The Depositary Trust & Clearing Corporation (DTCC) has collaborated with six banks to establish the Clarient Entity Hub.
Clarient Entity Hub is a financial industry solution that is designed to provide increased controls, standardization and transparency during the client introduction and on going client lifecycle events.
The solution will allow worldwide participants to cope with evolving internal risk management requirements, as well as the Know Your Customer, Foreign Account Tax Compliance Act and other client data and documentation challenges.
The program will also be fully integrated with the DTCC client reference data and enrichment service, a portal that collects counterparty information required for delegated derivative trade reporting in support of the European Market Infrastructure Regulation.
Clarient Entity Hub, owned and operated by DTCC’s Clarient Global, was founded with BNY Mellon, Barclays, Credit Suisse, Goldman Sachs, J.P. Morgan and State Street.
DTCC’s Matthew Stauffer will serve as CEO for Clarient Global.
Stauffer, says: “Clarient Entity Hub is a unique offering that we’ve developed in close collaboration with out founder banks and over ten of the world’s top asset managers and hedge funds, who have provided significant input into the overall user experience as part of the Clarient User Partner Program.”
David Crawford, executive vice president and head of global transaction banking services at State Street, said: “We are pleased to be a founder of Clarient and to work together with DTCC, our co-founders and other industry participants as Clarient entity Hub is built and delivered.”
“The client on-boarding process has long been a challenge market participants worldwide, and we look forward to a collaboration that will enable us to bring the optimal solution to the industry.”
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