About a-team Marketing Services

A-Team Insight Blogs

Olayan Group to Implement TAPMaster as Core Data Platform

Subscribe to our newsletter

The Olayan Group, a Saudi multinational, has decided to implement TAP Solution’s TAPMaster platform as its core reference data management system for its asset management operation. The deal is the first for TAP for some time, following its big win at Morgan Stanley (Reference Data Review, January 2005).

At Olayan, TAPMaster will become the company’s corporate data hub. As such, it will provide the platform for deploying and managing a full range of reference data, including securities, issuers, counterparties, transaction and holdings. Olayan plans to use the new implementation, which is part of a major systems upgrade, to support new applications for portfolio accounting, order management and general ledger.

According to Ali Al-Ashqar, Olayan’s CTO, partly due to limitations on its IT resources, the company was seeking an off-the-shelf system to form the foundation of its new enterprisewide system architecture. Al-Ashqar says key requirements were ease of implementation of new business applications and the flexibility to integrate new asset classes, compliance requirements and data sources in the future.

Having made its decision to install TAPMaster, Olayan plans to begin implementation next month, with full integration with the new applications expected to be completed before the end of the year. TAP Solutions will work on the implementation with Olayan’s staff in New York, London and Athens. As part of the project, TAP Solutions will convert historical information held on a number of legacy systems over to the new platform.

Olayan operates a variety of businesses in a range of industries, including distribution, manufacturing and services. As a corporate, it is a major investor in both listed and private equities and fixed-income securities.

TAP Solutions came to prominence after winning the contract to provide Morgan Stanley’s retail brokerage – the former Dean Witter Reynolds – with a new enterprisewide securities master service. The Securities Master Service (SMS) was Morgan Stanley’s initiative to implement a centralized database to feed normalized data from multiple sources to a wide range of applications. These applications previously drew upon discrete security master files that had been designed to satisfy the specific requirements of the respective applications. This legacy situation made comprehensive and consistent updating of fields difficult. As a result, Morgan Stanley turned to TAP Solutions to provide its TAPMaster platform as a base data model for the SMS facility.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: ESG data sourcing and management to meet your ESG strategy, objectives and timeline

ESG data plays a key role in research, fund product development, fund selection, asset selection, performance tracking, and client and regulatory reporting, yet it is not always easy to source and manage in a complete, transparent and timely manner. This webinar will review the state-of-play on ESG data, consider the challenges of sourcing and managing...

BLOG

Snowflake and NVIDIA Expand Collaboration to Accelerate AI Productivity in Data Cloud

Snowflake and NVIDIA have expanded an existing collaboration by bringing together the full stack of the NVIDIA accelerated compute platform with Snowflake’s Data Cloud data foundation and secure AI. The result, a combination of computing power and infrastructure designed to accelerate AI productivity. The expansion builds on Snowflake and NVIDIA’s previously announced NVIDIA NeMo integration...

EVENT

RegTech Summit London

Now in its 8th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management & the LEI

Just over a year since the Financial Stability Board handed over leadership and direction of the interim Global Legal Entity Identifier System – or GLEIS – to the Regulatory Oversight Committee (ROC) of the LEI the entity identifier is being used for reporting under European Market Infrastructure Regulation. This report discusses recent developments in the...