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Industrial IoT Authors: Liz McMillan, Elizabeth White, Pat Romanski, Scott Allen, William Schmarzo

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AvoxData Launches New Regulatory File Service for Dodd-Frank Reporting

In response to demand from its clients, Avox Limited has launched a new AvoxData Regulatory Reporting File download service that includes mandatory attributes required for reporting counterparties of OTC derivative trades to the U.S. Commodity Futures Trading Commission (CFTC).

This subscription-based service is made available in a flat file and includes all published and freely available data fields from the CICI (CFTC Interim Compliant Identifier) Utility, including the ISO17442-compliant identifier, core CICI meta-data and record verification state. This content is enhanced and expanded by including Avox-sourced legal entity, hierarchy, regulatory and address information, along with key industry identifiers such as the Avox ID (AVID), SWIFT BIC (subject to licensing) and National Futures Association (NFA) identifier. Avox will also cross reference these legal entities with the swaps dealer (SD)/major swaps participant (MSP) classifications, as they become available, across all asset classes.

“There are numerous regulations coming into effect in 2012 and 2013 requiring submission of the applicable CICI and later, Legal Entity Identifiers. Our new AvoxData Regulatory Reporting File has been created to help clients address this pressing requirement with maximum efficiency,” said Ken Price, CEO and co-founder of Avox. “We’ve taken all the headaches associated with cross referencing work away from reporting firms, freeing them up to focus on their core business.”

The AvoxData Regulatory Reporting File includes all published CICIs and NFA registered legal entities and is updated daily, reflecting the rapid increase in CICIs across all asset classes and jurisdictions. These updates include changes identified by Avox’s global user base and Avox data partners, which are independently verified by Avox’s expert data analyst team, as well as data from the CICI Utility. This unique, collaborative approach ensures Avox customers are dealing with the most accurate and timely data available, thus facilitating efficient and compliant regulatory reporting.

With CFTC regulatory reporting rules already in effect for interest rate and credit derivatives and coming into effect in January 2013 for foreign exchange, commodity and equity derivatives, firms transacting in the OTC derivatives markets need reliable content enabling them to efficiently and consistently cross reference the new CICIs to their internal data records. The AvoxData Regulatory Reporting File provides a highly relevant, detailed set of identification codes and mapping amongst them to help facilitate this task. Moreover, the content from the CICI Utility has been converted from XML format and combined with the extended Avox content into a delimited text file to allow for additional flexibility suggested by clients.

Subscribers to the AvoxData Regulatory Reporting File are permitted to share the content throughout their organization without additional cost. This facilitates both a consistent view of entities within the firm, and ease of use by different areas and users within the firm. Avox Limited is a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC).

Avox Limited and CICI Utility are separate non-affiliated entities. The CICI Utility operates as an at-cost utility and was established by DTCC and SWIFT to provide legal entity identifiers as a public good to be used by regulators and the financial industry in the management of systemic risk and related regulatory reporting.

For further information on the AvoxData Regulatory Reporting File and to receive a sample test file, please contact [email protected].

About Avox

Avox, a subsidiary of DTCC, validates, corrects, enriches and maintains business entity reference data. This includes data such as corporate hierarchies, registered address information, industry sector codes and company identifiers. The company was founded in 2003 in cooperation with several financial institutions that required a more efficient mechanism for improving data quality and timeliness. The Avox operational model is unique in the industry. Its success stems from the continuous sharing of business intelligence with its clients and partners which Avox centralizes, anonymizes, verifies and publishes out to each participant. Financial institutions participating in Avox form a community that collectively addresses poor client, issuer and counterparty data quality. The community participants, which include some of the largest banks and asset managers in the world, both contribute and subscribe to a shared pool of data, processes and resources. For more information, visit www.avox.info.

About DTCC

Through multiple operating facilities and data centres around the world, DTCC and its subsidiary companies automate, centralise, and standardise the processing of financial transactions for thousands of institutions worldwide. With almost 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 2011, DTCC processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes. For more information, visit www.dtcc.com.

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