ADP Brokerage Systems is to launch a new corporate actions system at the Securities Industry Association (SIA) technology management conference and exhibit, which opens in New York today.
The new browser-based corporate actions system was built in partnership with the Xcitek Solutions Plus XSP application, a rules-based, data-scrubbing engine with built-in exception handling functionality.
This system is fully integrated with ADP’s Brokerage Processing Services (BPS) securities processing system so that all data required for corporate actions processing is held and maintained on the BPS mainframe, which updates the corporate actions system in real-time.
The XSP scrubbing engine receives announcement files from multiple vendors and automatically compares them, identifies and validates exceptions and publishes announcements to BPS. The package features a new graphical user interface, exceptions are automatically allocated to and prioritised for the individual user, and managers will receive an overall view of exceptions and their statuses, with tools to manage the STP workflow.
This system enables financial consultants to enter shareholder elections on voluntary reorganisations using the browser-based branch access system. Sales personnel are able to see all shareholder accounts that hold the position as well as summaries of those that have and have not made elections. The salesperson also has inquiry access to the mandatory reorgs that affect their accounts. The elections entered in branch access are posted directly to the mainframe for booking.
The corporate actions system is also integrated with ADP’s Investor Communication Services (ICS) to streamline mailings to shareholders with securities involved in voluntary corporate actions. These mailings can be either hard copy or electronic depending upon the desire of the shareholder. Mailings in both media provide a Web link through which the shareholder can make their own elections. Brokers have the option of posting customer-made elections directly into the back office or into a queue for internal review and approval.