DTCC says the initiative will create a single new platform, based on TCS' NCS corporate actions software, which will replace more than 60 separate underwriting and corporate actions legacy systems that have evolved over the past three decades.

Janet Wynn, DTCC managing director and head of asset services business, says: "The new platform will allow comprehensive corporate action information to be captured during the underwriting process, so that the information can later be used to support automated corporate action announcements, helping to eliminate the need for manual input and processing."

The new platform will offer multi-currency processing and support ISO 15022 messaging formats and international identification numbers such as ISIN. The system will also give customers the ability to check the status of a security or a corporate action involving a security via the Internet.

Wynn says the DTCC will conduct an extensive communications programme to ensure customers - throughout the process - understand the implications of the system features, how the new technology will interact with their systems, and how they can manage costs associated with the new capabilities.

Preliminary testing of the underwriting component of the platform is planned in late 2006, with launch in 2007. The corporate action component is planned for launch in 2009, with testing in the prior year.