DTCC Connection

Dec 01, 2012 • DTCC Connection

New Data Service Simplifies Dodd-Frank Reporting for OTC Derivatives

In response to demand from its clients, Avox Limited has launched a new AvoxData Regulatory Reporting File download service that includes mandatory attributes required for reporting counterparties of over-the-counter (OTC) derivative trades to the U.S. Commodity Futures Trading Commission (CFTC). Avox is a wholly owned subsidiary of DTCC.


“There are numerous regulations coming into effect in 2012 and 2013 requiring submission of the applicable CICI and later, Legal Entity Identifiers. Our new AvoxData Regulatory Reporting File has been created to help clients address this pressing requirement with maximum efficiency,” said Ken Price, CEO and co-founder of Avox. “We’ve taken all the headaches associated with cross-referencing work away from reporting firms, freeing them up to focus on their core business.”


How it works
This subscription-based service is made available in a flat file and includes all published and freely available data fields from the CICI (CFTC Interim Compliant Identifier) Utility, including the ISO 17442-compliant identifier, core CICI meta-data and record verification state.


The content is enhanced and expanded by including Avox-sourced legal entity, hierarchy, regulatory and address information, along with key industry identifiers such as the Avox ID (AVID), SWIFT BIC (subject to licensing) and National Futures Association (NFA) identifier. Avox will also cross-reference these legal entities with the swaps dealer (SD)/major swaps participant (MSP) classifications, as they become available, across all asset classes.


Up-to-date data
The AvoxData Regulatory Reporting File includes all published CICIs and NFA- registered legal entities and is updated daily, reflecting the rapid increase in CICIs across all asset classes and jurisdictions. These updates include changes identified by Avox’s global user base and Avox data partners, which are independently verified by Avox’s expert data analyst team, as well as data from the CICI Utility. This unique, collaborative approach ensures Avox customers are dealing with the most accurate and timely data available, thus facilitating efficient and compliant regulatory reporting.


With CFTC regulatory reporting rules already in effect for interest rate and credit derivatives and coming into effect in January 2013 for foreign exchange, commodity and equity derivatives, firms transacting in the OTC derivatives markets need reliable content enabling them to efficiently and consistently cross-reference the new CICIs to their internal data records. The AvoxData Regulatory Reporting File provides a highly relevant, detailed set of identification codes and mapping amongst them to help facilitate this task. Moreover, the content from the CICI Utility has been converted from XML format and combined with the extended Avox content into a delimited text file to allow for additional flexibility suggested by clients.


Subscribers to the AvoxData Regulatory Reporting File are permitted to share the content throughout their organization without additional cost. This facilitates both a consistent view of entities within the firm, and ease of use by different areas and users within the firm.


Avox Limited and the CICI Utility are separate non-affiliated entities. The CICI Utility operates as an at-cost utility and was established by DTCC and SWIFT to provide legal entity identifiers as a public good to be used by regulators and the financial industry in the management of systemic risk and related regulatory reporting.@


[For further information on the AvoxData Regulatory Reporting File and to receive a sample test file, contact sales@avox.info .]

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