Trading firms typically prime with more than one Prime Broker for various reasons. The reasons may be access to different markets stock loan capabilities, enhanced leverage, etc. as decided mainly by the factors of interest to front office/trading desk. When assimilating the raw data of a single Prime is tough by itself, what do you think your level of success will be consolidating data across multiple primes? With different formats, accounting methods and ever changing data structures, this front office decision could become a nightmare for the middle office/operations team. The bottleneck in operations would easily cascade down to front office and management in analyzing the data to make business decisions, let alone dealing with day to day operational issues.
Utilizing their multi-decade experience in dealing with data output from Prime Brokers, the MiddleLink team has pioneered a sophisticated product called Prime Plus. Prime Plus understands data from a Prime in its native format and translates into Prime Plus Book. Each data point like cash balance, transaction, positions, etc. are converted into Prime Plus format by applying nuances specific to each prime. MiddleLink team keeps on top with any changes that occur in the format, making the transition for our clients seamless and transparent.
With data from multiple primes in one single format, Prime Plus provides a solid foundation for our clients to play with data starting from reconciliation to advanced profitability analytics. As they say in Wall Street, the possibilities are wide open.