SEDOL Masterfile (SMF)

What is the SEDOL Masterfile?

The SEDOL Masterfile holds static data about the asset i.e. country of origin, trades currency, SEDOL number.

Why are you introducing a new SEDOL Code?

There is a requirement for a change to an alphanumeric code before 2004 as the issuance of the 7 digit numeric SEDOL code is reaching capacity.

What changes are being made to the SEDOL code and Securities Masterfile service?

  • A new unique 7-character alphanumeric SEDOL code.
  • A 24/7 web browser and help line to allow you to request new SEDOL codes (i.e. time issuance) and lookup/download existing SEDOL codes.
  • Automatic issuance of SEDOL codes.
  • The issuance of SEDOL codes with additional identification data including the Market Identifier Code (MIC), to increase efficiencies in identifying the market a security is traded on, and ISIN codes for cross reference purposes.

What are the benefits to the market?

  • The LSE aims to reduce an estimated £100m lost each year by trading errors due to misidentification of securities and markets.
  • SEDOL Codes will be allocated on a real time basis; and
  • A single code to will cover all asset classes.

What are the benefits to me?

You will be able to request SEDOLs yourself from the LSE website and check and verify data in the SEDOL Masterfile.

Licence Arrangements

How can the LSE licence this information?

The LSE have maintained this information for 30 years on over 400,000 securities traded on UK and international markets. This is their proprietary data and therefore it is their legal right to licence this data.

What will happen if I do not get a licence with the LSE?

The LSE will want to enter into discussions with your organisation and Euraplan to see if we can come to some way forward. They could ultimately stop you receiving SEDOLs and any data attached.

Is there any organisation I can go to if I do not agree with the licensing arrangement?

The LSE is monitored by the Office of Fair Trading (OFT), if you are unhappy with the licensing arrangements this is where you can lodge your complaint.

Can the LSE increase the licence fee as and when they wish?

The LSE must report back to the OFT as they are in a monopolistic position. Their profits are audited by the OFT.

Do I need a licence for every data feed I get with a SEDOL code on it?

No, each organisation needs only one licence to cover any use of SEDOLs. This is one of the reasons why you must have the licence directly with the LSE so they will not licence you twice.

When and how will the LSE invoice for the SEDOL codes?

Payment will be quarterly payable in advance and the contract will be between the London Stock Exchange and the customer.

Who will be the counter party to the commercial contract, vendor or Exchange?

The London Stock Exchange.

If the pension scheme is owned by the company, does the scheme or the company need the licence?

The company will need to take the licence on behalf of its subsidiaries (a subsidiary must be more than 50% owned by the parent company). It is the company's responsibility to notify the exchange of its subsidiaries and any changes.

Are fund managers charged for distributing SEDOLs?

No they are not, because they have to report to their clients under the regulations laid down by the FSA. Therefore the LSE charge the fund managers a user licence only, and not a distribution licence.

Euraplan's Software & SEDOLs

If I was not using investment monitoring software such as Shareholder or OpenAIR Investments, would I still need a SEDOL Masterfile licence?

As long as you were not receiving and storing SEDOL numbers from any other source then you would not need the licence. If you download SEDOLs from your custodian or fund manager you will require this licence.

Has Euraplan thought about not using the SEDOL codes as the unique identifier in their investment systems?

We have investigated this avenue and believe currently that it would be more effective for our clients to pay the licences, however all feedback is welcome. We would not consider using ISIN or Cusip as the former could well be licensed in the future and the latter is already licensed. The only alternative would be a ‘Euraplan' number.

Shareholder data

How do I keep my Shareholder data healthy?

  • Ensure the data is ‘backed up' daily (i.e. a copy of the .DAT files), thus in the event of something going wrong, it is possible to revert to a recent copy of the data. It is particularly important to do this prior to making any significant changes to the data e.g. posting a large batch of transactions or re-creating any of the data files.
  • When running Shareholder, never do a ‘Network Reset' when other users are logged in, or after getting a run-time error. Important: doing this can cause transactions to be ‘lost' from the system. Many users often do a ‘Network Reset' when it is unnecessary.
  • Run the ‘DFER' (Data File Error Report) regularly, ideally twice a week, to ensure that if the data becomes corrupted, it is possible to quickly discover the problem and correct it.
  • When a user gets a run-time error (i.e. an error message which occurs when running Shareholder) such as *** ERROR 5 AT LINE 25000 ***, please report the error immediately to Euraplan Support Helpdesk, giving the text of the error message, and details of the circumstances in which the error occurred. Then log-out, log back in and run an error report.
  • When the ‘DFER' shows errors in the data, never ignore it. Contact Euraplan Support Helpdesk for assistance immediately.
  • If Euraplan requests the client's data to troubleshoot a problem, please ensure that all users are logged out before the data is sent to Euraplan, otherwise the data that Euraplan will be reviewing may be incomplete.
  • After running a ‘Period End', always delete any securities shown on the list of securities with no transactions that is produced. Then run a 'Compact Data Files' and a 'Re-Create Data Files'. This will help to speed up your system.

Want to learn more, or have any questions?
Email info@euraplan.co.uk

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to your question?

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