Abbey Financial Markets is to use the DTCC’s Global Corporate Action Validation Service (GCA VS) for corporate actions data management.
The GCA Validation Service provides a centralised source of corporate action announcements for equities and fixed-income instruments traded in more than 160 countries in Europe, Asia-Pacific and the Americas.
Steve Jennett, head of operations at Abbey Financial Markets, comments: “With GCA Validation Service, we’ll be able to ensure the consistency and quality of corporate action information used across our organisation. Timely corporate action information is essential in our front-office to identify trading opportunities, and in the back-office to drive client notifications, while helping to mitigate some of the processing risk for corporate actions.”
Abbey recently went live with the ISO 15022 version of the New York depository's GCA Validation Service. The ISO 15022 international messaging standard is offered in addition to a proprietary format of GCA VS and a real-time Web browser.
The UK firm joins a growing number of global financial institutions and buy-side firms using the GCA VS, including Credit Suisse First Boston, JP Morgan Securities, Merrill Lynch, Raymond James, First Clearing and UBS.
Says Jennett: "We believe DTCC has the infrastructure and resources in place globally to support the industry’s move to a single, standardised source."