Recognizing the securities industry's need for accurate reference data, which underlie a financial trade, firms continue to spend large sums of money to assure the accuracy of the information, according to TowerGroup's 2005 Reference Data Survey. Yet, the survey found, improved software solutions have helped cut the costs associated with reference-data management. TowerGroup said failed trade rates have fallen below 10% on average, but still inaccurate or inconsistent reference data and poor data management processes played "a significant role" in about 60% of all failed trades.