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Data quality and data validation formed the focus of the first Back Office Summit held by Deutsche Börse’s Market Data & Analytics on Tuesday in Frankfurt. The Back Office Summit is aimed at institutional market participants and financial services providers, who are concerned with issues such as reference data management, data quality and compliance duties.
Significant emphasis was placed on the imminent changes to the legislative and regulatory market framework, such as the implementation of the Third Money Laundering Directive and MiFID pre and post trade transparency rules into national law. It is expected that the new regulations will have a considerable impact on data and risk management.
According to Holger Wohlenberg, Managing Director of Deutsche Börse Market Data & Analytics: “The Back Office Summit offers market participants and experts a forum to exchange views on current trends and new challenges relating to transparency, data quality and data validation.”
Also specialized on data quality and data validation is the Deutsche Börse subsidiary Avox.The company is the leading content and service provider for the verification, enrichment and maintenance of counterparty data. Avox validates, enriches and maintains data for roughly 600,000 legal entities in 140 countries. Avox was established in London in 2003 in conjunction with several financial institutions that were committed to developing a more efficient process for the improvement of data quality. Data managed by Avox includes corporate hierarchies, registered address details, industry sector codes, regulatory data and company identifiers.
Avox compares and corrects the data received from clients based on independent research so that it reflects the collective knowledge of the market. Every data field of every Avox record is accompanied by a complete audit trail to provide total transparency behind data values. Clients continue to contribute their content on a regular basis enabling Avox to capture and communicate to the user community all validated changes made to the data. Currently, 70 percent of all changes to Avox content are originated by the Avox client base. Members of the Avox community include internationally active financial institutions such as Citigroup, Barclays Capital, the Bank of Scotland and Dresdner Kleinwort. Avox became a subsidiary of Deutsche Börse in 2005.
Market Data & Analytics offers products that provide targeted support for the middle- and back offices of banks and financial services providers. The product range comprises individual analyses on the basis of historical data, the delivery of reference data and services relating to all aspects of mandatory reporting to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungen – BaFin).
