DTCC and banks form client data and documentation utility

The Depository Trust & Clearing Corporation (DTCC) has teamed up with six Wall Street banks to launch Clarient Entity Hub, a client data and documentation utility.

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DTCC and banks form client data and documentation utility

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The hub will provide centralised services for all client data and documents needed for internal onboarding and help firms meet broader regulatory requirements including KYC, Fatca, Emir and Dodd-Frank.

A new company - Clarient Global - will run the utility on behalf of its owners: the DTCC, BNY Mellon, Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street.

With the service, investment managers, hedge funds, and corporates can centrally upload, validate, permission, distribute, and securely store entity level information, documentation and hierarchy data.

By standardising, centralising and automating the collection and validation of client data and documentation, Clarient will bring users increased efficiency and enhanced control over their data and its communication, while mitigating operational risk and reducing cost, claims the DTCC.

The hub takes advantage of the DTCC's client reference data services, including Avox and Omgeo Alert. It is also fully integrated with the DTCC Client Reference Data and Enrichment service, a portal to collect counterparty information required for delegated derivative trade reporting in support of Emir reporting requirements.

Michael Bodson, president and CEO, DTCC, says: "As the only user owned and governed client data and documentation utility in the world, we'll work to ensure that the Clarient Entity Hub fully meets the evolving needs of the entire industry, today and in the years to come."

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