Client Case Studies
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EDGAR Industry Watch
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Client:
- Fixed income group with $400 billion in assets
Challenge:
- Deliver EDGAR documents in real-time to covering industry analysts
- Maintain client’s custom industry taxonomy and company members
- Easily reassign, create, and modify industry lists as well as covering
individuals in response to business and personnel changes
Solution:
- The Washington Service implements and hosts private label web site
that allows client to easily maintain custom industry lists and assign covering
individuals
- The Washington Service automatically routes EDGAR documents to covering
individuals and their assistants via email or remote printer at client site
Benefits:
- Fully automating the routing process dramatically improves the speed
and reliability of document delivery
- By easing the administrative burden, EDGAR documents are routed to
the correct individuals
- Client easily able to change EDGAR document routing on a temporary
or permanent basis
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Credit Agreement Watch
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Client:
- Fixed income group with $400 billion in assets
Challenge:
- Monitor EDGAR filings of portfolio companies for disclosure of new
credit agreements or modifications to existing credit agreements
- Client’s dedicating of in-house staff to manually monitor EDGAR filings
was not cost-effective and was an unsustainable drain on internal resources
Solution:
- The Washington Service applies technology expertise in conjunction
with in-house EDGAR researchers to allow client to outsource the entire credit
agreement monitoring process
Benefits:
- Improved quality and speed in getting credit agreements to analysts
- Client’s staff and resources are now able to focus on higher value
activities in the investment decision process
- Cost to outsource project to The Washington Service is lower than client’s
in-house cost
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Custom EZ-EDGAR Feed
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Client:
- Proprietary trading desk at bulge bracket investment bank
Challenge:
- Acquire, analyze, and act upon EDGAR filings with minimal latency
- Maximize availability and stability of EDGAR feed
- Focus only on companies and filings of interest
Solution:
- The Washington Service’s optimized feed is built upon a Tier 1 EDGAR
feed direct from the SEC
- Using multi-sourcing and a first-available algorithm maximizes speed
and redundancy
- Delivery of filings prioritized by their market impact potential
- Feed filtered down to only companies and filings of interest
Benefits:
- Benchmarking against other Tier 1 EDGAR feed recipients shows multi-second
time advantage
- Feed remains in service even when the SEC’s Tier 1 feed is down
- Fully redundant network connections to The Washington Service’s data
center ensure high availability
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ETF Filing Monitor
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Client:
- Compliance department at asset manager with $1.1 trillion under management
Challenge:
- Client manages mutual fund comprised of a group of exchange-traded
funds (ETFs)
- Per fund prospectus, managers can not include ETFs that charge marketing
and promotion (12b-1) fees
- Many ETFs waive the right to charge 12b-1 fees, but this is subject
to change at any time
Solution:
- The Washington Service research staff monitors filings of over 250
ETFs on daily basis for any changes in 12b-1 fee status
- Client immediately contacted if any change in 12b-1 status occurs
- Client receives monthly report on 12b-1 status for all ETFs
Benefits:
- Compliance department able to keep fund managers apprised of any ETFs
that should not be included in the fund
- Ensures that fund is managed per the terms of its prospectus
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