The Depository Trust & Clearing Corporation (DTCC) on Friday 16 November marked the opening of a new operations facility adjacent to the facility of its wholly-owned subsidiary, Avox Limited, with a ceremony led by Member of the European Parliament (MEP), Dr. Kay Swinburne.
"We were delighted to be joined by Dr. Swinburne on this important occasion," said Mark Davies, Vice President of Data Services at DTCC. "As a prominent MEP from Wales and a key member of the Parliament's Economic and Monetary Affairs (ECON) Committee, Dr. Swinburne shares our goal of reducing risk in the financial markets, and there is no better person to help us celebrate our new addition to the global financial infrastructure network."
The ceremony represents a significant expansion of DTCC's footprint in the United Kingdom, which has grown considerably in the last year to support its ongoing involvement in the development of the global Legal Entity Identifier (LEI) solution. Identification of legal entities is recognized as a critical element to aid regulators and financial market participants alike in measuring and managing systemic risk, and the requirement to provide an LEI is prominent in regulatory rulemaking around the globe.
Dr. Swinburne has been a strong advocate of the global LEI solution and has been heavily involved in the crafting of European financial policy, including the European Markets Infrastructure Regulation (EMIR) and the Central Securities Depository Regulation.
"We are going through an unprecedented period of regulatory change following the financial crisis, and companies like DTCC and its Avox subsidiary are well- positioned to benefit from the new data management requirements," Dr. Swinburne said. "As someone who is actively involved in this changing regulatory landscape in the EU, I am pleased that Welsh businesses are able to capture some of these new business opportunities which will provide long term growth prospects for DTCC and Avox and the wider economy of Northeast Wales."
The new facility supports operations for the interim legal entity identifier solution, known as the CICI Utility, which was developed jointly by DTCC and SWIFT to meet global industry requirements, leveraging Avox's business reference data capabilities. The CICI Utility database houses over 30,000 legal entity records representing entities from over 110 countries.