2. “ Investing and trading
in art has risen sharply over
the last years.” INTERVIEW
Stephen Boyes
Global Head of Solutions ADRIANO PICINATI DI TORCELLO
What is the aim of the next Art & Finance conference organised by Deloitte Additionally, being an international centre for investment funds and private banking, the
Luxembourg in Miami? Grand Duchy offers a wide range of investment vehicles and services to international investors.
For more than three years now, Deloitte Luxembourg has been creating awareness on the There is a real opportunity for asset managers, private banks and family offices to expand their
increasing recognition of art as a new asset class. Deloitte Art & Finance Conference is the service offering by integrating the concept of collectible assets into the overall asset allocation
premier international conference of note in the field of Art & Finance. After travelling to strategy to assure adequate liquidity, avoid over-exposure to risk, minimising income taxes
Luxembourg, London and Paris, the conference will settle down this year in Miami, during and organise appropriate transmission to heirs or donation to charity. It is a complete new
Art Basel Miami Beach. It will be held at the Ritz Carlton, South Beach, in Miami, Florida, field which provides room for innovation where Luxembourg banks can become the centre of
on 2 December 2011 (www.deloitte-artandfinance.com). The conference is organised under competence within their group. It is also a complex subject which requires high value-added
the patronage of Luxembourg for Finance and the Luxembourg Embassy in Washington, in services to support customers, such as, legal, tax, wealth structuring, insurance, conservation,
collaboration with Maastricht University, and with the partnership of The Art Newspaper, trading, etc. in line with the Luxembourg strategy to develop high value-added services.
National Suisse and ING Bank.
Currently, no financial market has developed a global competence around collectible assets.
The conference is a part of our long term vision to develop an Art & Finance cluster in As for the investment fund sector, this is an opportunity for the Luxembourg sector to develop a
first-mover advantage in a new niche especially now that the Luxembourg parliament voted in
EDITORIAL
Luxembourg, with the aim to diversify the Luxembourg economy while strengthening existing
Dear customers, activities, such as the financial sector and the logistic sector. favour of the new VAT law allowing the creation of a Freeport for valuable assets in Luxembourg.
As investment in Fine Art continues to attract ever-increasing interest, I am pleased to share some further In order to make this vision happen, we have been focusing on systemic projects. The first Furthermore, uncertainty in the market has made capital preservation a top priority. Wealthy
important building block for the development of an Art & Finance cluster we have been working investors are looking for specialised investment information and deeper levels of advice on
developments about Art & Finance in Luxembourg, the next Art Financial cluster and global centre of expertise
on for more than three years is the setting up of a Freeport dedicated to valuable assets at tangible assets such as art, precious metals, fine wines, etc. An increasing number of private
for art investment fund, with a contribution of Adriano Picinati di Torcello, Deloitte Expert in Art & Finance.
the Luxembourg airport. The second building block we have been working on for more than banks are teaming up with experts to come up with an art market strategy beyond simply
“In a climate of competition between financial centers for a central position within this new service niche, it offering their clients access to art fairs and other concierge type services.
WELCOME TO THE
two years now is the setting up of the first regulated multilateral trading facility in the world
seems clear that, given the financial activity and expertise already existing in Luxembourg, these new financial dedicated to the trading of financial certificates backed by unique tangible valuable assets,
services would offer an interesting opportunity for growth,” said Adriano Picinati de Torcello (Senior Manager Also people have always invested in emotional assets and wealthy investors are increasingly
such as paintings. Those projects were introduced during the Deloitte-Thomson Reuters
ERS-Investment Management at Deloitte Luxembourg). viewing art less as a passion and more as a serious asset class in its own right. Art and collectible
conference in June 2011(podcast available at www.deloitte–artandfinance.com).
FOURTH ISSUE OF
assets represent sizeable assets for many high-net-worth individuals. It is at least a trillion
It indeed appears that art markets are booming. Investing and trading in art has risen sharply over the last Euro market currently barely served by financial institutions. With the increase in worldwide
years. Both the total turnover and the number of lots sold have more than doubled over the period 1990 to We have been collaborating with the Luxembourg government on this initiative for several
years now and we strongly believe that Luxembourg can be very attractive for investors and/or wealth, more people will invest in collectible assets, pushing prices higher.
2008. Moreover, record prices for individual paintings have been accomplished in recent years. Parallel to this
entrepreneurs in that field, or others, due to the local authorities’ responsiveness.
POINT OF VIEW
development, commercial banks seem to show an increased interest in investing in art as well. The art market employs millions of people worldwide that are highly qualified. Developing
services and competences around art and collectibles assets is also an opportunity to diversify
Luxembourg Government has made the first big step by recently endorsing the local establishment of customs Why has Deloitte Luxembourg been looking at art as a way to diversify the
the Luxembourg economy. Currently the Luxembourg art sector offering is still limited
warehouses and a tax free zone for EU or non EU art items storage purpose. Luxembourg economy?
compared to other international cities. Why does Luxembourg not host a major art event
We’re now eager to see how this initiative will stimulate Luxembourg financial activities. If you take a look at the latest trends which are directly or indirectly affecting the art markets’ such as TEFAF in Maastricht or Art Basel in Basel? Why is there only one auction house in
environment, they suggest the emergence of a financial fine art market in which fine art is Luxembourg? Why are art foundations limited in Luxembourg? Why can Luxembourg banks art
As the economy moves from expansion to pandemic crisis, companies tend to shift their focus to stimulating
considered as a new asset class. The simultaneity of those trends creates an environment collections not be accessible more often, dramatically increasing the cultural offering, as well as
growth by increasingly looking to their customers to drive growth-tailoring offerings and building a truly
that, in the past, has never been so favourable to supporting the materialisation of such reinforcing the Luxembourg image as an international city, innovative country, etc. There is no
customer-centric organization.
transformation. showstopper for Luxembourg to develop such activities and this is why we believe Luxembourg
In Thomson Reuters, we’ve always believed that happy customers are loyal customers, and now, more than ever, has the capacity to develop an Art & Finance cluster that encompasses financial, logistic,
we look to exceed our customers' expectations. That’s why we’ve made outstanding customer service one of our This trend, art as a new asset class, is an opportunity to broaden the scope of services of the
artistic, cultural, touristic, educational, art businesses activities. Of course developing an Art
five top priorities – delivering on that begins with all of us. Whether it’s working on the critical issues that cause Luxembourg financial sector and to strengthen its leading and innovative position. We notice
& Finance cluster is a long-term ambitious plan, but today the future of economies depends
our customers the most pain or getting the little things right, everyone can make a difference. that art and collectibles are essential to any UHNI, HNI and family office diversification strategy.
on the capacity to make long-term commitment to create new competencies. Luxembourg has
Moreover, when dealing with valuable tangible assets, developing these financial activities will
Our focus is to deliver against our established strategy - to power up solutions that respond to fundamental this ability; the recent investment in biotechnology is another example.
have ripple effects on other sectors, such as the logistic sector, the cultural sector, tourism,
changes in market structure and solve immediate and longer term customer needs. provided that appropriate measures are implemented.
But what distinguishes customer-centric organizations from other companies that proclaim their customer
From this perspective and following the projects that have been initiated, a momentum has been
focus? Customer-centric companies simply understand not only what the customer values, but also the value Adriano Picinati di Torcello
created. To benefit the most from this momentum we recommend Luxembourg stakeholders to
the customer represents to their bottom line. Directeur – Advisory & Consulting
develop a multi-year master plan to properly coordinate the different initiatives that needs to
You will see an example of a true customer-centric approach through an interview with Alain Weber, Managing be undertaken in order to create a long-standing competitive advantage in relation to this new
Director of LBLux. opportunity. Naturally, should Luxembourg succeed in creating this global centre of expertise.
Like the two contributors of this newsletter and more than ever, Thomson Reuters will always maintain focus on Additional highly profitable activities would strengthen the country’s competitive position,
while also having very positive consequences for the Luxembourg arts sector.
seeking your satisfaction, by supporting and accompanying you with new innovative solutions, in every aspect
of your business, in every challenge you will have to face.
Why does Deloitte believe Luxembourg is the right location for an Art & Finance
I trust you will enjoy this fourth issue of Point of View, the last one for this year and look forward to having the cluster ?
pleasure to share with you some more valuable contributions next year. Luxembourg benefits from a certain number of critical advantages that makes it a very
attractive location to establish an Art & Finance cluster:
• A financially healthy country (AAA rating), in a stable social and political environment Adriano Picinati di Torcello
• A neutral place has been analysing the art market
Sincerely yours, • A high level of safety in the country with a low crime rate evolution for several years and is in
• A multilingual and qualified workforce
• Luxembourg ranks among the top competitive countries in the world for pro-business attitude
charge of coordinating initiatives
• Short decision-making process where coordination costs are extremely low and activities around Art &
• A simple and favorable legal and regulatory environment Finance at Deloitte Luxembourg.
• Luxembourg is at the very heart of the Euro-Zone in the centre of the most important art
market in the world
Deloitte has an Art & Finance
• Luxembourg is surrounded by art fairs (FIAC, Art Brussels, Art Cologne, TEFAF, Art practice covering audit, tax and
Stephen Boyes Amsterdam, Frieze, Art Basel, Art Show Zurich, etc.)
consulting services for the art,
Global Head of Solutions • European gateway for valuable goods in transit : export from the EU and import within the EU
• Luxembourg is on its way to becoming one of the main European logistics hubs
cultural and the financial sector.
2 3
3. INTERVIEW ALAIN WEBER
Alain Weber is Managing Director of LBLux.
With us, he talks about building of a customer centric strategy in financial business.
We also speak about investment opportunities in the world of modern art.
I. CUSTOMER CENTRICITY On the other hand, the acquisition of new customers is in the focus of a dedicated team
of relationship managers.
Customer Centricity seems to be driving most of LBLux business principles. Could you In our Wealth Management, we have a multigenerational advisory approach meaning
share with us your main drivers/projects and progresses in that area? that we propose the customer to get in contact with the heirs in lifetime and show our
Alain Weber: “The whole business model of LBLux and its activities in international professionalism to them too. This often leads to an increase in confidence and emphasizes
Private Banking & Wealth Management, Corporate Banking and Treasury are based on our integral advice.
long term and Customer oriented relations. We believe that successful partnerships
based on confidence will only result from this approach with a strong focus on customers’ Another point is how you deal with complaints. A fast response with a good solution of
needs and expectations. Our investment advisory approach in every division concentrates the problem can often prevent far worse scenarios. Complaints always have two sides
on the customer and his individual situation that finally leads to tailor made strategies. and may contain a chance to improve. In a relationship, I prefer somebody complaining
instead of somebody losing the opportunity to talk and leaving without a word.”
This strategy of course has to be verified on a regular basis. Therefore, we are in close
contact with the customer and adapt the strategy if necessary. We always target on win-
win situations. Customers as well as our advisors appreciate our attitude with high loyalty II. ART & FINANCE
and a high degree of satisfaction.”
Banque LBLux is involved in a wide range of social matters, one of the first being Modern
In today’s business environment, many companies are talking about customer Art, with its own collection of contemporary art regularly exhibited in its entrance hall
satisfaction. But at the same time they have a huge pressure on reducing operating since 1994.
costs. Isn’t this a paradox and how did LBLUX manage this challenge?
This naturally brings us to talk about this new local initiative around Art & Finance.
Alain Weber: “An efficient organization is very important in order to stay competitive and
to deliver the best service you can to your customers. Our organization already reached a What drove LBLux decision to be active in the art domain?
high level of efficiency with a state of the art IT environment.
Alain Weber: “The collection was launched with the construction of our building, in 1994.
For us, the economic success of a company is more than the result of profit and sales At that time, we sat together with the architect Wilhelm Kücker and consulted an expert,
calculations. Aspects like the company image, staff motivation or customer satisfaction Dr Klaus Gallwitz, who then worked for the Städel museum in Frankfurt. Together with the
are just as important and have a major influence on the long term performance and management, we discussed the acquisitions to make, based on a strategy Dr Gallwitz had
provide a sustainable business. developed. The intention was not to buy one expensive piece of art for the entrance hall or
outside. The aim was rather to provide each office with a piece of artwork. We focused on
Generally, for LBLux, saving money at the expense of the customers benefit will never paper based works by contemporary German speaking artists who invited us to see their
happen. That does not go in line with our strategy at all. It’s more about efficiency of these work in galleries and on artists that came to our premises. Together, we decided which
expenses. works to buy. Over the years, the collection was completed, so that we now have a piece in
each office and even a surplus that we show in the hall of our premises.”
In the last years, we increased our HR expenses in qualifications and trainings of our staff
for the customers benefit.” The laws supporting the creation of a free port in Luxembourg have been voted on 14th
of July. In your perspective, do you think the Freeport will attract investors in Lux with
Do the built of a customer centric strategy require a change in corporate culture? positive impact on the Luxembourg market?
Alain Weber: “A customer oriented corporate culture is absolutely necessary. Banking at
Alain Weber: “New opportunities in Luxembourg always allow new business to market
LBLux has always been very personal with close one-to-one relationships. But customer
participants. Free ports exist in other countries, so it makes sense that Luxembourg, as a
orientation is not only for market divisions. Every single person of our staff is responsible
major player in the fund business and well placed with his wealth management activities,
for the image of the bank and for the presentation to the outside, where future customers
offers such a zone.”
arise and everybody in the company needs to be aware that what we do is serving
customers.”
Do you personally see fine art as an alternative asset class for retail and institutional
investors?
What should a Managing Director do to ensure that customer centricity is really a
business strategy and not just a slogan? Alain Weber: “If you invest in art, you should know what you are doing or you should
have an advisor who is specialized in that topic. This asset class will certainly not show
Alain Weber: “As Managing Director, you should set a good example in your daily customer
high turnover, but it can be a potential alternative for diversifying investments in tangible
oriented approach in order to encourage the advisors to take enough time to listen to the
assets to preserve value. Investors should have a mid to long term approach when putting
“Stay competitive
customer who is best placed to tell us about his goals. So, confidence and respect are set
money in a fine art fund.
up at an early stage and will be helping to develop a successful relationship based on a
common understanding.”
"A customer oriented corporate culture
and deliver
How do you measure customer satisfaction and as a consequence your achievements
in terms of customer centricity? What are your main metrics and how do you blend
those back into an organization to again achieve a different level of customer is absolutely necessary"
centricity and goals?
the best service” Alain Weber: “Clearly, loyalty is a very good indicator of satisfaction. If customers close
their accounts, we ask for the reasons for that. It’s rarely by dissatisfaction but, in most of
the cases, here in Luxembourg, because on the advanced age of the customers.
Interviewed by
Muriel Moutschen
Account Manager, Majors
Alain Weber
Managing Director of LBLux
In addition, we do customer satisfaction surveys on a regular basis. Not by an external
company but internally. A large majority of the customers rate us a high or very high
satisfaction level. And if there is something wrong, we will try to change it.”
At a time when customer behavior is changing dramatically, and becoming harder to
predict, Customer Retention is a priority for many organizations. What is LBLux doing
differently in that space?
Alain Weber: “We try to initiate, as I said before, a close relationship between the customer
and his advisor that grows over years and is based on trust. For us, banking is clearly
people’s business.
Our advisors fully concentrate on the management of existing relationships and on
developing them.
4 5
4. LIPPER AND EUROPEAN KNOW YOUR
FUND ADMINISTRATION COUNTERPARTIES
Thomson Reuters Expands Legal Entity Data Solution
Join Forces to Help Asset Managers Meet UCITS IV Regulations
Today’s dynamic market conditions and emerging its ability to acquire and assess market risk and counterparty risk DataScope Legal Entity Data helps firms manage entity data
information. That wakeup call resulted in the establishment of the while absolving them from the complicated, resource-intensive,
September 22, 2011 - Lipper, a Thomson Reuters company and leading fund research firm and European Fund regulatory mandates have placed a renewed
Dodd-Frank Act in the U.S. and other reforms in Europe, all designed error-prone challenges that arise from having to source, verify,
Administration (EFA), a leading independent provider of back and middle office fund administration services, emphasis on understanding the complex to increase transparency and accountability in the financial markets. map and maintain legal entity data in-house. The offering also
corporate structure of legal entities. Efforts supports comprehensive regulatory reporting requirements,
today announced they are joining forces to help European asset managers comply with UCITS IV. As UCITS What is driving the need for a standard? including exposure calculations and capital adequacy based on an
currently underway to establish and implement
IV continues to evolve, the introduction of Key Investor Information Document (KIID) is placing more stringent Transactional processes, such as trade execution, settlement and understanding of exposures in particular markets and against other
a global Legal Entity Identifier (LEI) system have reconciliation, employ codes and symbology that allow institutions firms.
reporting requirements on the industry. The new Lipper-EFA KIID Premium Solution is a comprehensive, fully drawn further attention to the market need for a and vendors to automate their businesses and exchange information
integrated and high quality KIID publication and management service that brings together Lipper’s depth of unified mapping system that can help assess the using a common language. For decades, the securities industry has The DataScope Select interface allows for customized extraction
and reporting to facilitate ad-hoc and scheduled inquiries into
experience in fund data management and analysis with EFA’s expertise in producing regulatory financial reports. credit, concentration, liquidity and contagion risk leveraged standards in securities identification such as CUSIP and
Sedol codes to uniquely identify securities in transactions records for particular entities, and the solution offers audit-level transparency
that can stem from those connections. Regulations the clearing and settlement of trades. and quality, bolstering clients’ confidence in regulatory reporting on
around OTC derivatives trading and settlement exposures and positions.
will benefit from organized legal entity data across In contrast to these long-lived standards, we still lack a globally
recognized method for identifying the parties involved in a Thomson Reuters will continue to invest in product functionality and
OTC positions delivered on a more real-time basis transaction. In the world of legal entities, there is no such linchpin to expanded legal entity coverage, linking its core entity records to all
compared with today’s practices. connect institutions’ systems with one another or with their market Thomson Reuters data sets to enhance the type of credit assessments
Unlike existing factsheets, the KIID is a regulatory document that necessitates high quality content, About EFA data vendors. risk managers demand. This includes fundamental data, news
weekly monitoring of risk and assurance that the document remains compliant over its life-time. sentiment, corporate actions, sanctions and enforcements, issuer
The Lipper-EFA KIID Premium Solution is a fully integrated KIID production and distribution service
European Fund Administration S.A. (EFA) is an independent company specialized in the Thomson Reuters is playing a critical role in the
administration of investment vehicles which services 2,652 funds worth €87.05 billion for 226 What is Thomson Reuters role in this initiative? ratings, pricing, terms and conditions data.
requiring minimum effort from the asset manager to comply with the new UCITS requirements. development of the global LEI standard. In a
clients. Working in collaboration with 90 custodians and 8 prime brokers, EFA is the leading In order to achieve its full potential, LEI will require the support of
Lipper will provide the required data and calculations necessary for the set-up and ongoing
provider of administration services to third parties in Luxembourg, the largest centre for pan-
Q&A, Tim Lind, the Global Head of Strategy and
market data vendors. Thomson Reuters will play a significant role
monitoring of the KIID. EFA will manage the production and publication of the KIIDs including Business Development for Enterprise Content,
European and global distribution of investment funds. in both contributing information and ensuring its consistency. We
assistance and advice in setting up the document, validation and monitoring, high quality
translation, document storage and distribution through different sales channels.
elaborated on the importance of this initiative to will support LEI in a few key areas, most importantly using LEI as
Its range of services includes: Net Asset Value calculation, bookkeeping and portfolio valuation, a mechanism to identify records within our own products. This
the financial markets, and how Thomson Reuters
transfer agent and registrar services, middle office and order management services, reporting will encourage further adoption by institutional customers as they Tim Lind, Global Head of Strategy and Business Development,
Hugues Gillibert, Head of New Ventures, Lipper, comments, “As the European asset management will support the establishment — and success — of
solutions, risk monitoring & performance analysis reporting, compliance tools, Private Equity and access our market data information. We will also promote LEI within Enterprise Content, Thomson Reuters, said: “We are committed
community struggles to comply with UCITS IV and its ever-evolving requirements, Lipper and EFA
are a natural fit to come together to provide the industry with a full service solution that enables
Real Estate fund services, Hedge Fund Services, accounting and reporting for Unit-Linked products. this new global standard. our DataScope Legal Entity Data and educate our customers about to delivering highly valuable content and innovative technology
the impact and value of LEI. This global initiative will provide our solutions to support automation, regulation and efficiency in
them to respond confidently and with minimum extra effort to comply with KIID.” Its clients are investors, fund promoters, management companies, insurance companies, custodian business a sizeable opportunity to automate and improve access to the capital markets. DataScope Legal Entity Data allows firms to
banks. information for risk assessment. mitigate risk exposure by providing a single source for timely, high-
John Glesener, Product & Strategic Development Director, European Fund Administration, declared:
“In addition to EFA’s proprietary comprehensive KIID solution that we provide to our administration EFA is present in Luxembourg and Paris (EFA France). More information is available at www.efa.eu. quality entity data that represents relevant counterparties, offers
What is the LEI? How can we capitalize on this initiative? extensive depth and breadth of content, and provides complete
clients, ranging from data calculation to the full KIID publication, we are delighted to bring our KIID EFA's shareholders are KBL European Private Bankers S.A., Banque de Luxembourg S.A.,
production capabilities into this innovative venture with Lipper. The joint service offering is a unique The LEI is an initiative launched by a consortium of trade associations Thomson Reuters can capitalize on the LEI by using it as a key to cross-asset class integration to enable a much deeper view of risk
the Banque et Caisse d’Epargne de l’Etat and EFA Partners S.A.
opportunity to provide the Asset Management community and especially Lipper customers with a under the direction of the Office of Financial Research. The goal is build value-added content. That content starts with a full hierarchy and compliance.”
true specialised and standalone solution.” to create an accurate and unambiguous identification standard for of relationships within a global institution — its parent company,
legal entities engaged in financial transactions. While the initiative offspring, their affiliates, ownership, etc. DataScope Legal Entity Tim Lind
began in the U.S., the institutions that are supporting it are global provides a 360-degree view of risk exposure, enabling customers to Global Head of Strategy and
About Lipper
“ The new Lipper-EFA
and the trade associations are actively engaging regulators in untangle the complex dimensions of modern business entities and Business Development for Enterprise Content
Lipper, a Thomson Reuters company, provides independent insight on global collective Europe and Asia to ensure harmonized adoption. determine corporate hierarchies, as well as manage counterparty
investments including mutual funds, retirement funds, hedge funds, fund fees, and expenses to and concentration exposure.
KIID Premium Solution
the asset management and media communities. Lipper is the world's leading fund research and LEI creates an opportunity for our industry to establish new processes
and streams of automation, replacing proprietary symbology and For example, consider the complexity of the JP Morgan corporate
analysis organization, covering over 228,000 share classes and over 122,000 funds in 61 markets.
code structures currently used to exchange information. By way of structure, which includes holding companies, special purpose
It provides the free Lipper Leader ratings for mutual funds registered for sale in 27 countries.
is a comprehensive,
analogy, the LEI identify institutions like the U.S. Social Security vehicles, and legacy businesses such Bear Stearns and Bank One. To
Additional information is available at www.lipperweb.com
number or the UK’s National Insurance number identify individuals. understand JP Morgan, you need to understand the whole corporate
U.S. citizens have a Social Security number that’s used for unique structure: who underwrites what, who is obligated to pay a debt to
About Thomson Reuters
fully integrated and high
identification when they apply for a new job, mortgage or credit whom, etc. The end goal will be to create what Equifax, Experian
Thomson Reuters is the world's leading source of intelligent information for businesses and cards, and when they pay taxes. This number was developed by and TransUnion have created for the credit report business,
professionals. We combine industry expertise with innovative technology to deliver critical the Social Security Administration and has become the standard in broadening the content used to assess risk and linking it all together
quality KIID publication
information to leading decision makers in the financial, legal, tax and accounting, healthcare the U.S. to exchange information about each citizen as an entity. in a systemic way. With LEI, we can change the way we support and
and science and media markets, powered by the world's most trusted news organization. With The LEI will accomplish something similar for legal entities, not much broader perspective risk management.
headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters only to identify institutions, but as the common key to link financial
Thomson Reuters offers an unrivaled breath of content that could
and management service”
activity to help assess credit risk with an entity or related affiliates
employs more than 55,000 people and operates in over 100 countries. For more information, go be linked and made consistent through the LEI initiative. Especially
on a global scale. LEI will also be the standard key to each entity
to www.thomsonreuters.com. if you consider all the unique data sets we could link using a
record that will help automate the exchange of information between
financial institutions and regulators – and eventually between standard legal entity identifier: valuations, machine readable news,
market data vendors and their customers. fundamental data, and even the type of sanctions data our GRC
business captures.
Why is this initiative so critical right now?
The concept of a global standard to identify entities is not new,
The future of the market data industry is open, not closed, and For more information on Legal
the more we can link the entirety of the content we offer, make it
but this is the first time the initiative has broad support from the
consistent and package it for customers through common IDs, the
Entity Data and DataScope Select
industry and regulatory community. Previous efforts were viewed
as too proprietary to one vendor and failed to gain enough support
further we will differentiate our value from our competitors. in Luxembourg, please contact:
from institutions. Now, in the wake of the 2008 financial crisis, many At SIBOS in Toronto in September Thomson Reuters announced the
firms have struggled with adequately measuring their risk exposure,
For more information, please contact: due in part to the complexity of their corporate structures. The
launch of an expanded legal entity data solution, which is available Tom Charlier,
for retrieval via Thomson Reuters DataScope Select. This offering
inability to easily identify an entity and its corporate hierarchy and significantly expands the firm’s legal entity content capability, which Data Solutions Specialist,
Clare Arber Gaëlle Dimmer-Thiault to link entities to outstanding positions, transactions and other data is approaching coverage of 1 million entities across nearly 250
Thomson Reuters that could be used to assess counterparty risk is a core problem that tom.charlier@thomsonreuters.com
European Fund Administration markets and 50 languages. Thomson Reuters DataScope Legal
Head of PR, Financial Services Content Head of Marketing & Communications,
the industry seems determined to address. Entity Data gives customers access to high-quality, fully linked data +352 47 51 51 307
clare.arber@thomsonreuters.com that can be integrated into their workflow and help mitigate risk
gaelle.dimmer@efa.eu The financial crisis created challenges and systemic risks that
exposure, reduce regulatory burdens and cost-effectively manage
signaled to the industry that much improvement was needed in
their content requirements.
6 7
