DTCC extends data ecosystem alliance with Snowflake
27 September 2022 US
Image: AdobeStock/mallinka1
The Depository Trust and Clearing Corporation (DTCC) has announced a partnership with Snowflake to support data access and data sharing across selected DTCC services using the Snowflake Data Cloud.
Through this alliance, DTCC will employ Snowflake technology to boost data access, analytics and access controls across a range of applications, including risk management, institutional post-trade processing and regulatory reporting for derivatives and securities financing trades.
This builds on a service relationship that DTCC has had in place with Snowflake for a number of years. This includes collaboration around its DTCC Kinetics data solution, which provides market insight across multiple asset types, drawing on equity and fixed-income data products available through Snowflake Marketplace.
DTCC indicates that it will further extend its DTCC Kinetics data capabilities on Snowflake Marketplace in coming months to include ETFs, reference data and corporate actions.
DTCC’s chief information officer, Lynn Bishop, comments: “We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernisation strategy.
“This strategic initiative will enable us to further transform the data ecosystem, unlocking new insights and supporting greater transparency to protect markets, increase efficiency, drive business and propel the industry forward.”
Christian Kleinerman, senior vice president of product at Snowflake, says: “DTCC has led with the vision for modernising 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."
"Snowflake has been core to several DTCC modernisation initiatives,” she concludes, “and we look forward to this partnership to drive deeper insights for their clients."
Through this alliance, DTCC will employ Snowflake technology to boost data access, analytics and access controls across a range of applications, including risk management, institutional post-trade processing and regulatory reporting for derivatives and securities financing trades.
This builds on a service relationship that DTCC has had in place with Snowflake for a number of years. This includes collaboration around its DTCC Kinetics data solution, which provides market insight across multiple asset types, drawing on equity and fixed-income data products available through Snowflake Marketplace.
DTCC indicates that it will further extend its DTCC Kinetics data capabilities on Snowflake Marketplace in coming months to include ETFs, reference data and corporate actions.
DTCC’s chief information officer, Lynn Bishop, comments: “We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernisation strategy.
“This strategic initiative will enable us to further transform the data ecosystem, unlocking new insights and supporting greater transparency to protect markets, increase efficiency, drive business and propel the industry forward.”
Christian Kleinerman, senior vice president of product at Snowflake, says: “DTCC has led with the vision for modernising 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."
"Snowflake has been core to several DTCC modernisation initiatives,” she concludes, “and we look forward to this partnership to drive deeper insights for their clients."
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