The Depository Trust & Clearing Corporation (DTCC) has partnered with Snowflake, the data cloud company, to further promote market transparency, reduce risk, and provide greater operational efficiency.
The market infrastructure provider notes that as the financial services industry continues its modernise, a sharp focus has been placed on the need for better access to data and how enhanced data analytics can drive strategic decision making while lowering financial and operational risk.
DTCC will leverage Snowflake technology to build applications that improve how data is accessed, and provide an enhanced user experience with greater interactivity and access controls.
DTCC said it is exploring several new opportunities for these capabilities including risk management, regulatory reporting for derivatives and securities financing transactions, and institutional post-trade processing.
“It is an exciting time to be in financial services, as technology advances at a rapid pace and introduces new capabilities to enhance how the industry operates,” stated Lynn Bishop, chief information officer at DTCC.
This strategic initiative will enable us to build upon our success and further transform the data ecosystem, unlocking new insights and supporting greater transparency to protect markets, increase efficiency, drive business and propel the industry forward.”
This effort expands upon the relationship developed with Snowflake over the last several years. Most recently, DTCC and Snowflake collaborated to facilitate the delivery of DTCC’s Kinetics data offerings to clients.
DTCC Kinetics provides market insight across multiple asset classes. Leveraging Snowflake allows DTCC Kinetics users to access equity and fixed income data products through Snowflake Marketplace.
In the coming months, based on client feedback and growing demand, DTCC will expand DTCC Kinetics capabilities on Snowflake Marketplace to additional asset classes including exchange traded funds (ETFs), reference data, and corporate actions.
Tim Lind, managing director of DTCC Data Services, said, “We look forward to building upon the success we’ve seen across equities and fixed income, and to expanding this capability to additional asset classes.”
Christian Kleinerman, senior vice president of product, added, “As an early adopter of data in the cloud, DTCC is in a prime position to take advantage of Snowflake’s platform and Native Application Framework to fundamentally alter the way in which financial markets access and use data.
Snowflake has been core to several DTCC modernisation initiatives and we look forward to this partnership to drive deeper insights for their clients.”