Source: SIS SegaInterSettle
In November 2009, SIS SegaInterSettle (SIS) will introduce a record date for corporate actions in the Swiss market.
At the same time, the data flow from the companies to SIS will be fully automated. SIS will thus comply with all European standards for the harmonisation of entitlements.
After implementation of the record date, positions entitled to dividends will no longer be determined on ex date, i.e. the first day the shares are traded without dividends, but only three working days thereafter. This will also apply to all other corporate actions. As a result, so-called crossex compensations will be largely avoided, making complex and expensive corrections obsolete.
As of the end of 2009, SIS will no longer enter corporate actions data itself. The data will be entered by the companies or their paying agents via Internet and transmitted to SIS. This measure will allow SIS to largely eliminate the manual effort involved in entering entitlements.
The Internet-based solution for entering such data is part of a larger project launched by Swiss Financial Market Services (SFMS). The objective of this project is to provide companies with a portal where all information on a security can be entered electronically and distributed to different receivers.