Winterflood Securities (Winterflood), one of the City of London’s leading market-making firms, has announced that it has chosen CounterpartyLink for the provision of legal entity data and supporting services. The real-time online service will form the foundation of Winterflood’s drive to achieve new levels of accuracy, efficiency and compliance within its internal LEI and KYC processes. It is expected that the use of CounterpartyLink’s data and services will significantly reduce the potential for anomalies associated with regulatory identification of clients and counterparties.
Simon Rafferty, Winterflood’s Director of Risk & Compliance and Money Laundering Reporting Officer (MLRO), said: “We have a constant requirement to ensure the accuracy and completeness of our Legal Entity data to support our trading and reporting activities. We chose CounterpartyLink not only because they have demonstrated that their data is accurate, comprehensive and validated, with the coverage that we need, but also because of their flexibility and willingness to work with us to satisfy our requirements.”
Following a process of evaluation Winterflood selected CounterpartyLink for its ability to provide accurate and auditable legal entity data on many thousands of its legal entities. Uniquely, every field in a CounterpartyLink data record is updated on a daily basis for changes which result from corporate actions and other notifications and is linked back to an electronically-stored original public filing or web page data, providing a complete audit trail to the source for each value displayed.
James Redfern, Managing Director of CounterpartyLink, said, “We are delighted to have been selected by Winterflood and have already demonstrated, in the work we have done with them to date, the benefits of using CounterpartyLink, which not only helps to meet their immediate data management requirements but, importantly, in providing the basis of a continuously validated entity database. This will benefit their proactive approach in maintaining legal entity data for compliance and business purposes. We look forward to continuing to help them as part of their data management strategy for some time to come.”
CounterpartyLink is a leading, specialist supplier of global legal entity data from primary sources in more than 190 jurisdictions and currently provides over 100 specific data fields of validated data for each legal entity, including name and address details, corporate hierarchy, registration and regulator details as well as a variety of other standard identifiers such as SWIFT BIC codes, and CounterpartyLink’s proprietary identifier.