SIX Financial Information selects Avox to source pre-legal entity identifiers (LEI) in support of clients' compliance, risk and operational requirements.
The service consolidates pre-LEIs from the issuing Local Operating Units and maps them to SIX's extensive global securities database, providing clients with a comprehensive access to data for better informed decision making.
In an ongoing focus to simplify data management, SIX Financial Information is assisting clients' LEI implementation programs as they prepare to meet their reporting obligations under several regulations such as EMIR, Dodd-Frank (for OTC Derivatives) and Solvency II. SIX is cross-referencing the pre-LEI to its wealth of security and entity reference data, thus clients can achieve the transparency and consistency required for compliance and management of reference data across their enterprise.
Avox, a specialist in legal entity data, will source pre-LEIs from all local operating units, the organizations responsible for creating pre-LEIs, and will provide a consolidated file with the identifiers to SIX Financial Information. Entities will be matched to an Avox ID (AVID), a unique identifier that facilitates fast and reliable identification of all parties involved in any transaction.
"SIX is fully supportive of the of the Global LEI system (GLEIS) initiative and this strategic partnership enables us to deliver greater efficiencies to clients while adhering to our high data standards," said Darren Marsh, Senior Product Manager at SIX Financial Information. "Working with a proficient entity data provider such as Avox corresponds precisely to what clients want - accurate and timely LEI matching within broader services to support critical business operations."
Mark Davies, General Manager and Head of Avox Limited said: "Financial institutions are hearing about the LEI and pre-LEIs but have questions about how it will work globally, and whether they will have the correct identifiers for themselves and their counterparties on a timely basis. The agreement with SIX Financial Information means that its clients can be confident that the pre-LEIs of interest to them will be accurately matched and ready to report."