JPMor­gan and Gold­man Sachs to form data com­pany

The Pak Banker - - COMPANIES/BOSS -

JPMor­gan Chase & Co, Gold­man Sachs Group Inc and Mor­gan Stan­ley are work­ing to cre­ate a com­pany that will pull to­gether and clean reams of data used to de­ter­mine pric­ing and trans­ac­tion costs, media re­ported.

The ini­tia­tive is cur­rently dubbed "SPReD", which stands for Se­cu­ri­ties Prod­uct Ref­er­ence Data, and is likely to be launched in the next six to 12 months, the Jour­nal said, cit­ing peo­ple fa­mil­iar with the mat­ter.

Each found­ing bank is in­vest­ing "seven fig­ures" in the com­pany, the peo­ple said.

The banks did not im­me­di­ately re­spond to a re­quest from Reuters for com­ment or were not im­me­di­ately avail­able for com­ment.

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