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).