The decision from the European Commission means the rules will come into force from 3 September 2020.
Tag: corporate actions
Proxymity is now backed by a consortium of global custodians, custody banks and issuer agents including BNY Mellon, Clearstream, Deutsche Bank, HSBC, JP Morgan, and State Street.
Samir Pandiri, who recently joined Broadridge as president, will represent the company on the board.
Following the launch in the UK last year, Citi's Proxymity has processed over $22.5 billion worth of shares during UK shareholder meetings.
Proxymity was one of the first initiatives to be launched out of Citi’s London-based Citi D1OX programme, developed by the custody and fund services business.
Manuel Baptista will work closely with issuers, custodians, intermediaries and institutional investors for proxy voting and corporate actions solutions.
Several complications related to corporate actions, differences in tax regimes and securities law between EU member states, have built barriers to entry for T2S.
New report shows losses exceed a billion dollars annually.