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by Steve Letzler

DTCC has strengthened its Data Services team with the addition of Mark Davies in the new position of vice president, Data Business Development. Based in London, Davies will focus on the legal entity identifier (LEI) initiative in Europe.

"DTCC is committed to working with the industry, regulators and our counterparts to create capabilities that leverage data in order to mitigate risk and drive down costs in financial markets globally," said Ronald Jordan, DTCC managing director and chief data officer. "The LEI project is a prime example of how data services can address these objectives across borders, and the addition of Mark, who has extensive experience in data management, solidifies and centralizes DTCC's LEI activities in Europe."

Davies is responsible for strategy and liaison activities in Europe regarding the LEI project. He will participate in the development of a distribution strategy, serve as a subject-matter expert on the LEI business with regulators and industry committees, and represent DTCC in customer meetings, customer forums and regulatory meetings.

"Mark has played a critical role on the industry's LEI Steering Committee representing the Royal Bank of Scotland in developing the requirements for the LEI project, and we know he will provide continued leadership in his new role with DTCC," said Jordan.

Experience in world of data

Davies joined DTCC from the Royal Bank of Scotland (RBS), where he served as head of Reference Data within Shared Services Finance from 2008. He headed a global team of 90 people and managed the legal entity database for RBS across divisions. He also managed all datasets required for reporting in the group risk platform, and set strategy for reference data involving legal entities and risk data.

From 2000 to 2008, Davies was the associate director for Shared Data Services at Barclays Capital, managing the group's central counterparty database. From 1998 to 2000, he was manager of the Client Reference Data Division and supervisor for the strategic projects team for Credit Suisse First Boston with overall responsibility for the provision of international client/counterparty data to all internal U.K. departments and a number of overseas offices.

What is LEI?

LEI is a global program designed to create and assign unique identifiers to every financial organization that engages in a financial transaction. Regulators need LEIs to better gauge systemic risk, and risk managers at financial institutions need LEIs to better understand and aggregate counterparty exposures and risk.

A coalition of industry associations has recommended to regulators the following group of organizations to provide the LEI solution:

  • The International Organization for Standards would set the standard for the LEI.
  • DTCC would be the facilities manager, collecting and validating information connected to the LEI and maintaining the public distribution system.
  • SWIFT (Society for Worldwide Interbank Financial Telecommunication) would serve as the registration authority, registering and assigning LEIs.
  • ANNA (the Association of National Numbering Agencies) would work as a key partner to register, validate and maintain LEIs for issuers and obligors in some of the smaller nations globally. @