Cantor Fitzgerald Europe is implementing software from market data vendor Xcitek to automate corporate actions processing at its wholesale brokerage services group, BGC Partners.
The vendor says its ISO 15022-compliant XSP platform will capture and sanitise data from multiple vendor sources and custodian data and automatically route tasks to designated parties.
They system includes data scrubbing tools, workflow management modules, entitlement processing and Web and ISO messaging for client notification and response capture. Event notifications and elections are tracked via a web-based module and instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Mark Kinsella, head of corporate actions, Cantor Fitzgerald Europe, comments: "XSP's rich functionality will further enhance our corporate actions processing in an automated environment to help us achieve greater levels of straight-through processing."
Xcitek says the licence marks its second XSP contract in Europe this year.