LEI Provider Avox Plans to Double Workforce

Legal entity data provider Avox plans to hire 200 new employees within the next two years in anticipation of further demand for data services.
By Janet Du Chenne(59204)
Legal entity data provider Avox plans to hire 200 new employees within the next two years in anticipation of further demand for data services.

The expansion will see the The Depository Trust & Clearing Corporation’s subsidiary double the number of employees at this headquarters in Wrexham, Wales.

The provider validates and maintains legal entity reference data on behalf of major banks, asset managers, insurance companies and other financial institutions worldwide. As global financial reforms such as the European Market Infrastructure Regulation (EMIR) and Solvency II in Europe or the Foreign Account Tax Compliance Act (FATCA) and the Dodd-Frank Act in the U.S. come into effect, Avox is helping firms to comply with a series of finance industry reporting requirements including linking to the Legal Entity Identifier (LEI), a unified global identification system for companies across markets and jurisdictions.

Mark Davies, general manager and head of Avox, adds: “Over the past few years, we have seen tremendous adoption of the Avox service, with 35% growth in our client base in just the past year. This growth is a testament to our clients continued focus on regulatory compliance, as well as their on-going commitment to risk reduction and counterparty transparency.”

UK Prime Minister David Cameron says: “Backing enterprise to create more jobs, meaning more financial security and peace of mind for hardworking families, is a key part of our long-term economic plan. Today’s news from Avox is a great vote of confidence in Wrexham and shows that the UK is open for business.”

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