Avox has been chosen by three French clients: Calyon, CM CIC Securities and Socit Gnral Corporate and Investment Banking for Avox’s MiFID Classification Service.
With Avox’s MiFID service, all three clients have now finished their MiFID client classification process. All have been using the Avox service to support their internal teams and a fast rigorous update of their records. All of the clients have chosen Avox following a competitive process to select their service provider. A number of Avox clients are already using the MiFID service.
“We are delighted in having Calyon, CM CIC Securities and Socit Gnral as new clients for our MiFID Classification Service. The Service not only allows our clients to ensure transparency, it also guarantees an efficient process in terms of increasing data reliability”, says Ken Price, CEO, Avox.
With its new service, Avox researches key performance indicators required by MiFID which are necessary to prove the appropriate client classification has been assigned to each entity. Avox also allocates a unique ID, known as the Avid, to every business entity.
The MiFID service incorporates data from authoritative sources. In addition to using electronic registries of this content, Avox dispatches analysis to sources such as court houses and tax offices when the content is available only in hard copy and must be physically scanned on site.
MiFID, the Markets in Financial Instruments Directive, will introduce a single market and regulatory regime for investment services and is designed to create a transparent environment for all market participants.