The data quality tool that underpinned WestLB’s efforts was turned into a commercial offering. This was developed internally by the bank and the IP was subsequently sold to a German company called Fuzzy! Informatik AG. In turn, Fuzzy! Informatik AG was bought out by Business Objects, which in turn was acquired by SAP. There are also niche applications. For instance, in the actions


corporate space, Checkfree’s eVent corporate


actions (CA) automation product covers announcement capture and data cleansing, creating CA master records for downstream processing and accounting updates. HSBC Securities Services in the UK is a user. Checkfree is now owned by Fiserv. And there are industry-wide data initiatives, such as around the Legal Entity Identifier (LEI). From a risk and fraud perspective, the LEI will serve as a clear indicator of counterparties, mitigating risk and AML during the onboarding process. There were 17 local operating units (LOUs) distributing identifier codes around the globe by October 2014. Speaking at Swift’s Sibos show that month, Taylor Bodman, head of information systems and technology services at Brown Brothers Harriman, urged Swift to take control of standards in the securities


space and create greater transparency. ‘If data is an asset like money, we need to get control of it,’ he concluded. In fact, there are plenty of entities now seeking to gain


that control. The Depository Trust and Clearing Corporation (DTCC) and Swift are making a play for reference data, competing with long-standing specialist, Accuity. During 2013, the DTCC gained the backing of some of the largest global banks, including Barclays, Credit Suisse and JP Morgan Chase, to collaborate on its development. It was planning ‘a comprehensive utility’ providing legal entity hierarchies, compliance data for both Dodd Frank and EMIR regulations, standard settlement instructions (SSIs), know your customer (KYC) and tax requirements such as FATCA. ‘We want to build a client reference data solution that sits between the consumers, banks and broker dealers, and institutional clients,’ said the DTCC’s managing director, strategy and business development, Matt Stauffer. The new offering was in direct competition with the established reference data players, Accuity (BankersAccuity as was) and Swift, the latter having recently muscled into this market with the launch its reference data offering for LEIs alongside its push for KYC.


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