The London Stock Exchange (LSE) has begun distributing its UK corporate actions data in ISO15022 format over the Swift network.
Users of the service will receive corporate actions in the ISO15022 format in near real-time throughout the operational day.
LSE says the new product eliminates the need to re-key data into internal systems and reduces processing time delays. Furthermore, the service will help to meet the industry's demands for a move towards corporate actions standardisation and straight-through processing (STP).
David Lester, chief information officer, LSE, comments: "Automation of corporate actions handling is rapidly being recognised as an important and valuable back-office function – it saves money, helps eliminate the risk of human error and aids better deployment of staff."
The corporate actions data is compiled by LSE's team of analysts who scrutinise all regulatory news, correct and clarify errors and conduct further research. Notification messages are then sent through to customers on an intra-day basis.
Swift says it hopes the LSE service will lead the way for other exchanges to follow suit.