About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

CIBC Taps Cicada, CPL for Legal Entity Platform, Data

Subscribe to our newsletter

CIBC World Markets’ selection of Cicada and its CounterpartyLink (CPL) sister company to provide a comprehensive legal entity data sourcing and management platform marks the first public client win for the two Cicada Cos. siblings. The implementation is aimed at helping the Canadian bank support Anti-Money Laundering (AML) and meet other regulatory requirements.

The initial rollout of the platform will be within CIBC World Markets’ U.S. equities group. Under the plan, Cicada will further source and provide certain documents and filings for the bank’s legal and compliance divisions.

According to James Redfern, head of distributor management at CPL, CIBC World Markets will make use of Cicada’s Composer data management platform. Cicada will furnish CIBC World Markets with CPL’s counterparty data under the two companies’ existing redistribution agreement.

Furthermore, Cicada will supplement the CPL data by providing certain additional and customized fields to meet the specific requirements of the bank. These include regulatory filings for CIBC World Markets’ legal and compliance groups.

The CIBC World Markets deal makes use of the new Cicada Profiler, a packaged solution designed specifically for AML and Know Your Client (KYC) customers. Profiler combines Composer with CPL and other entity data, as well as with Cicada’s manual and automated data cleansing capabilities.

CPL will provide CIBC World Markets with version 1.2 of its data service, which was announced late last year (Reference Data Review, November 2005). Indeed, it appears that this version of its service emerged from joint efforts between CPL and Cicada to secure the CIBC World Markets deal.

As such, CIBC World Markets will be receiving a range of legal entity data as part of the arrangement. This includes detailed listing, registration and regulator information, and industry-standard identifiers for entities globally, among them corporations, funds and fund managers, financial institutions, governments, and most other common entities and their immediate, intermediate, and ultimate parents. Issuer and hierarchy data, as well as the related linkages needed to integrate with other data sources, are monitored continuously for corporate actions and other changes that affect the data. 

CounterpartyLink’s data is available through a subscription-based license, driven by user-defined interest lists. The data is delivered to customers on a daily basis, in a choice of file formats including XML and CSV (comma-delimited) files.
Cicada’s last went public with a major entity-data deal in 2004, when it teamed with ‘in-house’ platform provider DSL to create a KYC solution for Deutsche Bank’s credit department (Reference Data Review, September 2004).

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Best practices for creating an effective data quality control framework

Date: 8 November 2022 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Data quality is critical to capital markets processes from identifying counterparties to building customer relationships, regulatory reporting, and ultimately improving the bottom line. It can also be extremely difficult to achieve. One solution is a data quality control framework...

BLOG

Protecting Data Privacy in the Fight Against Financial Crime

By Ronen Cohen, VP of Strategy at Duality Technologies. A primary goal for financial institutions is to generate revenue while understanding and mitigating risk. Tackling financial crime and compliance issues, including fraud, cybercrimes and money laundering, is critical to achieving this goal and remains among the most challenging tasks for the industry. The perpetual problem...

EVENT

FRTB Briefing Virtual (Redirected)

The FRTB Briefing Virtual will examine key focus areas and priorities for banks in 2020 and offer guidance, advice and expertise for tackling the challenges and pain points around implementing the FRTB regulation.

GUIDE

Valuations – Toward On-Demand Evaluated Pricing

Risk and regulatory imperatives are demanding access to the latest portfolio information, placing new pressures on the pricing and valuation function. And the front office increasingly wants up-to-date valuations of hard-to-price securities. These developments are driving a push toward on-demand evaluated pricing capabilities, with pricing teams seeking to provide access to valuations at higher frequency...