Reuters is to launch a new licensing system that will allow its existing Datascope clients to use the Reuters Instrument Code (RIC) throughout the life cycle of a transaction.

The information group is working with clients to expand the use of its proprietary RIC code from its role as a front office tool to identify instruments for traders to that of a comprehensive securities code that can be used until settlement of a transaction. Although unable to identify any clients for the extended service at present, Chris Smith, manager of straight-through processing marketing at Reuters, confirmed the group is working with clients who have been asking for such an expansion for some time.