The Depository Trust & Clearing Corporation (DTCC) and a group of large global banks that includes Barclays, Credit Suisse, Goldman Sachs and JPMorgan Chase and others, have agreed to jointly develop a service that collects and manages client entity reference data.
Over time, the service will address client reference data requirements of banks and broker dealers, as well as asset managers and hedge funds, including, among other items, legal entity hierarchies, standing settlement instructions (SSIs), regulatory compliance data (Dodd-Frank, EMIR, etc.), client on-boarding/KYC, Tax/FATCA and other requirements.
“Our ultimate aim is to support the industry’s call for a comprehensive, centralised platform to effectively manage virtually all client reference data,” said Michael Bodson, DTCC president and CEO.
“We are very pleased that we now have an MOU with a group of the industry’s top multinational participants. With their partnership, and the support of our board of directors, we are moving forward aggressively to bring this solution to market.”
By developing standardised processes, the parties to the MOU aim to improve the control environment surrounding client onboarding.
The service will build upon DTCC’s products Avox and Omgeo ALERT, a standing settlement instruction database.
“We are very excited to be a part of this joint initiative. Client service is of utmost importance to Credit Suisse, and the enhanced client reference data resulting from this service offering will assist us in meeting client needs,” said Colin Hall, Credit Suisse chief data officer, Investment Banking.
“We firmly believe that our collaboration with the DTCC and other peer firms has the opportunity to deliver significant benefits to the broader market from control, regulatory and client service perspectives."
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