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DTCC Picks up Penson Canada For Corporate Actions Data

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Penson Financial Services Canada is the first Canadian clearing firm to use DTCC’s Global Corporate Action Validation Service (GCA VS). It joins a major Canadian bank among the users of the service, and DTCC says it is in active discussions with a number of other organisations in Canada about GCA VS.

Susan Spivey, head of sales for GCA, says DTCC has had a long-standing relationship with Penson, as a member of its clearing and settlement organisations. “Penson was re-engineering its client web product and wanted to incorporate an outsourced corporate action announcement service,” she says. “Penson was looking to expand on its coverage on a global basis without increasing staff and infrastructure costs. We talked to Penson about what we could offer through GCA VS, and it found the service met its needs.”

DTCC expects Penson to go live with the service in June. “We are in the process of working out the technical issues and connections currently,” Spivey says. There is scope for Penson to expand its use of the data beyond Toronto to its operations in London and the US in the future, DTCC believes.

Spivey says DTCC already provides extensive Canadian corporate actions announcement data via GCA VS. “Canada ranks sixth in terms of the volumes of corporate actions received from the market,” she says. “Of course, GCA looks to leverage our strong relationships with other securities depositories, exchanges and other market infrastructures – particularly with our close friends up north,” she adds.

Terry Bourne, executive vice president and chief operating officer of Penson Financial Services Canada, says: “With GCA Validation Service we’ll be able to take advantage of multiple feeds that are checked against each other, along with the resources and experience of DTCC to help ensure the accuracy of the data. We expect it will free up resources, allowing us to focus on other areas where we can add significant value for our clients.”
Other clients recently added to the roster of GCA VS users include Raymond James (Reference Data Review, February 2007) and Abbey Financial Markets (Reference Data Review, March 2007).Penson Financial Services Canada is the first Canadian clearing firm to use DTCC’s Global Corporate Action Validation Service (GCA VS). It joins a major Canadian bank among the users of the service, and DTCC says it is in active discussions with a number of other organisations in Canada about GCA VS.

Susan Spivey, head of sales for GCA, says DTCC has had a long-standing relationship with Penson, as a member of its clearing and settlement organisations. “Penson was re-engineering its client web product and wanted to incorporate an outsourced corporate action announcement service,” she says. “Penson was looking to expand on its coverage on a global basis without increasing staff and infrastructure costs. We talked to Penson about what we could offer through GCA VS, and it found the service met its needs.”

DTCC expects Penson to go live with the service in June. “We are in the process of working out the technical issues and connections currently,” Spivey says. There is scope for Penson to expand its use of the data beyond Toronto to its operations in London and the US in the future, DTCC believes.

Spivey says DTCC already provides extensive Canadian corporate actions announcement data via GCA VS. “Canada ranks sixth in terms of the volumes of corporate actions received from the market,” she says. “Of course, GCA looks to leverage our strong relationships with other securities depositories, exchanges and other market infrastructures – particularly with our close friends up north,” she adds.

Terry Bourne, executive vice president and chief operating officer of Penson Financial Services Canada, says: “With GCA Validation Service we’ll be able to take advantage of multiple feeds that are checked against each other, along with the resources and experience of DTCC to help ensure the accuracy of the data. We expect it will free up resources, allowing us to focus on other areas where we can add significant value for our clients.”
Other clients recently added to the roster of GCA VS users include Raymond James (Reference Data Review, February 2007) and Abbey Financial Markets (Reference Data Review, March 2007).Penson Financial Services Canada is the first Canadian clearing firm to use DTCC’s Global Corporate Action Validation Service (GCA VS). It joins a major Canadian bank among the users of the service, and DTCC says it is in active discussions with a number of other organisations in Canada about GCA VS.

Susan Spivey, head of sales for GCA, says DTCC has had a long-standing relationship with Penson, as a member of its clearing and settlement organisations. “Penson was re-engineering its client web product and wanted to incorporate an outsourced corporate action announcement service,” she says. “Penson was looking to expand on its coverage on a global basis without increasing staff and infrastructure costs. We talked to Penson about what we could offer through GCA VS, and it found the service met its needs.”

DTCC expects Penson to go live with the service in June. “We are in the process of working out the technical issues and connections currently,” Spivey says. There is scope for Penson to expand its use of the data beyond Toronto to its operations in London and the US in the future, DTCC believes.

Spivey says DTCC already provides extensive Canadian corporate actions announcement data via GCA VS. “Canada ranks sixth in terms of the volumes of corporate actions received from the market,” she says. “Of course, GCA looks to leverage our strong relationships with other securities depositories, exchanges and other market infrastructures – particularly with our close friends up north,” she adds.

Terry Bourne, executive vice president and chief operating officer of Penson Financial Services Canada, says: “With GCA Validation Service we’ll be able to take advantage of multiple feeds that are checked against each other, along with the resources and experience of DTCC to help ensure the accuracy of the data. We expect it will free up resources, allowing us to focus on other areas where we can add significant value for our clients.”
Other clients recently added to the roster of GCA VS users include Raymond James (Reference Data Review, February 2007) and Abbey Financial Markets (Reference Data Review, March 2007).

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