New York/London/Hong Kong/Singapore/Sydney, September 27, 2022 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it is partnering with Snowflake, the Data Cloud company, to transform how data is accessed, shared and leveraged across a number of its services. Using the Snowflake Data Cloud, DTCC aims to further promote market transparency, reduce risk, and provide greater operational efficiency leveraging Snowflake data and cloud technology.
As the financial services industry continues its modernization journey, a keen focus has been placed on the need for better access to data and how enhanced data analytics can drive strategic decision making while lowering financial and operational risk. Cloud technology has emerged as an optimal way to provide innovative services around data access and collaboration.
Under this initiative, DTCC will leverage Snowflake technology to build applications that improve how data is accessed, and provide an enhanced user experience with greater interactivity and access controls. DTCC is exploring several new opportunities for these capabilities including risk management, regulatory reporting for derivatives and securities financing transactions, and institutional post-trade processing.
“It is an exciting time to be in financial services, as technology advances at a rapid pace and introduces new capabilities to enhance how the industry operates,” stated Lynn Bishop, Chief Information Officer at DTCC. “We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernization strategy. This strategic initiative will enable us to build upon our success and further transform the data ecosystem, unlocking new insights and supporting greater transparency to protect markets, increase efficiency, drive business and propel the industry forward.”
This effort expands upon the relationship developed with Snowflake over the last several years. Most recently, DTCC and Snowflake collaborated to facilitate the delivery of DTCC’s Kinetics data offerings to clients. DTCC Kinetics provides market insight across multiple asset classes. With the Snowflake Data Cloud, DTCC Kinetics users can now access equity and fixed income data products through Snowflake Marketplace. In the coming months, based on client feedback and growing demand, DTCC will expand DTCC Kinetics capabilities on Snowflake Marketplace to additional asset classes including ETFs, reference data, and corporate actions.
“DTCC is proud to be working with Snowflake to transform how DTCC Kinetics data is delivered to clients,” stated Tim Lind, Managing Director of DTCC Data Services. “We look forward to building upon the success we’ve seen across equities and fixed income, and to expanding this capability to additional asset classes.”
"DTCC has led with the vision for modernizing the financial services industry. As an early adopter of data in the cloud, DTCC is in a prime position to take advantage of Snowflake's platform and Native Application Framework to fundamentally alter the way in which financial markets access and use data," said Christian Kleinerman, Senior Vice President of Product, Snowflake. "Snowflake has been core to several DTCC modernization initiatives and we look forward to this partnership to drive deeper insights for their clients."
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2021, DTCC’s subsidiaries processed securities transactions valued at nearly U.S. $2.4 quadrillion. Its depository provides custody and asset servicing for securities issues from 177 countries and territories valued at U.S. $87.1 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes 16 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.