Understand the Reference Data Center Workflow

The Reference Data Center allows you to composite, validate, and cleanse security reference data from external vendors and internal sources, creating one or more "gold copies" that downstream systems can leverage.

The workflow consists of the following steps:

1.  Load the security reference data

2.  Validate the vendor data (optional)

3.  Create the gold copy security record

4.  Enrich the gold copy security record (optional)

5.  Validate the gold copy security record (optional)

6.  Resolve the exceptions

7.  Release the gold copy security record

8.  Distribute the gold copy security record

A description of each step in the workflow follows.

Load the Security Reference Data

The security reference data is loaded from external vendors and internal systems into the SECURITY database tables in the Eagle data warehouse, creating a centralized data repository. This includes the following data:

• Securities

• Analytics

• Ratings

• Variables rates

• Accrual factors

• Prepayment time series

• Underlying securities

• Vendor History (view only)

You can also load, view, and edit the following related security detail information, without compositing, validation, and enrichment:

• Corporate actions

• Call and put schedules

• Factors

• Third party cash flows

Validate the Vendor Data

The vendor data is validated using validation rules that assign a pass / fail status to each field. You can use the rules provided by Eagle or use your own customized validations. Validation rules can perform simple data integrity checks, for example, making sure the Currency Code field is in the set of approved currency codes. They can also perform complex data integrity checks, for example, a standard deviation check that verifies field values are within a defined range, or a validation check that involves conditional logic. This step is optional.

Create the Gold Copy Security Record

The security reference data is aggregated from one or more source rules. A source rule is a hierarchy of sources used to populate each selected field during the compositing process. The gold copy security record is built from one or more sources of data and written to the SCRUB database. The SCRUB database is a staging area used to maintain failed validations, protecting downstream systems from accessing invalid data.

Enrich the Gold Copy Security Record

The fields in the gold copy security record are enriched to derive additional fields. For example, you can form an enriched Issue Description field by combining the Issue Name and the Maturity Date fields. This step is optional.

Validate the Gold Copy Security Record

The gold copy security record is validated to further ensure the coherence and completeness of the security reference data. This step is optional.

Resolve the Exceptions

A list of exceptions is created for each security in the SCRUB database. You can review the security reference data that has gone through compositing and validation and resolve the exceptions using the Reference Data Center UI.

Release the Gold Copy Security Record

The gold copy security record is released to the SECURITY database in the Eagle data warehouse. To process transactions more quickly, some fields may be released prior to the resolution of all validation errors. This is known as a partial release. They can also be released as a set within a field group.

The release level determines whether the gold copy security record is eligible for use by downstream systems. The release status for the overall security is set to the lowest release level where all fields associated with that release level have been released. For example, suppose the status of the security is Released for Trading because all Level 1 fields have passed. This means, all Level 1 fields are released to the Eagle data warehouse. Suppose some Level 2 and all of the Level 3 fields have also passed. Those Level 2 and Level 3 fields are also released to the Eagle data warehouse, however, the status of the security will still be Released for Trading. Only when all of the Level 3 fields have passed will the Release Level field change to Released with No Exceptions.

Distribute the Gold Copy Security Record

The gold copy security record is exported to external systems.