DTCC releases corporate action lifecycle message drafts for comment

By Jennifer Chiou

New York, July 26 - The Depository Trust & Clearing Corp. announced that it is seeking public comment on the first drafts of its new corporate actions messages for the processing of the entire lifecycle of a corporate action, including entitlements, elections and payments.

DTCC said it worked closely with Swift, a provider of secure financial messaging services and the registration authority for the International Organization for Standards' ISO 20022.

The messages are meant to help automate the processing of corporate actions using the new ISO 20022 standard, which provides the financial services industry with a common platform for the development of messages in a standardized syntax.

In 2009, the company processed more than $3 trillion in corporate actions, according to a news release.

"We now have all our corporate actions messages drafted and will continue to work with the industry toward creating a more standardized model," Patrick Kirby, DTCC managing director of asset services, said in the release.

"These messages will automate and streamline the processing of corporate action messages, bringing major new efficiencies to the industry as a whole."

The ISO 20022 messages will be phased in during the next several years.

In addition, DTCC also said it released for comment new corporate action event templates as well as corporate action event scenarios.

The new documents may be found at: http://www.dtcc.com/leadership/issues/reengineering/corp_actions/specs.php.

New York-based DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives.

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