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Nov 16, 2012 • Press Releases

DTCC Opens New CICI Operations Facility

DTCC Opens New CICI Operations Facility
Member of European Parliament, Dr. Kay Swinburne, Unveils Commemorative Plaque

Wrexham, Wales – 16 November 2012 – The Depository Trust & Clearing Corporation (DTCC) today marked the opening of a new operations facility adjacent to the facility of its wholly-owned subsidiary, Avox Limited, with a ceremony led by Member of the European Parliament (MEP), Dr. Kay Swinburne.

“We were delighted to be joined by Dr. Swinburne on this important occasion,” said Mark Davies, Vice President of Data Services at DTCC. "As a prominent MEP from Wales and a key member of the Parliament's Economic and Monetary Affairs (ECON) Committee, Dr. Swinburne shares our goal of reducing risk in the financial markets, and there is no better person to help us celebrate our new addition to the global financial infrastructure network."

The ceremony represents a significant expansion of DTCC’s footprint in the United Kingdom, which has grown considerably in the last year to support its ongoing involvement in the development of the global Legal Entity Identifier (LEI) solution. Identification of legal entities is recognized as a critical element to aid regulators and financial market participants alike in measuring and managing systemic risk, and the requirement to provide an LEI is prominent in regulatory rulemaking around the globe.

Dr. Swinburne has been a strong advocate of the global LEI solution and has been heavily involved in the crafting of European financial policy, including the European Markets Infrastructure Regulation (EMIR) and the Central Securities Depository Regulation.

"We are going through an unprecedented period of regulatory change following the financial crisis, and companies like DTCC and its Avox subsidiary are well- positioned to benefit from the new data management requirements," Dr. Swinburne said. "As someone who is actively involved in this changing regulatory landscape in the EU, I am pleased that Welsh businesses are able to capture some of these new business opportunities which will provide long term growth prospects for DTCC and Avox and the wider economy of Northeast Wales.”

The new facility supports operations for the interim legal entity identifier solution, known as the CICI Utility, which was developed jointly by DTCC and SWIFT to meet global industry requirements, leveraging Avox’s business reference data capabilities. The CICI Utility database houses over 30,000 legal entity records representing entities from over 110 countries.

About CICI Utility

The U.S. Commodity Futures Trading Commission (CFTC) announced plans earlier this year to designate a utility that would be able to issue identifiers known as CFTC Interim Compliant Identifier (CICI) to firms involved in OTC derivatives trading, and would ultimately comply with the global framework for a LEI from the Financial Stability Board (FSB) and the G20. In a competitive process, SWIFT and DTCC were designated by the CFTC to develop the CICI Utility. The CICI Utility went live in August with all operational research and customer support activities managed out of the DTCC offices in Wrexham by a team of 23 staff.

About Avox

Avox, a wholly-owned subsidiary of DTCC, validates, corrects, enriches and maintains business entity reference data. This includes data such as corporate hierarchies, registered address information, industry sector codes and company identifiers. The company was founded in 2003 in cooperation with several financial institutions that required a more efficient mechanism for improving data quality and timeliness. The Avox operational model is unique in the industry. Its success stems from the continuous sharing of business intelligence with its clients and partners which Avox centralises, anonymises, verifies and publishes out to each participant. Financial institutions participating in Avox form a community that collectively addresses poor client, issuer and counterparty data quality. The community participants, which include some of the largest banks and asset managers in the world, both contribute and subscribe to a shared pool of data, processes and resources. Avox currently employs more than 220 staff members in the Wrexham office and this number has grown from 140 during last 18 months to meet the increasing client demand as financial services firms face greater regulatory pressure. As other global financial regulators look at options to develop similar identification schemes, Avox anticipates further growth. For more information, visit

About DTCC

Through multiple operating facilities and data centers around the world, DTCC and its subsidiary companies automate, centralize, and standardize the processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.

Roland Kielman