The Depository Trust & Clearing Corporation (DTCC) is partnering Snowflake to improve how data is accessed, shared and leveraged across a number of its services. Long term, using the Snowflake Data Cloud, DTCC aims to expand market transparency, reduce risk, and provide greater operational efficiency.
The partnership extends an existing relationship between the companies and allows DTCC to use Snowflake technology to build applications that improve how data is accessed, and provide an enhanced user experience with greater interactivity and access controls. DTCC is exploring several opportunities for these capabilities including risk management, regulatory reporting for derivatives and securities financing transactions, and institutional post-trade processing.
“We have been using Snowflake’s platform since 2018 and view its data applications as an integral part of DTCC’s modernisation strategy,” says Lynn Bishop, chief information officer at DTCC. “This strategic initiative will enable us to build on 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.”
Christian Kleinerman, senior vice president of product at Snowflake, comments: “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 alter the way financial markets access and use data. Snowflake has been core to several DTCC modernisation initiatives, this partnership should drive deeper insights for its clients.”
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. With the Snowflake Data Cloud, DTCC Kinetics users can 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 ETFs, reference data, and corporate actions.
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