The Depository Trust & Clearing Corporation (DTCC), SWIFT and XBRL US are expanding the XBRL pilot program to research the costs and benefits of transforming corporate actions processing.
BNY Mellon’s Depositary Receipts business will join the Issuer to Investor: Corporate Actions initiative launched in 2009 to improve data quality and reduce processing cost and time. As part of this pilot, BNY Mellon will publish corporate actions announcements about depositary receipts (DRs), for which it is the depositary, in XBRL (eXtensible Business Reporting Language) format for downstream processing by stock exchanges, brokerage firms and investors.
“Enabling straight-through processing of corporate actions announcements can improve timeliness, reduce costs and streamline processing for investors,” says Chris Kearns, deputy CEO and global product management head of BNY Mellon Depositary Receipts. “DRs have long been a convenient, cost-effective way for US investors to add international exposure to their portfolio. We look forward to taking part in this XBRL pilot program for corporate actions which can bring even greater value and transparency to the DR marketplace.”
The pilot will use the XBRL Corporate Actions taxonomy that is aligned with the ISO 20022 standard and was finalized and published in June. BNY Mellon Asset Servicing is already participating in a DTCC pilot program for the ISO 20022 corporate actions standard. The XBRL Corporate Actions taxonomy covers 94 corporate actions events. A new release of the taxonomy will be published in early 2012.
(CM)