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Avox, the leading network of financial services providers collaborating for the verification of counterparty data, has been chosen by three French clients Calyon, CM CIC Securities and Société Général Corporate and Investment Banking for Avox’ MiFID Classification Service. In order to meet MiFID requirements, Avox will provide banks with a fully auditable set of data fields for their client records.
With Avox’ MiFID service, all three clients have now finished their MiFID client classification process. All off them 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 Société Général 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”, said Ken Price, CEO of Avox.
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. With its new service, Avox researches key performance indicators required by MiFID e.g. total assets, net annual turnover and capital 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.
About Avox (www.avox.info) Avox, a subsidiary of Deutsche Börse, specializes in the validation, enrichment, cleansing and maintenance of corporate data. Avox was launched in conjunction with several financial services institutions with the aim of enhancing data quality and timeliness. Avox validates data acquired from clients using independent research from authoritative resources and corrects errors in the data records. Members of the Avox community include internationally active financial institutions such as Citigroup, Barclays Capital, Standard Bank of South Africa and Calyon. Avox became a subsidiary of Deutsche Börse in 2005.
