CIBC World Markets, the wholesale banking arm of Canadian Imperial Bank of Commerce, has selected Cicada, a supplier of reference data management software and services, to provide a legal entity data sourcing and management solution.
The solution provided by Cicada includes client entity data records provided by CounterpartyLink, supplemented by additional and customized fields provided by Cicada designed to suit CIBC World Market’s individual requirements. Additionally, Cicada will source and provide corporate documents and regulatory filings to meet the documentation standards of the bank’s Legal and Compliance divisions.
CIBC World Markets chose the Cicada solution to support its regulatory compliance and anti-money laundering efforts. The service will initially provide data for CIBC World Market’s U.S. equities group.
“CIBC World Markets’ set of requirements presents an ideal venue to bring together the advantages of our entity data management software, the experience of our top-notch team in providing data handling, and our redistributors agreement with CounterpartyLink. We look forward to serving CIBC World Markets in their customer data management efforts,” said Hubert Holmes, executive vice president of Cicada, in a release.