London - April 11, 2014 – Avox Limited, an industry-leader in legal entity data services, announced today its intentions to double the number of employees at its company headquarters in Wales by the end of 2016. Avox is expanding its office in Wrexham to support projected business growth and evolving client needs as the finance industry continues to increase focus on timely risk management and regulatory reporting.
Avox, a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), validates and maintains legal entity reference data on behalf of major banks, asset managers, insurance companies and other financial institutions worldwide. Founded in 2003, Avox has developed a trusted service for delivering high quality information about companies participating in global financial markets, such as company names, addresses, ownership structure, and industry classifications. Avox analysts independently research information on companies in over 180 countries, providing firms with the most accurate and timely data available which helps them monitor counterparty risk and facilitate Know-Your-Customer (KYC) due-diligence.
As global financial reforms such as the European Market Infrastructure Regulation (EMIR) and Solvency II in Europe or the Foreign Account Tax Compliance Act (FATCA) and the Dodd-Frank Act in the U.S. come into effect, Avox is helping firms to comply with a series of finance industry reporting requirements including linking to the Legal Entity Identifier (LEI), a unified global identification system for companies across markets and jurisdictions.
Michael C. Bodson, President & CEO at DTCC, stated: “Today is a special day for Avox as we announce plans to double the workforce in Wrexham by 2016. This decision reflects both DTCC’s strong commitment to Avox and our plans to continue investing in and growing the business over the long term.”
UK Prime Minister David Cameron said: “Backing enterprise to create more jobs, meaning more financial security and peace of mind for hardworking families, is a key part of our long-term economic plan. Today’s news from Avox is a great vote of confidence in Wrexham and shows that the UK is open for business.”
Mark Davies, General Manager and Head of Avox Limited, added: “Over the past few years, we have seen tremendous adoption of the Avox service, with 35% growth in our client base in just the past year. This growth is a testament to our clients continued focus on regulatory compliance, as well as their on-going commitment to risk reduction and counterparty transparency.”
Mr. Davies continued: “As a result of this growth, and in support of wider expansion of DTCC support for industry initiatives, we will significantly increase our team in the coming two years. Wrexham has been our headquarters since Avox commenced operations in 2003, and we find the superb local talent in the immediate area to be a key enabler of business growth. We look forward to our continued partnership with the local community.”
Avox, a wholly owned subsidiary of The Depository Trust & Clearing Corporation, DTCC, matches, enriches and maintains legal entity reference data for its clients, delivering corporate hierarchies, registered address information, industry sector codes and company identifiers. This approach ensures that clients can rely on the most accurate and timely data available to facilitate decision making and regulatory reporting.
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, please visit www.avox.info.
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2013, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 139 countries and territories valued at US$43 trillion. DTCC’s global trade repository processes tens of millions of submissions per week.
To learn more, please visit dtcc.com, or follow us on Twitter: @The_DTCC