Research shows majority of participants are still relying on manual corporate actions processes, with a pressing industry need for automation and quality corporate actions data.
The new group will be led by a former disruptive technology expert from PwC, as investment firms look to accelerate their digital transformation programmes.
The tool will provide a single service for the allocation and placement of fund orders between advisor clients and fund providers.
The spike in trade settlement fails across the US and Europe highlighted the urgency for post-trade automation.
With Torstone Technology’s platform, Credit Suisse will consolidate and automate the post-trade operations of its equity trading business in Canada.
The report stated increased automation of the middle-office and the use of secure cloud-based platforms should be key priorities for firms for next year.
DTCC stated dematerialisation would reduce the risks and costs associated with manual processing and human touchpoints.
Asset managers, custodians and other industry participants cited legacy tech and data quality as the biggest challenge to achieving full corporate actions automation.
The findings highlight the sharp divide between processing fund transfers manually that require ‘wet’ signatures and using an automated system.