October 08, 2015
Goldman Sachs, JPMorgan Chase and Morgan Stanley announced they have joined with SmartStream to create a new Reference Data Utility. The SmartStream Reference Data Utility, informally known as Securities Product Reference Data (SPReD), will provide services for instrument reference data normalization and validation across all asset classes. The founding banks will also become clients of the utility. Financial terms of the agreements and direct investment were not disclosed.
Latham & Watkins LLP represented the Consortium with a deal team led by FinTech partners Vivian Maese, Jim Gorton and Eli Hunt, with associates Alexandra Croswell, Fiona Maclean and Laura Holden. Associates Samuel Powers, Alyssa Galinsky and Ryan Post also assisted on corporate matters. Additional team members advising on the transaction were New York partner Lisa Watts, with New York associate Matthew Dewitz on tax matters; by New York partner Bradd Williamson, with New York associate Rifka Singer on employee benefits matters; by New York partner Alan Avery and Chicago partner Nabil Sabki, with New York associate Pia Naib on regulatory matters; by New York/Washington D.C. partner Larry Buterman on antitrust matters; and by London partner Andrew Macklin on UK corporate law matters.
The legal work showcases Latham & Watkins’ global FinTech practice, which focuses on complex corporate transactions at the intersection of technology and financial services regulation.