TECHNOLOGY

BNP Paribas adopts real-time corporate actions service with ASX

The service allows straight-through delivery of corporate actions announcements to clients within seconds.

By Joe Parsons joe.parsons@strategic-i.com November 02, 2017 12:08 PM GMT

BNP Paribas Securities Services has become the first custodian to implement ReferencePoint, ASX’s near real-time corporate actions announcement service.

Built and developed by ASX, the service allows straight-through delivery of corporate actions announcements to clients within seconds of the announcement being made to the broader market.

“This latest enhancement is part of our Augmented Custody programme, which is designed to make our custody processes more efficient, and complements the work we are currently undertaking to manage the corporate actions announcement process using blockchain technology,” said Luc Renard, head of financial intermediaries and corporate clients, Asia Pacific at BNP Paribas Securities Services.

BNP Paribas Securities Services recently announced a partnership with Tata Consulting Services develop Corporate Event Connect, a blockchain-based platform which it said will provide “fast, accurate and secure corporate event announcements to clients around the world”.

ASX stated the service represents the first step towards a fully automated end-to-end solution, removing many of the inefficiencies that exist in the processing of corporate actions.

“We are delivering the highest levels of performance with real-time corporate action event processing and message standardisation to improve efficiencies throughout the post-trade cycle,” said David Raper, executive general manager, trading services, ASX.

ReferencePoint is ASX’s flagship reference data and corporate action service, used widely by trading participant back-offices, information vendors, and other data distributors.