Credit Suisse First Boston has signed up to use the Depository Trust and Clearing Corporation's Global Corporate Action Validation Service for sourcing reference data on corporate events.
Launched in 2003, the GCA Validation Service gives users access to a centralised source of "scrubbed" information about tender offers, conversions, stock splits, and more than 100 other types of corporate actions for securities traded in Europe, Asia and the Americas.
Joseph Porcello, director of asset servicing for CSFB in the US, says: "By signing on to GCA Validation, we're looking to eliminate the time-consuming, manual process of reconciling corporate action announcements and streamline our operation globally."
In addition to CSFB, five major global financial institutions already use the DTCC service.
James Femia, managing director and head of DTCC's Global Corporate Actions business unit says a number of leading broker/dealers, banks and hedge funds are in negotiations with DTCC to begin using the service over the next several months.