About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

DTCC and Swift Release First Drafts of Corporate Actions Announcement Messages

Subscribe to our newsletter

After a year of collaboration with Swift and XBRL US, the Depository Trust & Clearing Corporation (DTCC) has finally unveiled the first set of drafts of ISO 20022-based corporate action announcement messages, which are part of its corporate actions re-engineering initiative for the US market. According to the vendor, the move away from proprietary message formats to ISO-based messaging will increase the overall potential for STP within the characteristically paper-based corporate actions environment in the US.

The current set of drafts are for announcement and cancellation advice messages for corporate actions in ISO 20022 formats and are available for review on the DTCC website here. DTCC indicates that more documentation to support additional message types, such as payment messages, will be available later this year. The current drafts were developed using Swift’s standards development utilities and the fact that they are based on the ISO 20022 standard means that they can contain non-standard corporate actions data, which was previously unable to be communicated using ISO 15022.

The new model will now form the basis of the XBRL taxonomy, which is aimed at allowing the tagging of corporate actions source documents. To this end, last month, Max Mansur, global market manager for Asset Servicing at Swift, and David Hands, director of asset services product management at DTCC Solutions, indicated that the group focused on the XBRL and ISO mapping project would have a pilot programme up and running by the end of the year. Hands explains that more work is needed to further align the DTCC and ISO data models and this will be a focus for the group over the coming months.

“Although we have adopted ISO messaging, we still face a situation where about half of the data content is not covered in the message, and in fact is not even in the ISO data dictionary. Therefore, we are using extensions to cover these situations in a consistent, standard format,” he elaborates.

Don Donahue, DTCC chairman and CEO, has also been a champion of XBRL tagging for some time and reckons the drafts are the first significant milestone in the overall effort to fundamentally change the US corporate actions announcement process. “Whether receiving XBRL tagged documents from issuers or communicating with our customers through ISO 20022 messages, a primary goal of DTCC’s corporate action re-engineering project is to help the flow of information between issuers and investors move more smoothly and with fewer errors, at less cost, using a single global standard,” he explains.

Reference Data Review will be speaking to Swift’s own corporate actions champion, Chris Church, chief executive of Americas and global head of securities, about the progress that has been made on this project next week. Check back for the full story then…

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Hearing from the Experts: AI Governance Best Practices

The rapid spread of artificial intelligence in the financial industry presents data teams with novel challenges. AI’s ability to harvest and utilize vast amounts of data has raised concerns about the privacy and security of sensitive proprietary data and the ethical and legal use of external information. Robust data governance frameworks provide the guardrails needed...

BLOG

GoldenSource OMNI Evolves as Buy-Side Demands Transform

Data cloud giant Snowflake’s forum in San Francisco last month was closely watched by the data management industry, especially GoldenSource. A year after its launch, the creators of GoldenSource’s OMNI data lake product for asset managers were keenly watching what Snowflake had to offer with an eye to enhancing the app’s own provisions for the...

EVENT

AI in Capital Markets Summit New York

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...