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EDI is Fully Contingent for Worst Eurozone Break-Up Scenario - The potential fallout of the Eurozone will have a significant impact on data distributors’ database structure. Exchange Data International has put in place a full contingency plan to overcome a precipitate change in the euro currency - Exchange-Data.com
EDI is Fully Contingent for Worst Eurozone Break-Up Scenario

 

PRZOOM - /newswire/ - London, Greater London, United Kingdom, 2012/05/30 - The potential fallout of the Eurozone will have a significant impact on data distributors’ database structure. Exchange Data International has put in place a full contingency plan to overcome a precipitate change in the euro currency - Exchange-Data.com.

   
 
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Exchange Data International (EDI), a proven provider of global corporate actions and reference data, announced today they are fully contingent in case the Eurozone crumbled.

The risk of a Eurozone break-up is a high topic of conversation in the financial market at the moment, with all eyes on Greece and its upcoming elections. But since last week’s announcement that one of the top Spanish banks asked the government for a bailout, the “Grexit” is no longer the only scenario investors are focusing on.

As European leaders have failed to reassure the markets, tensions around a potential Greece exit are intensifying and other countries weaken, the risk of a break-up is seriously considered by investors. The main risk the financial sector is looking at in case of a Eurozone break-up is the “currency redenomination”.

If everyone agrees on the importance of risk assessments for investors and financial firms, we often forget the impact of a redenomination risk for financial data distributors who are expected to ensure service continuity and deliver accurate data in a timely manner.

Jonathan Bloch, CEO at Exchange Data International (EDI) says “We have put in place contingency measures which have been tested by our different teams and ensure service continuity whether we are facing a ‘simple’ Greek exit or a complete Eurozone fallout.”

“We feel that the existing data structures and fields of our database are adequate to cater to the situation as the same data sets were used to provide information when different countries joined the Euro.” he added.

Alongside working on these contingency measures, EDI has put great effort in sourcing even more offering documents for Euro denominated bonds enabling clients of its Fixed Income Documenter service to easily check clauses relating to redenomination and the proper law applicable. This service is proven to be valuable tool in the current climate where investors are advised to pay a close attention to the legal dimensions of their contract and in particular the legal jurisdiction.

About Exchange Data International (EDI)

Established in 1994, Exchange Data International (exchange-data.com) is the premier provider of quality and accurate international securities corporate actions and reference data. The company provides back office solutions and securities data to most of the major brokerage houses, custodians, and data vendors internationally. EDI is an innovative company which puts great efforts in building value-added solutions that enable clients to increase operational efficiency whilst reducing risk and data costs.

 
 
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Agency / Source: Exchange Data International (EDI)

 
 

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EDI is Fully Contingent for Worst Eurozone Break-Up Scenario

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Contact: Anais Bresle - Exchange-Data.com 
+44(0)20 7269 9150 a.bresle[.]exchange-data.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Exchange Data International (EDI) securities in any jurisdiction including any other companies listed or named in this release.

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