On Tuesday, Bloomberg and Markit announced a non-exclusive agreement to distribute their pricing and reference data through Markit’s Enterprise Data Management (EDM) platform and Bloomberg PolarLake respectively. Our goal, to build and deliver a co-managed and fully managed EDM service, is strengthened now that we can count on the participation of 10 financial data vendors.

Bloomberg PolarLake is dedicated to helping its clients solve challenging and complex data management issues with a three-pronged approach: People, Process and Technology.

Our clients range from regional banks to global investment banks, hedge funds and asset managers. The data management challenges that our clients face are both diverse and sophisticated. We notice that even when financial institutions have different business and investment models, and operate in different markets, data presents similar challenges to financial institutions of all shapes and sizes. The most common challenge is the need to acquire, manage, monitor and distribute real-time and reference data across an organization in most efficient way possible.

Today financial institutions are increasingly looking for ways to deploy the optimal combination of people, process and technology to acquire, manage and distribute data while minimizing duplicative costs and underutilized technology assets. One way to realize efficiency gains is to leverage economies of scale, as well as the technical expertise of financial information and technology vendors such as Bloomberg. The key is the ability to address the needs of both effective common processing and the preservation of a client’s business DNA and intellectual property.

Bloomberg PolarLake operates as an independent subsidiary of Bloomberg, which maintains separate facilities and operations staff based in Dublin and around the world so we can provide the highest levels of security, privacy and permissioning for the data it receives. Since the acquisition by Bloomberg, PolarLake has become a multi-tenant platform that delivers a comprehensive, consistent and consolidated data as a service.

Bloomberg decided to bring this EDM model to market because demand is escalating for a comprehensive service that reduces operational costs and standardizes data processing for global financial firms. Going forward, Bloomberg PolarLake will continue to build out its data operations to address our client’s growing need for effective data management processes, and advanced technology to acquire, manage and distriubute data to the right people throughout a financial institution.

Contributed by John Randles, CEO, Bloomberg PolarLake