The Depository Trust & Clearing Corporation’s (DTCC’s) Data Products business expects to unveil more new offerings drawn from DTCC’s Trade Information Warehouses and its Global Trade Repository later this month, or early this year, according to Ron Jordan, managing director at DTCC, who heads its data services business. “2017 is about accelerating what we started to accomplish in 2016,” he said.
About a year and a half after its June 2015 launch, DTCC Data Products has centralised the design of its offerings and the consistency of contracts and agreements with Data Products’ users, and normalised reporting in the data products.
“Much of 2016 was dedicated to turning our infrastructure into products that responded to client needs,” said Ron Jordan, managing director at DTCC, who heads its data services business. “In 2016, we introduced 10 different products to the market that are now being consumed.”
Those include liquidity coverage ratio (LCR) data, an equity Data as a Service (DaaS) product, a fixed-income DaaS product, and a CPCD (commercial paper and certificates of deposit) product. Overall, DTCC Data Products are offered in six categories: liquidity, markets and benchmark analytics, regulatory compliance, risk, security reference and announcement.
How products are built
DTCC Data Products is built on work traditionally done by DTCC staff who specialize in clearance and settlement functions rather than provision of data services, Jordan explained. “We were able to create centralized functions — one of which lowers the cost to utilize data to produce these products and maintain them, while making them more fit for purpose, to reply specifically to what clients ask us to do,” he said.
The single data warehouse or “sandbox,” which DTCC Data Products uses as a destination for information extracted from groups within DTCC, makes it easier to create data products, added Jordan. “We’ve been able to centralise the sales and marketing of these products, and client contact, so we have a single group of specialists who can talk about the variety of data products, regardless of asset class.”
While most DTCC Data Products serve middle and back office needs, some do address front-office tasks, such as its Equity Data Service. This service offers insights that are not tied to a particular execution venue, according to Jordan. “We don’t give the identities of the other participants, but we do show the consumer that they were third or fifth on a particular security,” he said. “We benchmark that against the whole industry.”