New York/London/Singapore/Hong Kong/Tokyo/Sydney, January 14, 2016 - The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Avox Data Services*, the industry leader in legal entity reference data, has successfully researched and published two million entities globally in its database.
The number of researched entities continues to rise as more and more market participants rely on DTCC to help them meet their risk management and regulatory reporting obligations, including Dodd-Frank, European Market Infrastructure Regulation (EMIR), Financial Conduct Authority (FCA) Transaction Reporting, the Foreign Account Tax Compliance Act (FATCA) and other mandates.
DTCC’s Avox Data Services is leveraged by financial firms worldwide to source and maintain accurate legal entity reference data, such as legal structure, names and addresses, regulatory status, ownership and other important identifiers. It also integrates with other DTCC data services – Clarient Entity Hub, where it serves as the data provider for the Public KYC Service, the GMEI Utility and Omgeo ALERT.
Mark Davies, Managing Director at DTCC Europe and General Manager of Avox, said, "DTCC’s Avox Data Services employs multilingual research analysts to review in excess of 1500 authoritative public sources to ensure the highest data quality. We are proud to partner with the industry to tackle these important challenges, and our Wrexham site continues to lead on advances in reference data across Europe and further afield."
Last year, more than 500 industry practitioners took part in an annual poll** that resulted in DTCC’s Avox Data Services been recognised as the ‘Best Entity Data Solution’, while the British Standards Institution (BSI) awarded it International Standard Organisation, signifying DTCC has the requisite information security controls in place to protect client data.
Stephen Crabb MP, Secretary of State for Wales, on a tour of DTCC’s Wrexham site with Trade & Investment Minister Lord Maude, said, "North Wales is a great place to invest and DTCC’s decision to bolster its workforce from 220 to 550 since April 2014 is a huge vote of confidence in the region. Increasing numbers of businesses are recognising the strength of our burgeoning Northern Powerhouse and its potential to generate economic growth across North Wales. I look forward to seeing Avox Data Services continuing to expand at its headquarters in Wrexham and more firms following the example of choosing Wales as a base to export from."
During 2015, a series of web-based application programming interfaces (APIs) were launched, providing clients with faster access, within seconds, to legal entity data; vital to achieving straight-through-processing (STP) in the sourcing and ongoing maintenance of this data. The first phase of the functionality gave clients the ability to search, subscribe and request re-validation, on a request/response basis.
The next phase, which began testing in the autumn, introduces ‘message queues’ that allows DTCC to push data out to its subscribers. Clients of DTCC’s Avox Data Services can draw content directly into in-house applications and/or use entity data management technology partners, such as Fenergo, GoldenSource and iMeta.
Notes to Editors
*The Managed Data Service (MDS) supports the management (matching, enriching and maintaining) of 58 data fields which make-up a ‘core’ entity record, including, but not limited to, name, addresses, identifiers, industry classifications, corporate hierarchies, regulatory status and legal entity identifiers. Clients subscribe to this service on an ‘entity of interest’ basis.
The Enhanced Data Service (EDS) comprises a series of modular-based offerings designed to support clients’ regulatory reporting requirements, with each module made-up of supplementary data items identified as required content for the individual regulations, including Dodd-Frank, EMIR, FCA Transaction Reporting, FATCA and others under review (MiFID II/R).
**The Data Management Review Awards, now in its third year, acknowledges excellence in data management within capital markets and focuses on the community of specialist suppliers within financial data management. A-Team Group, the publisher of Data Management Review, worked with its industry advisory board on a shortlist of nominees before voting opened up to its global readership.
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 16 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 2014, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$64 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week.