London, 5 March 2013 – Avox Limited, a global industry leader in providing company reference data
solutions, announced today that it has validated the reference data associated with 1,053,085 entities
globally in its database which marks a year on year increase of 25 percent.
The growth in the number of validated entities reflects the increased need from financial institutions for
accurate and validated entity reference data in order to meet new regulatory requirements as defined in
new or forthcoming regulation, as well as to meet increasing transaction and risk reporting obligations.
Avox validates, corrects, enriches and maintains business entity reference data, including data such as
corporate hierarchies, registered address information, industry sector codes and company identifiers. The
company validates more than 150,000 data attributes weekly and collects data from 235 jurisdictions, of
which only 68 have an online registry.
With a collaborative approach to its data management system, Avox enables client firms to submit
changes impacting business entity data, after which the changes are sent to be verified by Avox’s expert
data analyst team. This approach ensures that clients are dealing with the most accurate and timely data
available therefore facilitating efficient and compliant regulatory, transaction and risk reporting.
Commenting on the milestone, Mark Davies, General Manager and Head of Avox Limited, said, “The
25 per cent growth over the last year in the number of our validated business entities illustrates our
clients’ confidence and increased interest in our entity reference data services.”
“We have a proven track record of maintaining pristine data and look forward to further evolving our
services to meet the regulatory reporting demands and changing needs of our clients.”
In the US, the most significant regulatory reporting changes which came in to effect during 2012 were
the rules enshrined in Dodd Frank requiring the reporting counterparties of OTC derivatives transactions
to register for a U.S. Commodity Futures Trading Commission (CFTC) interim counterparty identifier
(CICI). Transactions in interest rates and credit derivatives started to be reported at year-end 2012 as
many dealers became registered swap dealers and reporting of transactions on foreign exchange,
commodity and equity derivatives begins February 28, 2013. Under CFTC Rules, reporting parties must
include CICIs for themselves and their counterparties and all non-major swap market participants must
register for CICIs by April 10, 2013.
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In response to this new regulatory requirement, Avox launched AvoxData Regulatory Reporting File
which is a subscription download service incorporating all published and freely available data fields
from the CICI, enhanced by including Avox-sourced legal entity, hierarchy, regulatory and address
information, along with key industry identifiers. About 50,000 CICIs are included in the one million
plus Avox database. In addition, Avox offers a free on-line portal available to the public which contains
reference data on all legal entities present in its database, including the CICI records. All these records
can be accessed and challenged free of charge.
Avox, a wholly owned subsidiary of The Depository Trust & Clearing Corporation, 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 centralizes, anonymizes, verifies and publishes out to each participant. Financial
institutions participating in Avox form a community that collectively addresses client, issuer and
counterparty data quality issues. 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. For more information, visit www.avox.info.
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 around US$500
trillion in gross notional value of transactions made worldwide across multiple asset classes.
For more information, visit www.dtcc.com or follow us on Twitter @The_DTCC.