The core systems that interface with clients and process corporate actions must evolve to keep pace with increasingly complex events, said Daniel Thieke, Managing Director and General Manager, Settlement & Asset Services at The Depository Trust & Clearing Corporation (DTCC) at the SIFMA Ops 2014 Conference in Boca Raton.
Participating as a panelist in the breakout session “Corporate Actions Roundtable: Industry Efforts, Risk and Associated Challenges,” Thieke identified standardization and increased automation as key components of DTCC’s Corporate Actions Transformation initiative, a five-phased, multi-year plan designed to upgrade and replace many of the legacy systems that currently support corporate actions at DTCC.
The initiative will help firms reduce risk, enhance efficiencies and drive down costs related to corporate actions processing.
Thieke said DTCC is proactively engaging clients to help them prepare for the migration to ISO 20022 messaging and a new user interface called the CA Web. “We want to make sure the industry is comfortable with the new platform before we begin to retire components of the legacy system which is planned for the 4th quarter of this year,” Thieke explained.
“The SIFMA Conference is an excellent avenue for engaging clients about key DTCC initiatives, such as the Corporate Actions Transformation,” Thieke said. “It is clear that the industry wants to become more engaged and we look forward to working with them on this important initiative.”
For more information or if you would like to become more involved in DTCC’s Corporate Actions Transformation Initiative, contact: email@example.com.