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DTCC to Partner with Global Banks to Develop Comprehensive Client Reference Data Service
ME Newswire / Business Wire

LONDON & NEW YORK - Monday, September 30th 2013

The Depository Trust & Clearing Corporation (DTCC) announced today that it has signed a memorandum of understanding (MOU) with a group of large global banks that includes Barclays, Credit Suisse, Goldman Sachs and JPMorgan Chase and others to jointly develop a comprehensive service to collect and manage client entity reference data necessary to meet regulatory requirements and other normal course of business activities.

The parties to the MOU expect to have a state-of-the-art client data and documentation platform leveraging significant design work already undertaken in partnership with a broad group of major sell-side and buy-side firms globally. More immediate interim releases will be provided to address specific regulatory needs. 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, centralized platform to effectively manage virtually all client reference data,” said Michael C. Bodson, DTCC President and Chief Executive Officer. "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.”

In addition, by developing standardized processes and data formats in cooperation with market participants and the regulatory community, the parties to the MOU aim to effect substantial improvements in the control environment surrounding client onboarding and to streamline supervisory examination of these processes.

The service will benefit from DTCC’s broad experience in implementing extensible and scalable data platforms and operational processes, and will build upon its current and growing suite of industry-owned reference data assets, which includes Avox, its leading data validation operation that maintains cleansed publicly-available reference data for the service, and Omgeo ALERT, a standing settlement instruction database that contains the majority of the standing settlement instructions used by both buy- and sell-side market participants today.

"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."

Notes to the Editor: On September 17, Omgeo issued a press release announcing its partnership with DTCC and the industry to develop with ALERT as its foundation, a global, industry-governed hub to store and communicate the "golden copy” of Standing Settlement Instructions (SSIs) for all products and geographies for the financial services industry – another important component of this global client reference data utility.

About DTCC

DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.

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