SmartStream to support DTCC's corporate actions service
11 October 2004 | 1370 views | 0
SmartStream Technologies, a leading provider of Transaction Lifecycle Management solutions, announced that TLMR Corporate Actions now supports DTCC's Global Corporate Action (GCA) Validation Service.
SmartStream customers who also subscribe to the GCA Validation Service will now have the technical capability to use TLMR Corporate Actions to receive the GCA Validation feed.
DTCC's GCA Validation Service provides a standardized source of accurate and timely corporate action announcement information, giving customers global coverage for securities traded in the Americas, Europe and Asia. The service is provided by Global Asset Solutions LLC, a wholly owned subsidiary of DTCC.
Darryl Twiggs, Product Director, SmartStream, explains: "The Event Manager module in SmartStream's TLMR Corporate Actions can now provide SmartStream customers who subscribe to the GCA Validation Service with a link to the GCA Validation Service's "Master Record" - a scrubbed and validated corporate action announcement. The provision of this comprehensive, precise and timely corporate actions information is a fundamental step in automating this critical back office process."
"We welcome the contribution by SmartStream to help the industry access our validation service," says Brett Lancaster, Vice President at DTCC. "This new mapping capability will provide easier access to DTCC's GCA Validation Service and eliminate time-consuming, labour intensive steps, helping customers lower risk and drive down costs."
Corporate actions are one of the last significant areas of risk associated with largely manual and non-standardized processing in the securities sector. "Automation of corporate actions is a significant priority for the financial services industry," adds Lancaster.
In addition to providing corporate actions data to customers, TLMR Corporate Actions enables clients to make their election on entitled positions using either the Event Manager software module or the web enabled Voluntary Response Tracking (VRT) module.
"It is pivotal for a Corporate Actions solution to offer premium quality global Corporate Actions data. With these new adaptors, SmartStream is now making this key data available in near-time and providing the application for clients to take action" says Lou Longhi, Managing Director, SmartStream Americas.