Bloomberg Launches Entity Exchange to Help Buy Side Handle KYC, Onboarding Demands

Fortress Investment's David Sharpe says the platform helps to "establish relationships with new trading partners quickly and securely."

dan-matthies-bloomberg
Dan Matthies, Bloomberg, head of Entity Exchange:

The number of counterparties that a hedge fund deals with has grown dramatically since the financial crisis. According to an Aite Group white paper commissioned by Bloomberg, 70 percent of the 200 hedge funds surveyed have at least 30 counterparties, with most having 50 or more.

At the same time, there are new demands being placed on the buy side when it comes to know-your-customer (KYC) mandates, in addition to other onboarding requirements stemming from Mifid II and various other regulations

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