Financial data outfit Markit has acquired the assets of Global Corporate Actions Validation Service from the Depository Trust & Clearing Corporation (DTCC). Financial terms of the deal were not disclosed.
The GCA Validation Service is used by brokerage firms, banks, hedge funds, investment managers and service providers to ensure accurate and timely processing of corporate actions.
With coverage of more than 1.4 million securities from over 170 countries globally, it is the largest provider of validated corporate actions information in the marketplace.
Post-acquisition, the service will continue to receive data from DTCC Source, as well as long-term providers IDC and Six Financial Information. Markit is also promising to add more sources, such as Euroclear Bank's corporate actions data for Eurobonds, to the database.
Kevin Gould, president, Markit, says: "The industry is focused on creating operational efficiencies, reducing risk and lowering fixed costs. The GCA Validation Service and its team of experienced professionals uniquely positions Markit to meet our customer needs."