EDI adopts ISO 15022 for corporate action data
03 February 2004 | 7239 views | 0
London market data vendor Exchange Data International (EDI) has begun the first phase of integrating the Swift compliant ISO 15022 messaging protocol into its corporate action data services.
EDI says the move will help clients automate corporate action processing as part of their drive towards STP.
The vendor will begin providing test data to clients by the end of Q1. In the first phase the data will cover messages featuring dividend information, including cash and stock dividends, dividend options and dividend reinvestment plans.
Kevin Brady, director of EDI, says dividend information provides over 50% of all corporate action event volumes: "By taking this information in standard Swift/ISO 15022 format, clients will be able to see a rapid return on investment and derive maximum benefit from automation."
In adopting the ISO 15022 standard, EDI says it is supporting the custodian message format. Adding corporate action data in a uniform structure will give clients the ability to automate validation and processing of critical data items.
In subsequent phases, EDI will extend the standard to corporate action messages dealing with capital changes including rights issues, stock splits and bonus issues.