JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley are working to create a company that will pull together and clean reams of data used to determine pricing and transaction costs, the Wall Street Journal reported.

The initiative is currently dubbed "SPReD," which stands for Securities Product Reference Data, and is likely to be launched in the next six to 12 months, the Journal said, citing people familiar with the matter.

Each founding bank is investing "seven figures" in the company, the people said.

The banks did not immediately respond to a request from Reuters for comment or were not immediately available for comment.