South African CSD Strate has introduced the Equities Corporate Action Subscription Service to enhance corporate actions processing in the country.
The service seeks to reduce risks of erroneous interpretation of inconsistent corporate actions information from a variety of data sources by providing a single sourced standardized format of information from the variety of information sources. Currently corporate actions information comes from sources including stock exchange, circulars, annual reports and newspapers that exists for a corporate action
The service provides a consistent message compliant with InternationalStandards Organisation (ISO) Standards and is intended to reduce data scrubbing of corporate action information by intermediaries and investors will decrease operational risks and the potential costs incurred from data.
The service includes corporate action commentary, which includes relevant tax-related information. ISO SWIFT MT564 (Corporate Action Notification Message) users receive same-day information, while PDF and CSV users receive it the following day.
(JDC)