DRAFT*

IHS Markit provides CDS reference data (industry RED codes) that confirms the relationship between a reference entity and a reference obligation, as well as corporate actions, CDS succession events and credit events. This also includes verified index and constituent information for credit indices, including updated weighting and index factors upon a credit event.

The following use cases attempt to describe the integration of CDS reference data within the Symphony platform with the focus on data distribution, workflow integration and interoperability with other integrated applications. The assumption is that specific interactions within the platform will allow for rendering of reference data in-line, pop-out, or indirectly through external applications. The assumption is to leverage new FO specifications such as EntityJSON and PresentationML to support object definition and presentation as it relates to the use cases being described.

Definitions

Bot	An interactive application represented as a network user on the Symphony network
CDS	Credit default swaps
CDS Entity	Definition and description of financial object standard for credit default swaps, both single-names and indices (tranches excluded at this time)

CDS Single-Names (CDS) Ref data

For all Credit Default Swap Single-Names, a 6-digit IHS Markit RED identifier is available for each entity that is available to trade.

The 6-digit identifier is known as the "Entity CLIP".

For each entity's 6-digit RED identifier, a link to specific obligations is represented by a 9-digit identifier, extending the 6-digit identifier for the entity. (6-digit entity ID + 3-digit obligation ID).

The 9-digit identifier is known as the "Pair CLIP".

For each Entity CLIP, a hierarchy of Pair CLIPs exists.For each Entity CLIP, the following reference data points are available:

- **** Entity Name
- Short Name
- Alternative Names
- Entity Form
- Ticker
- Your Ticker
- Entity CLIP
- CUSIP
- Company Number
- Company Number Type
- Type
- Jurisdiction
- Liquidity
- Record
- Valid From date
- Valid To date
- Event
- Rating per Tier
- Markit Sector

*** For each Pair CLIP, the following entity data is available:

- **** Reference Entity
- Alternative Names
- Entity Form
- Classification
- Jurisdiction
- JDocs Entity IDs
- Prospectus Entity IDs
- Original Issuer as per Prospectus
- Oritinal Guarantors as per Prospectus

*** For each Pair CLIP, the following Bond IDs are available:

- **** COMMON
- CUSIP
- ISIN
- ORIGINALISIN
- SEDOL
- SICOVAMVALOREN
- WPK

Entity definition mapping for new use cases

Attribute	Type	Value
Entity Clip	org.symphonyoss.fin.security.id.entity_clip	String (6 char)
Pair Clip	org.symphonyoss.fin.security.id.pair_clip	String (9 char)

CDS EntityJSON

{
    "apple":
    {
        "type":     "org.symphonyoss.fin.security",
        "version":  "0.1",
        "id":
        [


 			{
                "type":     "org.symphonyoss.fin.security.id.entity_clip",
                "value":    "03AFCJ"
            }, {
                "type":     "org.symphonyoss.fin.security.id.pair_clip",
                "value":    "03AFCJAA3"
            },
            {
                "type":     "org.symphonyoss.fin.security.id.isin",
                "value":    "US0378331005"
            },
            {
                "type":     "org.symphonyoss.fin.security.id.cusip",
                "value":    "037833100"
            }
        ]
    },

Use cases

Direct Bot Query- Network user queries bot endpoint for data

Bot receives request for CDS data using common reference data attributes and provides EntityJSON formatted reference data records.

Request Attributes: RED, ISIN, CUSIP

Commands:

/CDS (Entity Clip or Pair Clip)
/ISIN (ISIN)
/CUSIP (CUSIP)

Response:

CDS-EntityJSON

Entitlements:

User identification and data entitlements provisioned by UID address provided by validated Symphony directory source. Symphony UID would need to be mapped to source data repository known identities in order to support rights management and fee liability.

Direct Web Query- External application queries bot through external network endpoint

CDS data is requested (Web RESTful) external to the Symphony network but distributed through the Symphony network via Bot.
To simplify this use case, the Bot will support both RESTful web services and connectivity over the Symphony network
Option for network distribution with PresentationML (supports white labeling) or pure EntityJSON.

Request:

REST (POST) /v1/cds

Body (stub):
{
attrib_type:=value,
to_stream:= streamId,
to_email:=email,
reply_presentationmll:=true/false

presentation_ml:=(presentationMl)

…
}

Response:

CDS-EntityJSON
(option) PresentationMl
(option) MessageMLv2

Authentication/Entitlements:

JWT Key generation to access external API
User identification and data entitlements provisioned by UID address provided by validated Symphony directory source. Symphony UID would need to be mapped to source data repository known identities in order to support rights management and fee liability.

In-line Bot Listener- Multi-party chat with multiple network users and the bot endpoint.

Bot is invited into a multi-party chat or chatroom and listens for key reference data attributes triggering injection of MessageMLv2 with CDS reference data.

Tag based content and presentation

CDS RED identifiers can be represented as a cash tag with the 7-10 digit syntax below:

RED 6 or Entity CLIP: “$” + 6-digit RED ID
RED 9 or Pair CLIP: “$” + 9-digit RED ID

When a user hovers over each type of cash tag, an API call is placed to validate the RED ID exists in the IHS Markit RED database.

When the validation is successful, an API call triggers a lookup of the RED ID that has been tagged, retrieving Entity and Obligation (if applicable) reference data for the tagged RED ID.

For Entity CLIPs, the following PresentationML mockup is presented:

For Pair CLIPs, the following PresentationML mockup is presented:

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