The Depository Trust & Clearing Corporation (DTCC) has announced today it has opened a new office in Shanghai to provide global corporate actions business.
The new service center aims to support DTCC’s Global Corporate Action (GCA) Validation Service, which provides brokers, banks and other financial institutions a source of global corporate action announcement information for events ranging from rights offerings to elective dividends to tender offers and stock splits. The service is provided by Global Asset Solutions LLC, a wholly owned subsidiary of DTCC.
“With the launch of the Shanghai office, our GCA Validation business will be a truly global operation, offering a service that follows the sun,” said Jill M. Considine, chairman and chief executive officer of DTCC. “From Monday morning in Asia to Friday evening in the United States, whenever and wherever markets are open, we will have continuous corporate action information for our clients.”
“GCA Validation is the first corporate actions service of its kind with a global footprint,” said James Femia, DTCC managing director and head of the GCA business. “We expect to have about 30 corporate actions specialists in Shanghai tracking securities from across the Asian markets. This will complement our London and U.S-based service centers.”
The Shanghai office will focus specifically on corporate actions from the region, including Australia, China, Japan, Korea, Hong Kong, New Zealand, Singapore, Taiwan and Thailand.
Four major global financial institutions, including Swiss financial giant UBS, are already using GCA Validation, according to the company.