Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, announced today that it is working with the London Stock Exchange to take delivery and process its Corporate Actions data in the SWIFT ISO 15022 format in its flagship product, XSP.
XSP further enhances its offering by supplying the Exchange's Corporate Actions and Dividend data in this standard messaging format to promote greater straight-through processing (STP) whilst reducing operational costs and risks.
XSP is SWIFT ISO 15022 compliant and features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilising its powerful rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitises data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications and elections via its web-based module, eTRAN, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
In August 2004, the Exchange began distributing its Corporate Actions and Dividend data in the ISO 15022 format in near real-time over the SWIFT network. The service eliminates the need to re-key data into internal systems and reduces processing time delays. Furthermore, the service helps to meet the industry's demand for a move towards Corporate Actions standardisation and STP.
Brendan P. Farrell, Jr., Managing Partner of Xcitek, said, "XSP is working closely with the Exchange to offer Corporate Actions and Dividend data in the SWIFT ISO 15022 format. As more and more market participants embrace the ISO 15022 format as the industry standard, both Xcitek and the Exchange deliver cost-effective and robust solutions to meet the demands of the global marketplace. Through this relationship, we continue to extend our reach and strengthen our presence in the European market whilst our clients gain access to a highly-regarded source of Corporate Actions data."