Management of reference data is a hefty expense (~$10b/year) for the financial services industry. Each firm devotes man power and dollars to create, clean and fix the data. To address this industry-wide challenge, SmartStream, along with Goldman Sachs, JP Morgan Chase and Morgan Stanley, have built a utilty they jointly own named Securities Product Reference Data (SPReD). The goal is to replace internal reference data management and cleansing processes and “do it once for the street,” rather than on an individual firm basis.