The news and information group says the licensing of RICs will enable the front office code to be used all of the way through to the settlement, providing a common way to identify and manage data throughout the entire trade process. The approach should make it easier for financial organisations to cross reference to numerous other different industry codes, such as ISIN, says the vendor.

Kevin Bradshaw, global director enterprise information products, Reuters, says the extension of the RICs code from front office through to settlement, provides “a powerful solution to the industry-wide problems of failed trades and high costs resulting from inconsistent and inaccurate data”.

The Reuters Instrument Code is used within Reuters products. It is one of the few established global codes that enable an instrument to be identified at exchange level, thus providing a one to one match for all financial instruments. The license will initially cover the use of the RICs for all global exchange listed equities, as this is the area that financial institutions have highlighted to be the most problematic, says Bradshaw.

The licensing service forms part of Reuters Enterprise Information Products, including the Datascope business, which provides end of day and historical pricing data, cross reference data, terms and conditions, and corporate action information across all global asset classes.