Global Corporate Actions (GCA)

GCA Validation Service (VS) provides a centralized source of "scrubbed" corporate action announcement information on global securities. For banks, broker/dealers, investment managers and other financial institutions, the GCA VS changes the way corporate action announcements are managed by reducing the high fixed costs associated with this labor-intensive processing. GCA VS validates the information across vendors, custodians, prospectuses, exchanges and other sources, and publishes the cleansed data via an Internet browser and via proprietary or ISO 15022 compliant files, multiple times during each day. The global service has regional presence in the major markets, works in 16 languages, covers events across more than 160 countries and territories, receives data from more than 138 custodians and operates round-the-clock.

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The GCA sigma levels are predicated on defects as defined below.

• Accuracy Defect (Internal) - Measures the percentage of manually reviewed announcements in which internal defects of critical data required correction (e.g. ex-date for dividends, expiration date for voluntary offerings, payout rate for all corporate action events) relative to the total number of manually reviewed announcements.
• Timeliness Defect (Internal) - Measures the percentage of announcements internally created/updated in which the timing of the announcement falls outside a pre-determined set of 12 business metrics (e.g. failed to validate composite record on announcement added date +1 business day) relative to the total number of announcements.

 Sigma Trend Charts (pdf)