New York/London/Hong Kong/Singapore/Sydney, 20 January 2021 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its MF Info Xchange service, the first offering of its kind to standardize communications for the mutual fund industry, has been recently enhanced with additional key capabilities to bring new efficiencies to the mutual fund communication process and meet evolving client needs.
MF Info Xchange centralizes the delivery and receipt of time-critical notifications and alerts, information that has historically been exchanged via fax, email or phone. In 2020, MF Info Xchange delivered hundreds of event types to over 400,000 recipients in real time, including consolidated Dividend/Capital Gain schedules, Interval/Tender Fund transaction schedules, Fund Mergers, and other critical announcements.
Among the key features recently launched is the “Large Trade Notification” event type. This new notification type further extends MF Info Xchange capabilities, enabling firms to communicate in real time with their fund partners, starting with the notice of large trade information to their fund partners, and facilitating two way communication.
“We are incredibly proud of how MF Info Xchange has evolved throughout 2020,” said Ann Bergin, Managing Director and General Manager, Wealth Management Services at DTCC. “We have been encouraged by the continued adoption of MF Info Xchange and the positive feedback we are hearing from our clients. By expanding communication capabilities between the funds and their distribution partners, we continue to address operational challenges for our clients in line with our on-going commitment to the mutual funds industry.”
"Standardizing and streamlining communication between funds and firms is a high priority for many of us and MF Info Xchange is the service that will get us there. It’s impressive to see our funds, firms, vendors and DTCC working together to build a solution that addresses these needs," stated Lisa Borth, Vice President, Director of AllianceBernstein Transfer Agency Services. "As the adoption of MF Info Xchange becomes more widespread, we expect the service will become the industry standard for mutual fund communications, lowering risk and increasing efficiency."
The latest enhancements build upon key capabilities that were added in recent months including a complete audit trail with the ability to view all client activity; enhanced search capabilities; an event calendar to view and track date-critical events; and the ability for notification receivers to customize recipients for events. The service has also been integrated with MF Profile Security, DTCC’s centralized data source of comprehensive fund prospectus and operational rules. Each of these features support MF Info Xchange’s overarching aim to standardize, streamline and reduce risk throughout the mutual fund communication process.
About DTCC
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2019, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $2.15 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $63.0 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes over 14 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.