corporate action include holiday data
SSI data, payment
instructions etc. data, pricing data and and settlement dates.
intra day prices.

Private and Confidential 66

Importance of RDM Function

RDM function is important to:

Enable the organization to take Capture and maintain the data

sound trading decisions and for with absolute accuracy and to
efficient STP. make sure that the data is
retrievable at anytime.

Private and Confidential 67

Importance of RDM Function

RDM function is important to:

Ensure systems and

Ensure this control points are a
applications that capture the
must at every stage of the
data should be flexible
workflow of the RDM cycle.
enough to certain the
relevancy and authenticity of
the data.

Private and Confidential 68

Example of Workflow of RDM

Workflow of RDM

Sales forwards the

Sales strikes a MO requests RDM
client specific data
deal with client to set up client
to MO

Basis the requests,

Client info is updated RDM sets-up
in all systems enabling /maintains this
trading and settlement data in systems
to take place

Private and Confidential 69

RDM in Trade Life Cycle

During TLC – in the Trade Enrichment stage the

trade will be enriched with Economic and Non-
Economic Details of the Trade.

Economic Details will have an impact on the Profit or

Loss of a trade.

Non-Economic Details are in relation to Client

Information and SSI’s.

Private and Confidential 70

 Building blocks
Impact of Reference Data
Management

Private and Confidential 71

Impact of RDM

 Any operational activity in a bank

will have a negative impact if not
done correctly.

 RDM activities are core to a bank’s

efficiency and have a direct impact
on the bank or its clients.

 The impact could be financial and

reputational related to compliance.

 There could be fines imposed on the

banks arising out of compliance or
regulatory breaches.

Private and Confidential 72

Example

An operational impact can result in:

Incorrect confirmations Incorrect account Incorrect SSI could

which could lead to: opened could lead to: lead to:

• Malicious trading
• Confirmations to
• Opening bank
wrong parties • Payments to wrong
systems to
• Data privacy parties
unwanted audience
breach • Loss due to interest
• Non- compliance to
• Compliance issue claims
regulatory
• Client dis- • Reputational
authorities
satisfaction damage
• Heavy fined levied
• Reputational
• Reputational
damage
damage

Private and Confidential 73

 Building blocks

In Class Activity

Private and Confidential 74

Exercise

In Class Activity
Please find the below details of the following Securities:
• Apple Shares
• Apple Bonds
• Berkshire Hathaway Inc. Class A Shares
• HDFC Bank Shares
• HDFC Bank Basel III Perpetual Bonds Series

Private and Confidential 75

Exercise

In Class Activity
Details to find out:
Name of Security:
Security Type:
Current Price:
ISIN:
CUSIP:
SEDOL:
Issued Currency:
Coupon Rate:
Coupon Frequency :

Private and Confidential 76

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Private and Confidential 77