Avox gathers momentum

The Depository Trust & Clearing Corporation (DTCC), which describes itself as the premier post-trade market infrastructure for the global financial services industry, says 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 DTCC adds that 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 [in North Wales] continues to lead on advances in reference data across Europe and further afield.”

During 2015, a series of web-based application programming interfaces (APIs) were launched, providing clients with faster access, within seconds, to legal entity data, something 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 allow 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.