DTCC Tests Corporate Actions Service
The Depository Trust & Clearing Corporation (DTCC) has begun testing its Corporate Actions Web (CA Web) service this week. The service processes corporate actions distributions, including instructions, entitlements, allocations and adjustments.
DTCC is aiming to move all its clients onto CA Web by the end of October, when it plans to retire functions on its Participant Terminal System and Participant Browser service. DTCC has also been requiring users to accept corporate actions announcements in the ISO 20022 standard format by the end of 2015.
Adoption of the standard had seemed stalled 11 months ago. DTCC's push for ISO 20022 will increase automation, according to Anne Levonen, director, global messaging at Credit Suisse. ISO 15022 has five message types for corporate actions, while ISO 20022 has 13 message types. "These messages are more granular and are supposed to be," she said.
CA Web is part of a DTCC corporate actions transformation initiative that also includes promotion of real-time ISO 20022 messaging to improve straight-through processing rates, provision of tools to better manage risk exposure, and overall standardization of corporate actions processing.
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