Vermeg, the specialist Securities Processing and Fund Management software provider, confirmed today that its Corporate Actions product, MEGACOR supports DTCC's Global Corporate Action (GCA) Validation Service, now offered in an ISO 15022 format.
The GCA Validation Service provides a centralised source of "scrubbed" information about corporate actions, including tender offers, conversions, stock splits, and nearly 100 other types of events for equities and fixed-income instruments traded in Europe, Asia-Pacific and the Americas. The service delivers comprehensive, accurate and timely information, helping to reduce operational losses and optimise front- office trading. It is provided through Global Asset Solutions LLC, a DTCC subsidiary.
Philippe Rey, Vermeg’s President, said : "We are pleased to offer to our clients the opportunity of receiving "scrubbed" Corporate Actions data through the DTCC GCA service. The availability of the service now in an ISO 15022 format makes it wholly compatible with MEGACOR, which was constructed in a fully ISO 15022 compliant manner from its inception, and therefore makes it extremely simple for our clients to access."
Warren Eastman, vice president at DTCC adds: "We welcome the effort by Vermeg to broaden access to our validation service. By accessing the GCA Validation Service through MEGACOR, Vermeg's clients can greatly reduce, and in many cases eliminate, the time-consuming and manual efforts associated with corporate actions to help reduce risk and drive down costs."