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Raymond James Joins DTCC's Growing Global Service on Corporate Actions
New York, January 31, 2007 - The Depository Trust & Clearing Corporation (DTCC) today announced that Raymond James & Associates, Inc. has chosen DTCC's Global Corporate Action Validation Service (GCA VS) to help them automate, streamline and reduce risk associated with corporate actions announcements.
The GCA Validation Service provides a centralized source of corporate action announcements for equities and fixed-income instruments traded in Europe, Asia-Pacific and the Americas. In 2006, GCA VS provided almost 900,000 corporate actions announcements on more than 1.5 million securities in 160 countries around the world.
"We selected GCA VS to complement our installation of Tata's NCS Corporate Actions Systems software. With this combination we expect to achieve straight through processing for a large percentage of our corporate actions events," said Trudy Bixby, senior vice president, Securities Operations, Raymond James and Associates, Inc.
"We're very proud to have been selected as Raymond James' provider," said James Femia, DTCC managing director and head of the Global Corporate Action business. "We're investing substantial resources to ensure GCA VS is delivering comprehensive, accurate and timely information that meets the global requirements of our customers."
Raymond James joins a growing number of other major global financial institutions and buy-side firms using DTCC's GCA Validation Service, including Goldman Sachs, Credit Suisse, JPMorgan Securities, Merrill Lynch, and UBS, among others. DTCC has more than 30 years of experience in handling corporate actions information and processing for U.S. securities and securities from more than 100 other countries which are also held at DTCC's depository.
Corporate actions are one of the last significant areas of risk associated with manual and non-standardized processing in the securities industry. According to a 2004 study sponsored by DTCC and conducted by Oxera, an economics consultancy in Europe, the risk from just one mishandled corporate action event could impact thousands of investor clients and cost tens of millions of euros for individual securities firms - and multi-billion euros for the global securities industry.
"Outsourcing corporate actions announcements is a growing trend in the industry, which is providing a cost effective way for firms to obtain high quality, fast and accurate information on corporate actions announcements globally," Femia said.
About Raymond James
Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 4,700 financial advisors serving 1.5 million accounts in 2,200 locations throughout the United States, Canada and overseas. Total client assets are approximately $190 billion. Approximately $33.7 billion are managed by the firm's asset management subsidiaries.
About DTCC
Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for almost two and a half million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.
The GCA Validation Service is provided through DTCC Solutions LLC, a subsidiary of DTCC. Additional information is available at www.dtcc.com/gca.