DTCC picks Snowflake to transform financial industry data ecosystem

The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services industry, tis partnering with Snowflake, the data cloud company, to transform how data is accessed, shared and leveraged across a number of its services. The collaboration is expected to transform access, analysis, and the sharing of data across a number of DTCC services, while driving new levels of efficiency, reduced risk and increased insights across the financial services industry.

Using the Snowflake Data Cloud, DTCC aims to further promote market transparency, reduce risk, and provide greater operational efficiency leveraging Snowflake data and cloud technology. The company will leverage 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 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,” said Lynn Bishop, CIO, DTCC.

“We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernisation 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.”

DTCC and Snowflake have worked together for several years. Most recently, DTCC and Snowflake collaborated to facilitate the delivery of DTCC’s Kinetics data offerings to clients. With the Snowflake Data Cloud, DTCC Kinetics users can now access equity and fixed income data products through the Snowflake Marketplace. In the coming months, based on client feedback and growing demand, DTCC will expand DTCC Kinetics capabilities on the Snowflake Marketplace.

"DTCC has led with the vision for modernising 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 VP, Product, Snowflake.

"Snowflake has been core to several DTCC modernisation initiatives and we look forward to this partnership to drive deeper insights for their clients."

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