Method And Apparatus For Reference Data Scrubbing

Abstract

A system, medium storing processor-executable process steps, method and apparatus for supporting a derivative transaction, the method including receiving data identifying a reference entity participating in the derivative transaction; receiving data identifying at least a first reference obligation associated with the derivative transaction; identifying a contractual relationship between the reference entity and the at least first reference obligation; and generating a data record associated with the derivative transaction, the data record including the data identifying said reference entity, the data identifying the at least first reference obligation, and data identifying said contractual relationship, wherein the data record is verified as accurate as of an issue date of the derivative transaction.

1 . A system to support a derivative transaction, comprising:
 a processor;   a communications device, in communication with said processor, receiving data; and   a memory unit in communication with the processor and storing a program, wherein the processor is operative with the program to
 receive data identifying a reference entity participating in said derivative transaction; 
 receive data identifying at least a first reference obligation associated with said derivative transaction; 
 identify a contractual relationship between said reference entity and said at least first reference obligation; and 
 generate a data record associated with said derivative transaction, said data record including said data identifying said reference entity, said data identifying said at least first reference obligation, and data identifying said contractual relationship, wherein said data record is verified as accurate as of an issue date of said derivative transaction. 
   
     
     
         2 . The system of  claim 1 , further comprising:
 verifying, on a periodic basis, the legal existence and good standing of said reference entity.   
     
     
         3 . The method of  claim 2 , further comprising:
 determining, based on said verifying, whether a status of said reference entity has changed; and   updating said initial record if said status has changed.   
     
     
         4 . A system, comprising:
 a reference data device for receiving reference data associated with a derivatives transaction and for tracking said reference data; and   a user device for receiving scrub templates from said reference data device and for entering reference data into said scrub templates for storage by said reference data device, said scrub templates enforcing data conventions to provide consistency in said reference data.   
     
     
         5 . The system of  claim 4 , wherein said reference data device further stores data identifying an issuance date on which reference data associated with said derivatives transaction is confirmed by a user operating said user device. 
     
     
         6 . The system of  claim 5 , wherein said scrub templates include at least a scrub template for entering reference obligation data and a scrub template for entering reference entity data. 
     
     
         7 . The system of  claim 6 , wherein said reference data device is further configured to link said reference obligation data with said reference entity data for said derivatives transaction. 
     
     
         8 . A medium storing processor-executable process steps, the process steps comprising:
 a step to receive data identifying a reference entity participating in said derivative transaction;   a step to receive data identifying at least a first reference obligation associated with said derivative transaction;   a step to identify a contractual relationship between said reference entity and said at least first reference obligation; and   a step to generate a data record associated with said derivative transaction, said data record including said data identifying said reference entity, said data identifying said at least first reference obligation, and data identifying said contractual relationship, wherein said data record is verified as accurate as of an issue date of said derivative transaction.   
     
     
         9 . The medium storing processor-executable steps of  claim 8 , wherein said step to receive data identifying a reference entity further comprises:
 a step to enforce conventions to provide consistent data entry associated with said data identifying a reference entity.   
     
     
         10 . The medium storing processor-executable steps of  claim 8 , wherein said step to receive data identifying a reference obligation further comprises:
 a step to enforce conventions to provide consistent data entry associated with said data identifying a reference obligation.   
     
     
         11 . A method for supporting a derivative transaction, comprising:
 receiving data identifying a reference entity participating in said derivative transaction;   receiving data identifying at least a first reference obligation associated with said derivative transaction;   identifying a contractual relationship between said reference entity and said at least first reference obligation; and   generating a data record associated with said derivative transaction, said data record including said data identifying said reference entity, said data identifying said at least first reference obligation, and data identifying said contractual relationship, wherein said data record is verified as accurate as of an issue date of said derivative transaction.   
     
     
         12 . The method of  claim 11 , further comprising:
 verifying, on a periodic basis, the legal existence and good standing of said reference entity.   
     
     
         13 . The method of  claim 12 , further comprising:
 determining, based on said verifying, whether a status of said reference entity has changed; and   updating said initial record if said status has changed.   
     
     
         14 . The method of  claim 13 , wherein said status includes: a name change, a merger, and a de-merger. 
     
     
         15 . The method of  claim 12 , further comprising:
 determining, based on said verifying, whether said reference entity has assumed additional liabilities.   
     
     
         16 . The method of  claim 12 , further comprising:
 determining, based on said verifying, whether said reference entity has been released from obligations.