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.
By common consent, the area of corporate actions is one of the laggards in industry efforts to standardise and automate all aspects of post-trade securities processing. While the implications for any one event may be limited, inefficiency costs in aggregate.
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 firms are looking at technologies such as blockchain and machine learning to automate and digitise the corporate actions and proxy voting process.
Corporate actions and proxy voting is rarely viewed as a high priority for asset managers and trading firms. But if they only knew what they were missing out on, maybe they would take a bit more notice.
In March, Citi’s Proxymity won Global Custodian’s Innovation in Securities Services technology award for its potential to disrupt manual proxy voting processes.