YoY increase of more than 25 percent on the number of entities validated
Avox Limited, a global industry leader in providing company reference data solutions, announced today that it has validated the reference data associated with 1,053,085 entities globally in its database which marks a year on year increase of 25 percent.
The growth in the number of validated entities reflects the increased need from financial institutions for accurate and validated entity reference data in order to meet new regulatory requirements as defined in new or forthcoming regulation, as well as to meet increasing transaction and risk reporting obligations.
Avox validates, corrects, enriches and maintains business entity reference data, including data such as corporate hierarchies, registered address information, industry sector codes and company identifiers. The company validates more than 150,000 data attributes weekly and collects data from 235 jurisdictions, of which only 68 have an online registry.
With a collaborative approach to its data management system, Avox enables client firms to submit changes impacting business entity data, after which the changes are sent to be verified by Avox’s expert data analyst team. This approach ensures that clients are dealing with the most accurate and timely data available therefore facilitating efficient and compliant regulatory, transaction and risk reporting.
Commenting on the milestone, Mark Davies, General Manager and Head of Avox Limited, said, “The 25 per cent growth over the last year in the number of our validated business entities illustrates our clients’ confidence and increased interest in our entity reference data services.”
“We have a proven track record of maintaining pristine data and look forward to further evolving our services to meet the regulatory reporting demands and changing needs of our clients.”
In the US, the most significant regulatory reporting changes which came in to effect during 2012 were the rules enshrined in Dodd Frank requiring the reporting counterparties of OTC derivatives transactions to register for a U.S. Commodity Futures Trading Commission (CFTC) interim counterparty identifier (CICI). Transactions in interest rates and credit derivatives started to be reported at year-end 2012 as many dealers became registered swap dealers and reporting of transactions on foreign exchange, commodity and equity derivatives begins February 28, 2013. Under CFTC Rules, reporting parties must include CICIs for themselves and their counterparties and all non-major swap market participants must register for CICIs by April 10, 2013.
In response to this new regulatory requirement, Avox launched AvoxData Regulatory Reporting File which is a subscription download service incorporating all published and freely available data fields from the CICI, enhanced by including Avox-sourced legal entity, hierarchy, regulatory and address information, along with key industry identifiers. About 50,000 CICIs are included in the one million plus Avox database. In addition, Avox offers a free on-line portal available to the public which contains reference data on all legal entities present in its database, including the CICI records. All these records can be accessed and challenged free of charge.
