Avox, the leading network of financial services providers collaborating for the verification of counterparty data, has further expanded their MIFID related services. 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 enhanced service incorporates data from authoritative sources. In addition to using electronic registries of this content, Avox dispatches analysts 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. For information which is not publicly available Avox offers an additional service level whereby the content is verified directly with the business entity in conjunction with the client. A number of Avox clients are already using the MIFID service.
âOur extended service levels apply to MiFID as well as many other data requirements including KYC, AML and BIS II. They guarantee an efficient process that is designed to maximize data reliability and meet our clients individual requirementsâ, said Ken Price, CEO of Avox.
Avox, a subsidiary of Deutsche BÃ¶rse, specializes in the validation, enrichment, cleansing and maintenance of corporate data and was launched in conjunction with several financial services institutions with the aim of enhancing data quality and timeliness. Avox validates the data acquired from the 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, the Bank of Scotland, Standard Bank of South Africa and Dresdner Kleinwort. Avox became a subsidiary of Deutsche BÃ¶rse in 2005.