May 2013
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Editor’s Letter
Catching Up with Events
This time last year, corporate actions professionals appeared
to have a lot of work ahead of them. There were pressures
to process corporate actions information faster, manage
new types of taxation information as part of the actions, and
achieve better accuracy even with that greater timeliness.
The upgrade of the ISO standards for corporate
actions messaging from 15022 to 20022 remains a standoff between North America and Europe. This is despite the difficulty current
messaging protocols have in keeping pace with new and more complex corporate actions event structures, as Fidelity ActionsXchange chief operating officer
Deborah Culhane points out in the Virtual Roundtable beginning on page 8 of
this report.
But the corporate actions space has seen some progress in the past year. Swift
has been working on evolving those messaging protocols, as Culhane also notes.
Initiatives are also gaining steam in Asia, according to Standard Chartered
Bank’s Jyi-chen Chueh. The Asia-Pacific region is catching up by moving away
from manual announcements to the 15022 message format, he says.
Volumes are growing, however, as Culhane, Chueh and Thomson Reuters’ Paul
Fullam all acknowledge. US tax-rate changes drove an increase in dividends at
the end of 2012, which created more corporate actions volume, while Chueh has
seen Singapore become a top 10 country in Swift corporate actions traffic. Event
types, says Fullam, are bound to increase with greater specificity—requiring
more tracking and a greater understanding of income, returns and taxation
potential related to the corporate actions. So, while some challenges have become
clearer and methods to address them are being developed, even more lie ahead.
Yours sincerely,
Michael Shashoua
Editor, Inside Reference Data
Email: [email protected]
Tel: +1 646 490 3969
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May 2013 3
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Contents
FEATURES
8 Virtual Roundtable
Inside Reference Data gathers
together leading industry
professionals to discuss the
latest developments in the
corporate actions space
NEWS
6 Information Mosaic Integrates
Thomson Reuters Data
6 Danish Bank Chooses
SmartStream Tool for Corporate
Actions Processing
18 Q&A
7 Confronting Hurdles to
Automation
Inside Reference Data speaks
with John Kirkpatrick, managing
director, global asset servicing, in 7 News Download
the transaction services unit at
Citi in London, about efforts to
improve corporate actions
processing
May 2013
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Corporate Actions
Special Report
Sponsored by
© 2013 Incisive Media Investments Limited. Unauthorized
photocopying or facsimile distribution of this copyrighted newsletter
is prohibited. All rights reserved. ISSN: 1750-8517
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Incisive Media
32–34 Broadwick Street,
London W1A 2HG
May 2013 5
News Review
Information Mosaic Integrates
Thomson Reuters’ Data
Information Mosaic, a post-trade software vendor, has integrated Thomson
Reuters’ ISO-based corporate actions
datafeed into its corporate actions product, to help clients reduce the time and
money they spend on data integration.
Thomson Reuters’ corporate actions
data spans 94,000 companies in more
than 93 countries and is provided in
ISO 15022 and ISO 20022 formats.
Gerard Bermingham, Information
Mosaic’s New York-based senior vice
president of business strategy, says
the fact the data is in ISO formats
means it can immediately be added,
updated and applied within IMActions,
Information Mosaic’s corporate actions
automation application.
Tim Lind, Thomson Reuters’ Bostonbased head of middle office and entity
data, agrees the partnership between
the two companies will help customers
reduce the time it takes to integrate the
corporate actions data into their software products.
Nicholas Hamilton
Danish Bank Chooses SmartStream
Tool for Corporate Actions Processing
Ringkjøbing Landbobank, a Danish bank,
has chosen the Transaction Lifecycle
Management (TLM) Corporate Actions
product from SmartStream Technologies
to help it mitigate risk and reduce its
reliance on manual intervention.
The bank has been using a number of
disparate systems in its back office for
corporate actions management and now
wants a centralized approach that will
highlight only exceptions, rather than
6
May 2013
requiring manual searches for those
exceptions, according to Alan Jones,
SmartStream Technologies’ Londonbased product manager.
Ringkjøbing Landbobank plans to use
the reference data management, event
management, election management,
entitlement calculations and posting
modules that are available from TLM
Corporate Actions, says Jones.
Nicholas Hamilton
irdonline.com
News Download
Confronting Hurdles
To Automation
A UK-based data management executive for a
global asset management firm with more than
$600 billion in assets under management says
he has problems with custodians only notifying his firm once their local custodian does. He
would like to see Swift notices that could feed
directly into company systems, deadlines for
responses to actions that are consistent for all
parties, and custodians using direct feeds for
corporate actions data, he says.
Swift sets a high priority on accuracy and
timeliness of corporate actions notification
information and automation, according to
Malene McMahon, senior business manager
at Swift in New York. “The faster the information about an event is known to the service
providers—mostly custodians—the faster
they can disseminate the information to
their clients,” she says. Automation can hit
roadblocks if information is not interpreted
correctly and consistently, explains McMahon.
Both custodians and data providers are
leading discussions and initiatives to improve
corporate actions processing, she says.
Citi has found success in automation when
data flows from a direct custody agent to a
global custodian, then to a financial institution and, lastly, to a beneficial owner, says
John Kirkpatrick, managing director, global
asset servicing at Citi in London [see page 18].
SunGard Acquires XSP
SunGard’s acquisition of corporate
actions services provider XSP will
give the financial services software
and technology provider a more
complete corporate actions offering for capital markets, says John
Grimaldi, executive vice president
of the North American securities
business unit at SunGard. XSP
will keep its brand and independence, but with the backing of
SunGard’s resources and reach,
says Brendan Farrell, chief executive of XSP.
Jyske Bank Implements TLM
Jyske Bank has implemented the
Transaction Lifecycle Management
Corporate Actions service from
software provider SmartStream
Technologies to avoid the errors
and risks associated with the firm’s
previous manual approach.
The Danish bank had previously managed corporate actions
in a “manually intensive, paperbased” process, which created
the possibility of missing election deadline dates and corporate
actions events. Troels Linderoth
Lolck, Århus-based director
and head of securities services
at Jyske, says TLM Corporate
Actions was easy to implement.
Michael Shashoua
waterstechnology.com/ird
May 2013 7
Virtual Roundtable
CorporateActions:
Processing Progress
Inside Reference Data gathers together leading industry
professionals to discuss the latest developments in
corporate actions
What functions within the processing of corporate actions can be automated effectively or cannot be?
Deborah Culhane, chief operating officer,
Fidelity ActionsXchange: The industry
has made significant progress in moving
towards higher levels of straight-through
processing (STP) within the announcements messaging and automating matching process, given the ongoing industry
efforts to establish common markets
standards, including evolving Swift
protocols. However, the pace of change
affecting corporate actions makes it difficult for market practices and messaging protocols, which assist in achieving
higher levels of automation, to keep pace
with the introduction of new and more
complex event structures. These event
structures include the growing number
8
May 2013
of options, qualifiers and new attribute
information we see being introduced in
the marketplace.
Timeliness and accuracy remain the
standards by which STP efforts are being
driven, but we believe the complexity
of announcements today means there
is a critical need to focus equally on
completeness of information. Incomplete
events can result in significant risk in
terms of controlling entitlement risk,
as it will vary by investor, jurisdiction,
market and tax qualification. To mitigate this risk, we must ensure that an
announcement is complete, and fully
understand the nature of the event and
the complexity of the market—often
requiring further analysis and event
enrichment. We suggest a complementary pairing of technology-enabled
irdonline.com
processes with access to highly skilled
analysts. These analysts must be fully
trained in the complexities of global event
structures so they can appropriately
interpret and enrich the announcement.
This is key to ensuring the information
is timely, accurate and complete in terms
of the number of issues that can impact
ultimate entitlement risks.
Jyi-chen Chueh, director and global product manager of asset servicing and settlement, I&I Services, Standard Chartered
Bank: Most of the corporate actions
lifecycle stages can and have been automated to a large extent within the industry. Initial efforts have focused on events
capture and announcements, but other
areas, such as instructions management
and payment confirmations, have also
benefited from significant automation.
Tax processing could be the next automation frontier. Tax certification and
documentation processes remain highly
manual due to the complexity of regulations and lack of harmonized common
practices. The Financial Transaction
Tax in Europe is a clear example of
automation challenges. In Asia, some
markets have introduced rules that
considerably reduce the ability to benefit
from double taxation agreements.
Brendan P. Farrell, executive vice president, XSP, SunGard: The common tenden-
waterstechnology.com/ird
Deborah Culhane,
Chief Operating Officer,
Fidelity ActionsXchange
+1 (877) 777 5838
ActionsXchange@
Fidelity.com
actionsxchange.com
cy is to frame the discussion of corporate
actions automation strictly around the
announcement capture and management process. But the overall automated
corporate actions process begins long
before the event is announced. Likewise,
the corporate actions lifecycle can terminate at multiple points, depending on
how the data is treated by the stakeholders in the lifecycle.
For instance, despite extensive tools
“Timeliness and accuracy
remain the standards by which
STP efforts are being driven,
but there is a critical need to
focus equally on completeness
of information”
Deborah Culhane, Fidelity ActionsXchange
May 2013 9
Virtual Roundtable
Brendan P. Farrell,
Executive Vice President,
XSP, SunGard
+1 (646) 300 6800
[email protected]
sungard.com/xsp
for data management, cleansing and
reference data, exceptions are commonplace. These exceptions are generally
compounded when data from a multitude of disparate sources are combined.
For the time being, the validation of the
data requires manual intervention—
we say “for the time being” because
we recognize that the tools and techniques for capturing and managing
corporate actions data are maturing and
improving with the introduction of ISO
20022 and the application of domainspecific languages and standards such
as XBRL, which facilitate the automation of data management and cleansing.
Most of the corporate actions event
lifecycle can also be automated successfully—from the point where the data has
been cleansed and normalized onward,
through the matching against positions
and trades, the notification to responsible parties, the capture of instructed
positions and the subsequent posting
10
May 2013
of entitlements to books and records
systems or via Swift to custodians or
counterparties.
Finally, no discussion concerning
automation of the corporate actions lifecycle is complete without mentioning
automating the notification and response
capture. It is not enough simply to identify that a corporate action exists on a
particular security. Notification must
be done with respect to meaningful
context regarding the corporate action,
which implies that there is a relationship
between the corporate action, the underlying security and the account holding a
position on the corporate action. After
all, effective automation implies taking
the notification out of the back office
and making it available directly to the
responsible party, or even to a general
retail customer in some cases, in such a
way that the corporate action has been
transformed from a simple statement
of activity on a particular security to
a statement of activity with context to
a stakeholder.
Paul Fullam, head of corporate actions,
Americas, Thomson Reuters: Automation
can occur for all functions of corporate
actions processing, but manual intervention will likely remain a necessity to
capture exceptions. The majority of software providers have the ability to process
the full corporate actions lifecycle from
irdonline.com
announcement through to allocation.
However, industry issues such as multilisted securities and government regulations can present a challenge not only to
the operations team, but also to the software providers who need to develop functionality that can quickly adapt to market
and industry changes. For firms processing
corporate actions, this means they need
to follow the 80/20 rule in automation and
accept that some manual intervention will
be needed for complex events.
Where is the greatest potential for
discrepancies and exceptions in the
process?
Culhane: Exceptions and discrepancies can
occur at any stage of the process, including the original announcement capture.
ActionsXchange announcement services
rely on multiple sources of proprietary
and commercial announcement information, which puts us in a unique position to
understand that no single source of information will avoid discrepancies or exceptions. We believe a cost-effective approach
to validate announcement information in
the original point of announcement capture
is the best way to avoid discrepancies and
exceptions from the very start. Once you
ensure that you have captured validated
and complete announcement information,
automated processes can best control the
end-to-end lifecycle of the event and avoid
further discrepancies and exceptions.
waterstechnology.com/ird
Many firms employ more manual
processes or less-integrated automated
processes to support the processing of a
corporate action event, but this lack of automation and/or a more fragmented support
model can lead to additional discrepancies,
exceptions and errors. Ultimately, the best
way to detect and avoid discrepancies and
exceptions in the processing of corporate
action events is to use a fully automated
and highly integrated process which
controls and monitors the full lifecycle
of event information—from the original
notification to election and confirmation of
the entitlement.
Chueh: The absence of a true, official
“golden” record for corporate actions
events has a snowball effect throughout
the entire processing chain, whereby each
intermediary revalidates the same information over and over again. This adds unnecessary buffers in delivering information to
end-investors and can create differences in
interpretation between various institutions.
“It is not enough simply to
identify that a corporate action
exists on a particular security.
Notification must be done with
respect to meaningful context
regarding the corporate action”
Brendan P. Farrell, XSP, SunGard
May 2013 11
Virtual Roundtable
For instance, as there is no official numbering of event options, each
provider may announce its own sequence.
Imagine the challenge for investors who
appoint multiple custodians: “option
one” for the same event may have a
totally different meaning depending on
who they send their instructions to.
Farrell: The greatest potential for
discrepancies or exceptions lies in the
continued practice of manual processing,
particularly when passing information
to interested parties using archaic tools
such as fax or manually input emails. The
magnitude by which corporate action
events are growing in volume (around
14% per year) and complexity means the
level of risk is naturally heightened and
the potential for great losses becomes a
frightening reality for many firms.
Consider, too, the compliance risk
inherent to any manual process, where
audit trails are missing or instructions
are buried deep within email chains.
Once again, the industry is relying on a
loose set of non-automated procedures
to control risk and exposure in a highly
complex process.
Fullam: There are many areas that are
prone to discrepancies within corporate actions processing. From the start
of the process, timeliness and quality of
data is of critical importance, and firms
12
May 2013
can have issues just creating the actual
event because of security cross-reference
issues, incomplete data and receiving
conflicting data from multiple sources.
Moving further along the process to the
increasing complexity of trades, processing “as of” trades can create major
exceptions, which can result in incorrect allocations to client accounts. With
more countries implementing transaction taxes, this will be a major source
for discrepancies as firms will need to
determine if a specific security is eligible
for this specific tax. Firms will need to
rely on data vendors and local agents to
provide this information.
What level of progress do you see, or
believe exists, in automating corporate actions processing?
Culhane: Industry participants are
making progress, particularly around
standardizing market practices and the
“Corporate actions initiatives
have gained momentum in
the past three years, especially
in Asia. Local exchanges are
increasingly switching from
manual formats to ISO 15022
announcements”
Jyi-chen Chueh, Standard Chartered Bank
irdonline.com
Chueh: Corporate actions initiatives have
gained momentum in the past three
years, especially in Asia. Local exchanges
are increasingly switching from manual
formats to ISO 15022 announcements.
At Standard Chartered, we anticipated
this trend by launching a global, single
corporate actions platform across our
network. The platform currently operates across 20 markets in Asia, the Middle
East and Africa, accounting for 90% of
our total corporate actions volume. Being
ISO 15022 compliant, we have integrated
it with all available local exchange feeds
(Singapore, Indonesia, Thailand, India,
and so on) along with exclusive rapid
feeds from data vendors, providing faster
and better content to our customers.
some firms are already
taking steps to adopt
ISO 20022, many global
firms have yet to even
embrace the existing
ISO 15022 format. The
DTCC Corporate Actions
Reengineering Initiative Jyi-chen Chueh,
will be implemented in Standard
Chartered Bank
phases this year and
next with the goal of retiring all legacy
systems on or before 2015.
SunGard’s XSP is committed to helping
the industry address the DTCC changes
for a seamless transition. XSP, a Swiftcertified solution, fully supports the
DTCC Reengineering Initiative and is
already working with several organizations to help prepare them for the new
standardized system. We are testing live
messages and bringing ISO 20022-based
messages into applications. This will
allow end-users to capture the new ISO
20022 DTCC messages, match them to
in-house positions for internal processing
and client notifications and manage
response capture for optional and voluntary events, then automate the posting of
the elections back to the DTCC.
Farrell: As an industry-wide initiative,
the DTCC is working towards introducing a platform for the development of
standardized messages, moving to the
ISO 20022 messaging format. Although
How has the scope and volume of
corporate actions data been growing,
and what are some of the causes?
Culhane: Continued market uncertainty,
low-yield environments and regulatory
evolution of messaging protocols like
those set by Swift. But a number of factors
continue to hamper this progress, including lack of standards adoption by financial
market participants, fragmented underlying processing systems and controls, and
the increasing complexity of corporate
actions events, requiring more interpretation and enrichment to fully mitigate their
inherent processing risk.
waterstechnology.com/ird
May 2013 13
Virtual Roundtable
agendas—including active and uncertain tax and fiscal policies—are among
several factors that continue to influence the scope and volume of corporate
actions. We have seen several recent
examples of this, including the significant increase in special dividends during
year-end 2012 in anticipation of US taxrate changes. While the volume of corporate actions events has never been highly
predictable, post-crisis market events
and global regulatory policy now make
it very difficult for firms to adequately
predict the resources they will need
to support the type of unusual volume
fluctuations we have experienced in the
last few years. Firms seeking significant
improvements in the management of
their overall corporate actions requirements and expense structure will be
looking for better options like strategic
outsourcing to address complexity, risk
“The magnitude by which
corporate action events
are growing in volume and
complexity means the level
of risk is naturally heightened
and the potential for great
losses becomes a frightening
reality for many firms”
Brendan P. Farrell, XSP, SunGard
14
May 2013
and access to predictable and cost-effective support models.
Chueh: Corporate actions volumes have
grown considerably across our regions,
combining increased issuers’ activities and the influx of investments into
emerging markets. Last year, Singapore
entered the top 10 countries in terms of
the volume of corporate actions Swift
traffic. Singapore is the second Asian
market, after Japan, to have direct representation at the global forum that recommends the yearly corporate actions
messaging enhancements. This is great
for the region, as it not only gives us
better opportunities to advocate for Asiaspecific issues, but also allows us to tap
best practices adopted by more mature
markets in Europe or the US.
Farrell: In a 2010 whitepaper, Swift
stated that it saw the growth of corporate actions notifications increasing at
roughly 14% year on year. Since then,
the industry has witnessed some of the
most complex and scrutinized events
in recent history, such as the Sara Lee
1:5 reverse stock split/spin-off/name
change and subsequent recapitalization,
or the Dell Computer leveraged buyout.
Couple the trend of increasing complexity with surging M&A activity and you
have an environment fraught with risk
> continued on page 16
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Virtual Roundtable
Paul Fullam,
Head of Corporate
Actions, Americas,
Thomson Reuters
+1 (646) 223 5844
paul.fullam@
thomsonreuters.com
thomsonreuters.com
and exposure—an environment primed
for automation.
As to the drivers behind the volume
and complexity, it is partly in response
to the state of the market on the heels
of the historic upheaval and change we
have experienced since 2008. It is also
a response to the market emerging from
those dire conditions, subsequently
reaching record-high trade volumes and
market value.
Fullam: Corporate action volumes have
been rising over the past few years.
Investors, fund administrators and custodians who monitor corporate actions
have an increasing need for transparency
and timeliness. ISO standard corporate
action events now provide investors with
a range of event information, from basic
dividends to class actions, meeting agen-
16
May 2013
das, fixed-income calls and redemptions
in near real time. These event types will
no doubt become more specific, allowing
investors and regulators to accurately
track shares based on issue, income and
risk exposure. Any portfolio administrator, whether monitoring their own book
or acting as a custodian, is now obliged
to understand the income, return and
taxation potential and implications of
specific investments before committing,
and corporate actions provide the data to
back those decisions.
Is greater consistency needed for
corporate actions announcement
and processing methods? If so, how
may this be addressed?
Culhane: The industry as a whole can
certainly benefit from more consistency
and standardization in the announcement and processing of corporate actions.
Many industry participants and associations, such as ISITC, the Securities
Market Practice Group (SMPG) and
Sifma, are working diligently to address
standardized announcements and broader adoption of messaging protocols. While
significant progress has been made, these
efforts are affected by issuers who applied
and continue to apply imagination when
constructing their events, along with
active and uncoordinated global regulatory and tax policy. Firms—either directly
or in concert with their service partners—
irdonline.com
need to remain educated and aware of the
evolving risks and opportunities to further
greater consistency and adoption of standards in the market.
Chueh: Absolutely, but a major barrier is
the cost-benefit conundrum of corporate
actions automation: how do you convince
issuers to adopt costly standards while
it mostly benefits downstream consumers? Better vertical alignment within the
corporate actions chain can help. In Asia,
Standard Chartered actively participates
in a regional corporate actions forum
facilitated by Swift that aims at greater standards consistency across Asia,
rather than just locally. It is premature to
predict its success, but involving almost
every possible stakeholder (exchanges,
custodians, broker-dealers, investment
banks and vendors) sends a strong signal
that corporate actions effectiveness is a
priority for all of us.
“With more countries
implementing transaction
taxes, this will be a major
source for discrepancies as
firms will need to determine if
a specific security is eligible for
this specific tax”
Paul Fullam, Thomson Reuters
waterstechnology.com/ird
Farrell: A significant number of industry practitioners would agree that there
is a need for improved consistency in
announcement and processing methods.
Each instance of incomplete or invalid
data in an announcement breaks the
automated workflow chain, as does each
non-automated participant that sends a
fax with instructions to their custodian.
Risk is introduced and compounded,
requiring exception processing and
costly manual intervention. All of these
breaks can be addressed today by
SunGard’s technology and services working in conjunction with the DTCC and
Swift to bring solutions to all industry
participants, regardless of their size and/
or scale.
Fullam: Where there are proscribed
corporate action events and event types,
then clearly there is a need for consistency in timeliness and dissemination.
User groups such as the APAC Corporate
Action Working Group and the Londonbased Market Data Provider User Group,
and industry groups such as ISITC, are
actively involved in surveying members
and suggesting methods of achieving
consistency. When it comes to making
changes, we would look to organizations such as Swift or SMPG to provide
an industry standard that will allow
software vendors and users to develop
processing methods with confidence.
May 2013 17
Q&A
Standard for Action
Inside Reference Data
speaks with John Kirkpatrick,
managing director, global asset
servicing, in the transaction
services unit at Citi in London,
about efforts to improve
corporate actions processing
John Kirkpatrick, Citi
How has the management of data
flows allowed Citi to successfully
automate its corporate actions
processing?
A few local markets are providing more
automated corporate event data, and
several more have plans in place to
provide automation.
However, there is still a long way
to go, with many markets providing
limited or manual information. Where
central securities depositories (CSDs)
are sending ISO standard electronic
events, we are able to receive them
straight-through into our systems and
pass on to our clients.
What needs to happen regarding
messaging standards in order to
better support corporate actions
processing?
18
May 2013
There needs to be consistent messaging standards across all CSDs. This can
be achieved by broader adoption of the
ISSA (International Securities Services
Association) Principles for Global
Corporate Action Processing published
in June 2012.
How would you characterize the
level of manual exceptions for
corporate actions? Is it still far
higher than it should be?
The level of manual exceptions continues to be very high. In many markets,
information is passed to participants in
a physical format and subsequent elections have to be delivered physically.
Differences in market conventions,
standards and formats lead to potential
confusion, add risk and increase manual
processing.
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