Bloomberg and software supplier Information Mosaic said they intend to streamline how notices of corporate actions are processed, to reduce operating risks and costs of securities firms.

The data solutions unit of Bloomberg is forming a "strategic partnership" with Information Mosaic to supply Bloomberg's corporate actions data to front office systems, for use in making investment decisions. The data also will be supplied, as in the past, to middle- and back-office systems, where the notices on such matters as mergers or acquistions or dividend payments are processed.

Under the partnership, Bloomberg's Corporate Actions Data License will be fully integrated with Information Mosaic's IMActions software. This will automate the delivery and processing of action notices.

The new system, which includes Bloomberg data feeds, is the first that will integrate the new ISO 15022 messaging format, removing the need for custom integration work, the two companies said. By automatically feeding Bloomberg data into Information Mosaic's IMActions processing software, the joint-service reduces operational risks and inefficiencies after trades are completed.

"Corporate action processing is becoming increasingly complex, but this solution will reduce errors and enable a more accurate and simplified post-trade processing," said Andrea Danese, Bloomberg's Global Head of Data Solutions."

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