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by Edward C. Kelleher

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  • DTCC and SWIFT Complete Milestone Toward Messaging For Corporate Actions

  • DTCC's Reengineering Project

  • The Depository Trust Company (DTC) has published a series of documents detailing new technical information and specifications for its corporate actions reengineering project and outlining major changes associated with the next phase of the multi-year reengineering effort.

    The documents, available here, cover a variety of material including message specifications for ISO 20022, which will be the primary message format for corporate actions announcements by DTC, and spreadsheets mapping data fields from the existing legacy files to the new data fields and message structure.

    "These documents move us closer to the goal of our reengineering initiative – to provide the highest quality corporate actions data to our customers on a global basis," said Patrick Kirby, DTCC managing director, Asset Services. "As we move forward, we will be soliciting customer input to ensure that the industry helps shape the final documents and the new standards."

    DTC is phasing in its corporate action reengineering over several years, with the goal of retiring all legacy files on or before 2015. The reengineering initiative will upgrade and replace many of the 60 legacy systems that currently support corporate actions and will create a single new platform capable of handling increasingly sophisticated types of securities, both domestic and international.

    The current phase – the second of six planned phases – is scheduled for April 2011 implementation and will make ISO 20022 announcement messages available for all DTC participants for DTC-eligible data and for all Global Corporate Action Validation Service clients. Use of ISO 20022 announcements messages will remain optional for DTCC clients at this time.

    The newly-released documents include:

    • The Corporate Actions Reengineering Guide: summarizes the major changes associated with this phase of the reengineering effort.
    • ISO 20022 Message Specifications for Announcements: provides message specifications and layouts for announcements and is intended as an implementation overview.
    • ISO 20022 Extension and Documentation: covers the use of "extensions" for additional data elements that may be needed in corporate announcements.
    • Legacy to New Mapping Model Spreadsheets: provides mapping of data fields from legacy files to the corresponding data fields in the new ISO 20022 message structure.
    • Interface Description: provides details regarding the new browser-based user interface and different publication and connectivity options.

    Earlier in the year, DTC published two other technical documents:

    • Corporate Action Events Dictionary: lists the event types and mapping back to DTC function codes, GCA event types and ISO 15022 values.
    • Corporate Actions Data Elements Dictionary: lists the ISO 20022 published data fields and mapping back to DTC fields, GCA fields and ISO 15022 fields. @

    [To access these documents, Click Here. For questions, contact Robert Epstein, DTCC vice president, Asset Services, at or 212.855.2965.]