Bank consortium led by SocGen seeks to cure post-trade data ills

Project led by Societe Generale that uses privacy-enhancing technologies to solve data management issues hopes to sign up five banks and launch as a legal entity.

Banks maintain reference data at considerable cost and to no competitive advantage in order to perform functions such as know-your-customer (KYC) checks. As this information overlaps with that of their peers, ideally banks would be able to cross-check the data with each other. Does company X have a politically exposed person (Pep) on its board, for instance? Or does the legal entity identifier (LEI) we associate with company Y match the one you have on record?

In reality, however, this data is

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