Investment Operations

DTCC, SNOWFLAKE AIM TO TRANSFORM SECURITIES INDUSTRY DATA ECOSYSTEM

Clearstream Digital Assets

Post-Trade giant Depository Trust & Clearing Corporation (DTCC) has confirmed that it is partnering with Data Cloud company Snowflake to transform how data is accessed, shared and leveraged across a number of its services. Using the Snowflake Data Cloud, DTCC says it aims to further promote market transparency, reduce risk, and provide greater operational efficiency leveraging Snowflake data and cloud technology.

According to industry analysts, as the financial services industry continues its modernization journey, a keen focus has been placed on the need for better access to data and how enhanced data analytics can drive strategic decision-making while lowering financial and operational risk. Cloud technology has emerged as an optimal way to provide innovative services around data access and collaboration.

Under this initiative, DTCC will leverage Snowflake technology to build applications that it says improve how data is accessed, and provide an enhanced user experience with greater interactivity and access controls. DTCC confirmed that it is exploring several new opportunities for these capabilities including risk management, regulatory reporting for derivatives and securities financing transactions, and institutional post-trade processing.

“It is an exciting time to be in financial services, as technology advances at a rapid pace and introduces new capabilities to enhance how the industry operates,” stated Lynn Bishop, Chief Information Officer at DTCC. “We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernization strategy. This strategic initiative will enable us to build upon 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,” Bishop said.

According to a joint statement, the effort expands upon the relationship developed with Snowflake over the last several years. Most recently, DTCC and Snowflake collaborated to facilitate the delivery of DTCC’s Kinetics data offerings to clients, which provides market insight across multiple asset classes. With the Snowflake Data Cloud, DTCC Kinetics users can now access equity and fixed income data products through Snowflake Marketplace. In the coming months, based on client feedback and growing demand, DTCC says it will expand DTCC Kinetics capabilities on Snowflake Marketplace to additional asset classes including ETFs, reference data, and corporate actions.

“DTCC has led with the vision for modernizing the financial services industry. 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 fundamentally alter the way in which financial markets access and use data,” said Christian Kleinerman, Senior Vice President of Product, Snowflake. “Snowflake has been core to several DTCC modernization initiatives and we look forward to this partnership to drive deeper insights for their clients,” Kleinerman said.