Automated Trading Desk (ATD) has signed up for cleansed US domestic equity corporate actions information from Fidelity ActionsXchange, via its ActionService product. After a trial of the corporate actions solution, ATD made its decision to go with Fidelity ActionsXchange based on its timeliness, data accuracy and ease of integration into its own system, according to the vendor. Fidelity ActionsXchange “reached out to” ATD just as it was “beginning to explore options to achieve even greater automation within its operations”, Fidelity says.
ATD receives one ActionsXchange data file daily (with an option for as many files as its business dictates), which feeds directly into its downstream applications for use within both its back office operations and trading area. “This consistency of data across the organisation significantly improves efficiency and greatly reduces the chance for error,” says Fidelity ActionsXchange.
The vendor says the ActionsXchange corporate actions solution is “completely scalable” and, as such, “grows with an organisation over time”. While ATD is currently taking cleansed domestic equity corporate actions data, the service covers both domestic and international equity and fixed income information. Fidelity ActionsXchange says it expects “to have a long and successful relationship with ATD and, moving forward, will look to further expand (its) data coverage within the organisation”.
“In Fidelity ActionsXchange, we have found a business partner who truly understands our organisation and objectives,” says Jeff Martin, president of Automated Trading Desk Financial Services. “By receiving cleansed consolidated corporate actions through the ActionsXchange data feed, we will be able to ensure consistency of data across the entire organisation. This will help to streamline our business processes and move information across the organisation more rapidly.”
Fidelity ActionsXchange – which competes in the corporate actions data cleansing space with the DTCC’s Global Corporate Actions Validation Service – takes in corporate actions data from multiple sources and uses experienced industry professionals to compare data, resolve conflicts and augment information. Its client base currently is comprised of more than 40 major broker/dealers, asset managers, banks and hedge funds.
As it celebrates its 10th anniversary, Fidelity ActionsXchange says this has been its “most successful year to date”. “Increasingly, organisations are recognising the significant risk inherent in corporate actions and are actively planning their budgets around automating this process,” it says.
For more on the state of play in corporate actions see Unlocking the first link in the chain in the Q4 issue of Reference Data Review’s sister title A-Team IQ.