JPMorgan Worldwide Securities Services has completed a pilot of Announcement Capture, a new service which captures global corporate actions announcements from multiple sources and generates a “golden record” for client reporting purposes.
Announcement Capture is part of JPMorgan’s global STP programme to standardise, consolidate and deliver timely, comprehensive and accurate corporate actions announcement information to clients.
The service collects and compares global corporate actions announcements from a variety of sources including daily automated vendor feeds, major market sources as well as the bank’s own sub-custodian network. If there are no discrepancies between the sources and full validation checks are met, the information is passed on as the golden record in Swift formats.
Discrepancies are flagged up by JPMorgan’s Bournemouth-based corporate actions team which then will contact Issuers and local market information providers to resolve the difference and agree the golden record.
“Formulating the golden record of a corporate action historically has been a labour-intensive process,” says David Kane, JPMorgan Worldwide Securities Services’ operations executive. “Now that the pilot programme has been a success, we are rolling out Announcement Capture across the 90-plus markets where we support our clients’ investments.”
The need for more efficient corporate actions processing was highlighted during a conference session at the Sibos event in Boston earlier in October, where a number of custodians described their own internal efforts to improve their corporate actions operations.