The Depository Trust & Clearing Corporation (DTCC) has announced that Avox Data Services, a specialist 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 (pictured), Managing Director at DTCC Europe and General Manager of Avox, says: “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 (ISO) 27001 Certification, 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.
