Markit rolls out XSP corporate actions platform

Source: XSP

XSP, the leading global provider of Corporate Actions software, announced today that Markit, a financial information services provider, has completed its rollout of the XSP v5 Corporate Actions platform and has gone live in London, New York and Singapore.

The XSP v5 platform is a state-of-the-art solution developed to automate each step in the processing of global Corporate Actions. From Data and Entitlement Management to Notification and Response Capture, global financial institutions gain immediate return on investment with its flexible modular approach and rules-based workflow engine. A Microsoft Gold Certified Partner, XSP has re-engineered its platform using advanced Microsoft technologies. The XSP v5 platform is built around a service-oriented architecture, utilising Microsoft .NET components and Web Services for global enterprise-wide processing. Accredited with the SWIFTReady label, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to mitigate operational risks and costs for end-to-end straight-through processing.

In addition to the XSP Data Management and Scrubbing module, Markit has also integrated the XSP Messaging module for automated notifications and the XSP Workflow Management module which automatically processes the Corporate Actions into 'Golden Records' based upon a number of pre-determined rules.

Paul Hodge, Managing Director of Equities at Markit, said, "The XSP platform enables us to automate some of the complex processes within our bespoke index calculation and management business. By making our systems more scalable, we will be able to meet increased demand for our services."

Neil Sheppard, Managing Director and Chief Operating Officer, EMEA at XSP, said, "We are delighted with the global deployment of the XSP platform running at multiple sites at Markit. Whilst traditional clients of Corporate Actions automation solutions are typically financial institutions, the success of this implementation demonstrates the versatility of the XSP v5 platform to a broad range of global market participants. We look forward to continue working closely with Markit to help them achieve their goals of delivering soluttions that reduce risks and improve operational efficiencies."

"The live implementation of the XSP v5 platform at Markit across three continents is yet another prime example of the momentum we are continuing to build with our product and service offerings amid a challenging economy," added Brendan P. Farrell, Jr., Chief Executive Officer, of XSP.

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