Avox, a subsidiary of the Depositary Trust & Clearing Corporation, has launched an online portal for legal entity data.
The site, avoxdata.com, has a free searchable database of the core data fields and standard identifiers of financial legal entities. Users of the free site have access to the legal name, primary place of business, country of incorporation, trading status, entity type, Avox ID and, where available, the Commodity Futures Trading Commission (CFTC) Interim Compliant Identifier based on the ISO 17442 standard. There is also coverage of OTC derivative market participants. Content is updated daily.
In July, the CFTC selected the DTCC and SWIFT to supply legal entity identifiers (LEIs) for compliance with swap data reporting under the Dodd-Frank Act. Since a global LEI system is not expected until March 2013, the SWIFT-DTCC identifiers are currently called interim compliant identifiers.
The introduction of a global LEI system, which aims to attach a standardized 18-character identifier financial institutions around the world, promises to allow regulators and market participants to calculate counterparty and systemic risk in the global financial markets.
In Avox, a paid subscription is also available, giving users access to hierarchical information, industry classifications, regulatory information, issuer details where applicable and further identification codes. Content is available online and is downloadable, in either comma delimited files or via an application programming interface that enables direct integration with clients existing systems and databases.
The enhanced AvoxData web portal empowers Avox clients with capabilities not previously available with our traditional due diligence services, says Ken Price, CEO and co-founder of Avox. Functions ranging from a free lookup service for basic entity data through to a more comprehensive due diligence service make this a compelling site for any firm faced with the growing number of entity-based regulatory reporting requirements.
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