Mizuho International Picks XcitekSolutionsPlus for CA Automation
London-based Mizuho International has signed up for XcitekSolutionsPlus’s XSP platform for automation of corporate actions data, marking the second European contract for the U.S.-based vendor this year. The selection followed evaluation of “several corporate actions system providers,” according to John Sweeney, executive director of securities services at Mizuho. Invesco’s European offices signed up for XSP...
Corporate Actions Represent Major Risk to Global Marketplace
New research estimates that incomplete or incorrect corporate actions information poses a front-office trading risk of between EUR1.6 billion and EUR8 billion annually, while firms individually may face back-office processing risks amounting to tens of millions of euros from mishandling a single, complex corporate action event. The research was conducted by U.K. analysts Oxera, and...
Telekurs Financial Gears Up for ISO 15022 Corporate Actions
Telekurs Financial is gearing up for the production release next month of ISO 15022-formatted corporate actions data as part of the Swift initiative to bring third-party data vendors onto its Swiftnet network. Telekurs released test data for the ISO 15022 service to clients in January; the company confirmed its roll-out plans at a client briefing...
Mark-it Partners Acquires Totem Derivatives Valuations
Mark-it Partners has agreed to acquire Totem Market Valuations, a provider of OTC derivatives consensus valuations. Mark-it hopes the combination of Totem’s valuations data will complement its own credit pricing and reference data services, helping clients meet increasingly stringent regulatory and accounting requirements. Tim Barker, CEO of Totem, will join Mark-it Partners’ management team as...
Mark-it Partners Taps Caplin for Price Collection, Dissemination
Credit pricing and reference data service Mark-it Partners has signed up to use Caplin Systems’ Liberator and Real Time Text Protocol (RTTP) systems to collect and redistribute streaming credit price information. The systems will collect prices from participating bank traders’ spreadsheets, deliver the data to the Mark-it Partners database for cleansing and aggregation, and then...
ADP Partners with RemitPro to Offer Client Verification
ADP Brokerage Services Group has introduced a customer identity verification system, integrated with the company’s Brokerage Processing Services (BPS) securities processing system. The client validation system is aimed at helping broker-dealers’ compliance and new accounts departments to verify their customers’ identities in accordance with the USA Patriot Act. The system was built using RemitPro’s Risk...
Daiwa Securities America Opts For XSP Platform, Data
Daiwa Securities America has gone live with XcitekSolutionsPlus’s XSP corporate actions processing platform in a record 30-day implementation. The project had been slated for a 60-day rollout. Daiwa opted for XSP in the hopes of reducing its exposure to corporate actions processing failure while preparing for future volume increases. In addition to the XSP software...
Tata Consultancy to Join Corporate Actions Benchmarking Event
India’s Tata Consultancy Services will join a selection of corporate actions vendors at a London benchmarking event in June organized by City Compass. The event – pitched as an opportunity to benchmark vendor offerings versus user needs – is scheduled for June 30 at the Merchant Taylors’ Hall, in the City. Other participating vendors include...
Martin Currie to Use ValueLink Pricing Service
Fund manager Martin Currie Investment Management, based in Edinburgh, has signed up to use daily pricing from ValueLink Information Services. The ValueLink data will be used to provide clients with price information while at the same time optimizing the firm’s own pricing operations. Martin Currie cited ValueLink’s stringent validation procedures as a factor in its...
ISO Rebukes ANNA Over Cusip Pricing Policy
The International Standards Organization has issued a letter of rebuke to the Association of National Numbering Agencies (ANNA), suggesting that fees being charged by the Cusip Service Bureau for its numbering database may be out of step with ISO policy. Cusip is operated by Standard & Poor’s under license from the American Bankers Association. Cusip...