15 December 2017
visit www.avoka.com

DTCC moves a step closer to corporate actions standardisation

18 May 2010  |  12781 views  |  0 globe

The Depository Trust & Clearing Corporation (DTCC) has released for public comment a first set of drafts of corporate action announcement messages under the international ISO 200022 format.

The move comes a year after the US depository partnered with financial messaging network Swift and standards operator XBRL to shift from proprietary message formats to the new XML-based taxonomy.

Donald Donahue, DTCC chairman and CEO says: "Whether receiving XBRL tagged documents from issuers or communicating with our customers through ISO 20022 messages, a primary goal of DTCC's corporate action re-engineering project is to help the flow of information between issuers and investors move more smoothly and with fewer errors, at less cost, using a single global standard."

Chris Church, Swift's head of securities describes the DTCC's commitment to the project as "a game changer for the industry", which has long proven resistant to the post-trade straight-through processing movement.

"The release of the draft messages is an exciting milestone towards helping the industry reduce cost, eliminate risk and increase the transparency of corporate actions announcements," he says.

The definitions used by DTCC, along with schemas and other format information, are available for industry review and comment in six separate documents on the depository's Web site. Documentation supporting additional message types, including payment messages, is scheduled for release by midyear 2010.

Yet, despite the progress, inconsistencies remain.

"Although we have adopted ISO messaging, we still face a situation where about half of the data content is not covered in the message, and in fact is not even in the ISO data dictionary," notes David Hands, DTCC director of product management, global corporate actions. "Therefore, we are using extensions to cover these situations in a consistent, standard format."

He says the DTCC is continuing to work with Swift and national markets to determine what changes need to be made to further align the DTCC and ISO data models.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

DTCC, Swift and XBRL US team on corporate actions processing

DTCC, Swift and XBRL US team on corporate actions processing

28 May 2009  |  9149 views  |  0 comments
Euroclear to introduce ISO 200022-approved corporate actions standard

Euroclear to introduce ISO 200022-approved corporate actions standard

18 December 2008  |  13888 views  |  0 comments
Custodians call for global corporate actions standard

Custodians call for global corporate actions standard

13 June 2007  |  6606 views  |  0 comments
Abbey to use DTCC corporate actions resource

Abbey to use DTCC corporate actions resource

08 March 2007  |  6247 views  |  0 comments
ASX delivers corporate actions data over SwiftNet

ASX delivers corporate actions data over SwiftNet

04 July 2006  |  6863 views  |  0 comments
Corporate actions impact trading, share prices - study

Corporate actions impact trading, share prices - study

18 May 2006  |  10129 views  |  0 comments
DTCC hires Tata for corporate actions overhaul

DTCC hires Tata for corporate actions overhaul

15 November 2005  |  10476 views  |  0 comments

Related company news

 
visit www.solutions.lexisnexis.comvisit www.aciworldwide.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10177 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9235 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8885 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7580 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7204 views comments | 15 tweets | 24 linkedin

Featured job

Find your next job