Glossary · Technology & Data
Security Master
A security master is the central reference database of every instrument a fund can hold, storing identifiers, terms and attributes used across trading and accounting systems.
The security master holds static and reference data for each instrument: identifiers such as ISIN, CUSIP, SEDOL, ticker and internal IDs; asset class; currency; issuer; exchange; and instrument-specific terms such as coupon, maturity, day count, strike, expiry and underlying. Downstream systems, including the IBOR, ABOR, risk and reporting, rely on it.
Accurate security data is a prerequisite for clean trade capture, correct accruals, pricing and corporate actions processing. A wrong day-count convention or coupon schedule will create accrual errors in every NAV until it is fixed.
Pitfalls include duplicate records for the same instrument, identifiers that do not map across the manager, administrator and custodian, instruments set up by traders without review, and no governance over changes. A good security master has a single owner, maker-checker set-up and an audit trail.
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