Reference data is a term used in the finance industry to describe counterparty and security identifiers used when making a trade. Reference data is used to complete financial transactions and settle those transactions. The financial service industry and regulatory agencies have pursued a policy of standardizing the reference data that define and describe such transactions. At its most basic level, reference data for a simple sale of a stock in exchange for cash on a highly liquid stock exchange that involves a standard label for the underlying security (e.g., its ISIN), the identity of the seller, the buyer, the broker-dealer(s), the price, etc.
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