Legal Notice Service Expands Email Alerts
The Depository Trust Company (DTC) recently rolled out an enhancement to its Legal Notice Service (LENS). Now, customers can opt to receive daily email alerts on legal actions on any securities a firm is interested in tracking.
LENS is a comprehensive library of notices about DTC-eligible securities, including legal notices to security holders, bankruptcies, defaults, litigation and class action suits, and certain tax-related notices. These notices remain on the DTCC website for five years. The new feature, called CUSIPs of Interest, will boost efficiencies for DTC clients since
they will no longer have to access the DTCC website to search for notices.
Tailored emails at cost-efficient rates
“The enhancement enables clients to receive customized daily email alerts according to both the security and the type of notice,” said Virginia Holton, DTCC director, Asset Services Product Management. “Firms determine the information they need on a daily basis and we put the alert into place. They can receive all LENS notices on a select list of CUSIPs, or only on certain types of notices such as bankruptcy or default on a select list of CUSIPS, or bankruptcy or default notices on all CUSIPs.”
Online access to the email alert service is free for all DTC customers. Firms are only charged when they view, download or email a notice directly from LENS. They can elect to access notices on either a per-notice or subscription basis. The per-notice fee is $9, and $9 per email notice to one or more recipients. A subscription costs $1,700 a month for unlimited viewing and downloading by multiple users at the same firm, plus $9 per email notice to one or more recipients.
In addition to the email alert service, customers can continue to access LENS at any time to search for notices. @
[For more information about LENS and the newly enhanced email service, contact your Relationship Manager or email lensweb@dtcc.com.]