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French firms Calyon, CM CIC Securities and Société Général Corporate and
Investment Banking have signed up to the MiFID classification service provided by Deutsche Börse subsidiary Avox.
Avox, which was acquired by Deutsche Börse in 2005, specialises in the validation, enrichment, cleansing and maintenance of corporate data.
In order to meet MiFID requirements, Avox provides banks with a fully auditable set of data fields for their client records.
For its MiFID classification service Avox researches key performance indicators required by MiFID - such as 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.
Avox says Calyon, CM CIC and SocGen CIB have now completed their MiFID client classification processes using its system. All three have been using the Avox service to support their internal teams updating client records.
Ken Price, CEO of Avox, says: "The service not only allows our clients to ensure transparency, it also guarantees an efficient process in terms of increasing data reliability."