Financial services firms can now access The Depository Trust & Clearing Corporation’s (DTCC) Global Corporate Action (GCA) Validation Service via SWIFTNet.
DTCC announced the enhancement to its service today at Sibos 2005, SWIFT’s annual industry conference, in Copenhagen.
GCA Validation Service provides a centralized source of “scrubbed” information about corporate actions, including tender offers, conversions, stock splits, and nearly 100 other types of events for equities and fixed-income instruments traded in Europe, Asia-Pacific and the Americas.
The ISO 15022-compliant GCA service delivers comprehensive, accurate and timely information, helping to optimize front-office trading and reduce operational losses.
“Expanding access to the GCA Validation Service via SWIFTNet will make it easier for banks, brokers, investment managers, hedge funds and insurance companies to access DTCC’s rich, state-of-the-art information repository,” said James Femia, DTCC managing director and head of the Global Corporate Action business. “We made the decision to broaden access based on customer requests in the global marketplace.”
The GCA Validation Service provides global reach around the clock every business day of the year with more than 60 corporate actions specialists fluent in 16 languages. Last year, GCA Validation provided corporate action information on more than 900,000 events across the globe. DTCC itself is the world’s largest processor of corporate actions, with its depository subsidiary handling events valued at $2.3 trillion in 2004 on more than 2 million securities issues in custody.
“DTCC and SWIFT share a similar goal: to help their customers achieve true, end-to-end STP globally. This effort demonstrates our mutual commitment to this goal in the corporate actions arena,” said Francis Remacle, Head of Securities Industry Division, SWIFT.