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A-Team Insight Blogs

Knight Selects Fidelity ActionsXchange to Provide Corporate Actions Intelligence

Fidelity ActionsXchange, a provider of global corporate actions solutions, today announced that Knight Clearing Services, a subsidiary of Knight Capital Group, has selected its ActionService platform to provide corporate actions information, such as corporate reorganisations, restructuring and mergers, to support the firm’s equity trading operation.

ActionsXchange is a wholly-owned subsidiary of Fidelity Investments and provides integrated corporate actions event information to financial firms worldwide. Knight Clearing Services operates as a self-clearing broker-dealer that provides settlement and clearance services for its affiliated broker-dealers and includes the Knight Equity Finance team serving broker-dealers and custodian banks with consistent, high-quality securities lending and stock loan expertise. Parent company Knight Capital Group is a global capital markets firm that provides market access and trade execution services. The company is a leading source of off-exchange liquidity in US equities and has greater share volume than any US exchange.

Knight’s average daily US equity share volume of 13.2 billion for the third quarter of 2009 far exceeded that of the NYSE and Nasdaq, which averaged 2.0 billion and 2.2 billion respectively.

“The need for timely, accurate corporate actions information is critical to helping us effectively meet the sophisticated needs of our clients,” said Christopher Pento, managing director and head of Knight Clearing Services. “Through Fidelity ActionsXchange, we are getting access not just to data, but information that has been analysed and validated to ensure its accuracy – allowing us to respond faster to our clients’ needs.”

“With corporate actions on the rise and increasing in complexity, just accessing a single data source is not sufficient to assess investment opportunities and manage risk,” said Laura Pollard, executive vice president and head of Fidelity ActionsXchange. “Our focus is on providing firms such as Knight access to a single, intelligent corporate action solution that combines highly-skilled analysts with the multi-source data and state-of-the-art technology they need to support advanced trade execution services, effective risk management and exceptional client service.“

Fidelity’s ActionService platform combines multiple global data sources, analytical services and technology to identify and interpret corporate actions events and convert data to actionable intelligence.

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