by Steve Letzler
Avox Limited, a subsidiary of DTCC, was recently cited as Best Counterparty Data Provider by readers of Inside Reference Data for the third year in a row.
The awards recognize industry excellence within the market data, reference data and enterprise data management sectors. Nominees are selected by the editorial staff of Inside Market Data and Inside Reference Data, with the winners chosen by the readers of the two publications. Readers consist of operations professionals at investment banks, securities firms, institutional investors, brokers and exchanges. Nominated in the category with Avox were Bloomberg, Interactive Data, SIX Telekurs, Standard & Poors and Thomson Reuters.
“Readers of Inside Reference Data and Inside Market Data voted for Avox as Best Counterparty Data Provider, reflecting the vendor’s strong position in the market. Avox has now won this award three consecutive years,” said Tine Thoresen, editor of Inside Reference Data. “The Inside Market Data and Inside Reference Data awards recognize industry excellence in the financial information market.”
Inside Reference Data targets reference data professionals at investment banks, brokers, institutions, exchanges and data providers. Published weekly, it covers how sellside and buyside firms use data services.
Avox, as it has since beginning its operations, employs a collaborative model that has client firms contributing intelligence relating to changes they see impacting business entity data. These changes are sent to Avox daily and verified by Avox’s team of data experts. Most changes made to the records in the Avox database of counterparties are originally triggered by clients that contribute information on the change. According to Ken Price, CEO of Avox, this approach makes the information the most up-to-date source of global company information possible.
“Winning this award again validates that our unique collaborative model for maintaining business entity data works better than any other method,” said Price.
Meeting industry needs
DTCC purchased Avox in 2010 and has been integrating its services internally while marketing them to its global client community. A key driver for the purchase was the need for regulators around the world to have a single legal entity identifier for the counterparties and a database of core and parental data around each entity when collecting transaction and position information.
DTCC and Avox aim to make compliance with emerging regulatory requirements in this area more cost effective for the broader global industry. To further that goal, DTCC/Avox and SWIFT have been collaborating to develop solutions for consideration by the global industry.
“We hope to expand Avox’s role to help the industry meet the reference data needs of regulators looking to understand and react to systemic risks that might threaten the global financial system in the future,” said Ron Jordan, DTCC’s chief data officer. “Being recognized as having the best counterparty data in the world helps by demonstrating how that can be leveraged for this emerging broader purpose.” @