What does FIRDS mean in LAW & LEGAL
Financial Instrument Reference Data System (FIRDS) is an information system used by governmental organizations, financial institutions and their subsidiaries to store and manage financial instrument reference data. It provides comprehensive coverage of the investment market by referencing several types of instruments such as equity, fixed income, foreign exchange (FX), derivatives and structured products. FIRDS helps organizations maintain accurate records of pricing, taxation and legal aspects associated with each type of instrument. It acts as a centralized repository for all related data allowing users to quickly access the required information at any given time.
FIRDS meaning in Law & Legal in Governmental
FIRDS mostly used in an acronym Law & Legal in Category Governmental that means Financial Instrument Reference Data System
Shorthand: FIRDS,
Full Form: Financial Instrument Reference Data System
For more information of "Financial Instrument Reference Data System", see the section below.
What is FIRDS
Financial Instrument Reference Data System (FIRDS) is a common standard used by many governments and banks worldwide for the storage and management of financial instrument reference data. The system uses several industry-standard principles to ensure accuracy in both corporate actions processing and pricing. The system has been designed to provide detailed coverage of over 10 different portfolio asset classes including equity, fixed income, foreign exchange (FX), derivatives and structured products. It also includes features such as real-time pricing updates from key exchanges across the globe. Furthermore, FIRDS also supports corporate actions processing which allows for automated transactions processing as well as tracking performance metrics such as net asset value(NAV).
Benefits of FIRDS
The primary benefit of using FIRDS is its ability to provide accurate data points that are both reliable and up-to-date. By relying on industry standards, it ensures that all users have access to the same level of information which can be used for performance comparison purposes, or in other contexts when attempting to assess risk or determine valuation metrics such as NAV or return on investment (ROI). In addition, because it is a centralized platform that combines multiple sources into one user interface, firms are able to leverage automation tools such as advanced analytics or artificial intelligence to extract timely insights from vast datasets with minimal effort.
Essential Questions and Answers on Financial Instrument Reference Data System in "GOVERNMENTAL»LAW"
What is the Financial Instrument Reference Data System (FIRDS)?
FIRDS is a single access point for comprehensive and harmonized instrument reference data from national Competent Authorities, maintained by the European Securities and Markets Authority (ESMA). It aims to provide transparency, facilitate research and enable cross-border analysis.
How can I access FIRDS?
Access to FIRDS is free of charge but requires registration. You will need a valid email address in order to register your account. Once you have registered your account, you will be able to access FIRDS through the ESMA website.
What information does FIRDS provide?
FIRDS provides data such as full legal name, short name, ISIN code, LEI code and classification of financial instruments. Additionally, it also includes international codes used in order to identify securities such as SEDOL codes or Wertpapiernummer (WPN) codes.
Is my personal information kept secure when accessing FIRDS?
Yes - ESMA takes data security seriously and adopts technical measures and appropriate organizational processes to prevent unauthorized or unlawful processing of personal data and accidental loss or destruction of personal data under their control.
Can I use FIRDS for cross-border analysis?
Yes - one of the key objectives of FIRDS is to enable users to make cross-border comparisons more easily by providing harmonized instrument reference data from all European countries participating in the project. This allows users to gain a deeper understanding of the financial markets across Europe.
Does FIRDS cover all financial instruments?
No - currently only bonds and structured finance products are provided on FIRDS. An expansion of financial instruments will be considered at a later date depending on user feedback received during the pilot period.
Can I download data from FIRDS?
Yes - ESMA offers an API which enables users to download datasets directly from their server via an HTTPS connection; this ensures that any downloaded datasets remain secure throughout the whole process. The API also allows users to create automated systems that regularly fetch updated datasets securely without needing manual intervention each time they wish to retrieve new information.
Is training available for using FIREsD?
Yes - ESMA has developed a series of videos which explain how best to use their system as well as troubleshooting tips for any issues experienced while using it. They also provide a comprehensive user guide with screenshots so that users can get up and running quickly.
How often are datasets updated onFIREDS?
Datasets are updated daily by Competent Authorities themselves; each dataset contains both historical and current information which can be accessed by users without needing to manually refresh them before viewing them.
Who maintains fireDs?
ESMA (European Securities & Markets Authority) is responsible for maintaining FIREsD; Competent Authorities across Europe contribute instrument reference data every day, ensuring that FIREsD remains up-to-date with current market trends.
Final Words:
In conclusion, Financial Instrument Reference Data System (FIRDS) provides an efficient solution for governments and banking institutions looking for an effective way to maintain records on various types of financial instruments. Through its use of industry standards combined with automation tools like AI/analytics capabilities users can quickly access accurate data points whenever needed without having to spend time manually gathering different sources from multiple platforms. As more organizations look for ways to streamline processes while ensuring accuracy in decision making this technology provides a great solution worth considering if you want a better way to manage your investment portfolios.