The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

BB&T Renews XSP Licence, Adds Second Data Feed into Golden Copy

Branch Banking & Trust (BB&T) in the US – which has $130.8 billion in assets – has renewed its licence for the XSP corporate actions solution, with the addition of an interface to a second corporate actions data feed – DTC Redemption and Reorganization – to complement the data it already takes from Xcitek, formerly part of the same company as XSP but now owned by Interactive Data (Reference Data Review, April 2007).

Having first purchased XSP in 2004 and gone live with the data cleansing component of the solution and automated delivery of information to portfolio managers in 2005, BB&T has since implemented XSP’s web-based eTRAN module for automated notification and response capture of elections, as well as its Export File Utility to improve downstream processing of notifications and responses by automating delivery of this data to BB&T’s SunGard Addvantage accounting system.

Frank Piraino, managing director of global operations and client services at XSP, says the DTC Redemption and Reorganization files BB&T has now licensed will enable it to receive data directly from DTC (the US depository business of DTCC). “The bank was already using Xcitek data, and will now be taking in two feeds for more comprehensive coverage. XSP scrubs and normalises the data to create a golden copy and creates notifications to portfolio managers,” he says.

The DTC Redemption and Reorganization files are among the 30 different interfaces XSP offers out of the box, he adds – and for a North American firm taking Interactive Data/Xcitek and DTC data would be a pretty typical set-up. Getting the second feed up and running in XSP is straightforward, Piraino continues, since the Xcitek interface is already in place. Configuring XSP to implement preferences between the two sources in instances where there are discrepancies between the feeds is also quite a simple project, he reckons. XSP imposes no limit on the number of corporate actions data feeds a firm can utilise, though for a global firm the usual maximum would be four, two for Europe and two for North America, he suggests.

Roger Lieber, vice president of Trust Operations at BB&T, says the quality of XSP and the level of support it receives were key factors in its renewal decision.

Related content

WEBINAR

Upcoming Webinar: Evolution of data management for the buy-side 2021

Date: 27 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The buy-side faced a barrage of regulation in 2020 and is now under pressure to make post-Brexit adjustments and complete LIBOR transition by the end of 2021. To ensure compliance and ease the burden of in-house data management, many...

BLOG

GLEIF Moves LEI Uses Cases on from Regulatory Compliance to Digital Identity Products

The Global Legal Entity Identifier Foundation (GLEIF) is extending use cases of the LEI beyond regulatory reporting to solutions initially including digital certificates. The first commercial demonstration of LEIs embedded within digital certificates has been made by the China Financial Certification Authority (CFCA), which has also signed up as a validation agent within the global...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Applications of Reference Data to the Middle Office

Increasing volumes and the complexity of reference data in the post-crisis environment have left the middle office struggling to meet the requirements of the current market order. Middle office functions must therefore be robust enough to be able to deal with the spectre of globalisation, an increase in the use of esoteric security types and...