The Depository Trust & Clearing Corporation (DTCC) has received its first inbound electronic message using the new messaging standard ISO 20022.
The message came from Interactive Brokers through DTCC’s Depository Trust Company (DTC) subsidiary. DTC is the first financial market infrastructure to adopt the ISO 20022 format for corporate actions processing.
“DTCC is working collaboratively with clients to test electronic instructions for distribution event types,” says Rob Epstein, DTCC vice president, Asset Services. “In response to client feedback, DTCC developed the automated messaging process to help mitigate risks and reduce costs in corporate actions processing.”
Receiving the inbound message is the latest step in DTCC’s multi-stepped implementation of ISO 20022. The company has already been sending outbound messages using the standard, and in 2014, DTCC will also be introducing instruction statement reporting via ISO 20022, known as the CAST message. The CAST message will allow firms to automate the tracking process for outstanding election balances.
For more on ISO20022, see GCTV’s latest video.
DTCC Receive First ISO 20022 Inbound Message
The Depository Trust & Clearing Corporation (DTCC) has received its first inbound electronic message using the new messaging standard ISO 20022.