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Welcome

Actions and reactionsRegulation and harmonisation are adding com-plexity to the environment in which automation of corporate actions processing needs to be achieved, argues Olivier Connan, Market Manager, Asset Servicing, SWIFT

One of the key outcomes of the corporate actions session at Sibos Dubai in September was that industry collaboration, particularly in the US and Europe, is key in order to forge efficiencies in corporate actions processing – instead of relying on regulators occupied with post-crisis rule implementation. The session also found that market participants can learn from regions where new corporate actions standards have been implemented, such as Australia.

Andrew White, general manager, settlement services for the Australian Securities Exchange(ASX), shared his view that building industry consensus to present to regulators is the ideal way to create robust corporate action standards. “We actively engaged the whole community of issuers, custodians, registrars and vendors to see the process we thought we should move to,” he said, adding: “Getting everyone in the room to see the benefits and then reflecting that back to the regulator is key. The strength of the issuers’ support was very powerful.”

ASX has moved to SWIFT’s ISO 20022 messaging format for corporate actions, which cover the four event types that represent 80% of corporate events for ASX-listed instruments, including dividend announcements. Acknowledging that as a vertically integrated exchange, ASX was in a strong position to implement standards, White said nevertheless it was emphasising the win-win factor for all participants that proved the strongest binding agent for consensus.

In some jurisdictions, regulatory intervention in building corporate actions standards may be more practical, the session found. The moderator - Tim Lind, global head of legal entity and corporate actions, enterprise content for Thomson Reuters - asked the audience whether regulators should mandate the use of corporate actions standards by issuers and financial intermediaries, and 83% said ‘yes’.

Other market change is fostering progress in corporate actions automation, the panellists suggested. Philippe Ruault, head of clearing and custody products, BNP Paribas Securities Services, said post-crisis infrastructure renewal is driving change in corporate actions, alongside progress in the Corporate Actions Joint Working Group. TARGET2-Securities (T2S) will also have a marked effect, he predicted. “We are seeing strong adaptation from central securities depositories and key market participants to cope with the new standards and this will cover market claims, transformations, and a number of other events managed through T2S,” he said.

The panellists agreed that regulators’ attention on corporate actions standards has diminished, slipping lower on a regulatory agenda dominated by post-crisis rules including the US Dodd-Frank Act and the European Market Infrastructure Regulation. Jim Phalen, head of global operations and technology, State Street, said instead of relying on regulators or waiting for industry initiatives to materialise, market participants should extract better information from their data to influence their corporate actions processes. He said the evolution of big data and cloud computing would give banks a greater ability to extract information to craft business decisions.

The impact of new rules requiring OTC derivatives transactions to be centrally cleared on collateral will also significantly alter the corporate actions space, panellists agreed.The need to spread more assets across multiple infrastructures to optimise collateral will create corporate actions-related inefficiencies. “This will add more complexity to the process,” commented Phalen, adding that investors trying to deal with a corporate actions event had voiced concerns that the growing demand for collateral would slow down an already cumbersome process.

The changes in the financial services landscape being driven by regulation and harmonisation are creating both challenges and opportunities when it comes to improving the processing of corporate actions, but one thing is clear: achieving better standardisation and automation of this complex activity has never been more important.

Reduces risk

Improves client service

Increases efficiencies

Powering Wealth Management

Australia | Canada | Germany | Hong Kong | India | Indonesia | Luxembourg | Malaysia | New ZealandSingapore | Spain | United Kingdom | United States of America | Vietnam

www.dionglobal.com connect@dionglobal.com

Dion´s solution automates the identification, management and notification of corporate actions.

Managing Wealth with Maximum EfficiencyNext generation automation in the new era of transparency.

Turning financial technology into real business opportunities

The Evolving Nature of Corporate Actions

The changes required to enhance corporate actions processing and distribution have been discussed at great length. And yet, despite the well documented inconsistency issues that create unnecessary delays and increase the risk of event misinterpretation, changes to practices have occurred at a relatively slow pace.

However, with the industry endeavoring to promote more efficient financial markets, there is an increasing appetite to transform corporate actions processing. As I will discuss in further detail, this is being driven by both the increasing complexity within events themselves and the changing consumption patterns of event data.

Event Complexity is IncreasingRising event complexity is occurring in two forms. Firstly, the relatively simple corporate actions, those that account for around 90 percent of overall volumes, have become more complex as shareholders can now elect to receive dividends in a variety of foreign currencies.

Secondly, new types of corporate actions continue to emerge and at an increasing rate, creating a greater variety of mandatory and voluntary events. An example would be a ‘multi-legged’ spin-off, where the holder receives more than one new stock or security with respect to the stock already owned.

These more intricate event types often contain terms and conditions that can be highly complex and require particular expertise to avoid any misinterpretation. When these events are cross-border transactions they can also involve a large number of custodians and other intermediaries with differing terminology and practices.

Complexity has also increased as firms look to access more international markets, many of which have different domestic rules, processes and procedures. The combination of these factors creates a greater risk of error and generates challenges across

the enterprise – from order management and pre-trade compliance, to clearing and settlement.

Timeliness, Compliance and Risk ManagementA corporate action can have a direct impact on whether trading strategies are in or out of compliance with a specific customer mandate, especially as mandates have become increasingly intricate. Moreover, any events that affect stock prices need to be anticipated and stored for the purposes of compliance, valuation and analysis.

However, failures can result from several factors in the process, from misinterpretation and errors caused by manual intervention and dissemination, to timing issues that can lead to delays in communicating the information to investors.

The global requirement for improved risk management has added to the call for more timely information on corporate actions in order to quickly understand the impact of events on liquidity and risk exposures. Having accurate, timely data, particularly the various elements of a complex event, enables these decisions to be made earlier and can help to reduce risk exposures.

Changing Data Consumption PatternsWith heightened risk management requirements and investors seeking reassurance that the value of their portfolios is constantly being monitored for the impact of events, there has been a change in the way that corporate actions data is used across the enterprise. In addition, there is now more interaction between back, middle and front offices with regard to the formatting and use of corporate actions data.

For the middle and front-office functions traditional batch processing is not fit for purpose. Corporate actions information needs to be incorporated into their risk management, product control, investment decisions and trading strategies.

Therefore timely, high-quality corporate actions data is required for the front office to make better-informed trading and investment analysis and decision making; it helps support global investment strategies, reduces interpretation errors and benefits the monitoring of accounts and positions.

Moving to Event-Driven OperationsWith the growing demand from both regulators and clients for information on an intra-day basis, firms will require data delivered in a timely, efficient and easy-to-consume manner.This new environment requires a major shift towards a near-time, event-driven operating model. That shift is already taking place: major investment banks that have historically run end-of-day batch data processes are already looking to run data as frequently as every 15 minutes in order to more efficiently monitor positions, gain a near-time view of exposures, and feed downstream risk management systems.

Timely corporate actions data using a standardised electronic format and agreed market practice will benefit participants throughout the financial industry. Investors will benefit from faster, more accurate data enabling them to make informed decisions with a wider decision-making window, while issuers will benefit from the knowledge that their message is accurately communicated in an effective manner, improving transparency and reducing latency between issuer and investor.

The industry itself will benefit from the reduction of risks and costs, where manual intervention and interpretation are significantly lowered and improved straight-through processing (STP) rates are achieved.

This article is provided for information purposes only. Nothing herein should be construed as legal or other professional advice or be relied upon as such.

Nat Sey, Head of European Product Management, Pricing and Reference Data, Interactive Data

Thought Leadership

ProgrammeCorpActions 2013: Chairman’s WelcomeJohn Kirkpatrick, Managing Director, Custody and Asset Servicing Operations Securities and Funds Services, Citi

Chairman’s Keynote: Digitisation at Source and the STP FlowJohn Kirkpatrick, Managing Director, Custody and Asset Servicing Operations, Securities and Funds Services, Citi

The Influence of Market Infrastructure Developments on Corporate ActionsThe tsunami of regulations and market reforms is shaping the post-trade world. T2S is less than twenty months away. But are we ready? This session questions how the corporate actions landscape will look in the next few years and beyond. • A look at forthcoming regulations impacting upon the corporate actions and asset servicing fields (T2S, CSD/R, EMIR ). How will corporate actions be handled after these regulations bite? • What will the different T2S access models imply for corporate actions processing? • What will the implications be for proxy voting and harmonisation? • Is global standardisation a myth? • Poll outline regarding industry readiness for the post-T2S world and the adoption of standards. Moderator Virginie O’ Shea, Senior Analyst, Aite Group PanellistsArnaud Delestienne, Executive Vice President, Head of Core Product Management ClearstreamChristine Strandberg, Product Manager at SEB Merchant Banking (SMPG, CAJWG, CATF, E-MIG)Justin Chapman, SVP, Global Head Process Management, Northern Trust Les Turner, Head of Operations, ISS Governance

Data and Corporate Actions Processing: A Fresh LookDigitisation of event data at source. There is very little progress in achieving this. Some CSD’s and Exchanges produce digitised event data, but very few issuers. This puts a big strain on the direct market participants as it is incumbent on us to scrub, translate, interpret, precise information in various formats in order to produce a concise, unambiguous and formatted announcement for end beneficiaries. Timeliness. Event and New Issues data are often delivered through end of day batch report. Many market participants do not get STP intra-day data feed. They have to retrieve manually such data through terminal. There is a need for intra-day fully automated data feeds including corrections, enrichments and updates of event data. Cleansing. Every single market participant has to perform the same scrubbing and cleansing processes on event data. Cost could be reduced and quality improve if the process could either be centralised or if event data sources would use common format and protocols. Consumption. Waiting for application of international standards, market participants developed internal systems and applications around proprietary or vendors

formats. The consumption of event data coming from other sources requires customisation of data feed format and cross referencing. This generates unnecessary costs and risks for market participants.Moderator Philippe Verriest, Director, EuroclearPanellistsPaul Phillips, Senior Sales Executive - EMEA - Post Trade, SunGard’s XSPTom Dalglish, Chief Technology Officer, Group Data, UBS Investment BankMichael Collier, Market Advocacy, Deutsche Bank AG

Networking Break & Vendor DemonstrationsMeet the exhibitors, including product demonstrations including one by Dion Global Solutions at 11:10

Standards Process HarmonisationThere are still many and varied standards and conventions across international markets. Convergence of rules and standards would reduce risk and significantly ease the end to end process. At the same time demands for migration grows and market players are bringing their own initiatives into the process.We take a look at how the following key areas will impact on future corporate actions processing and the demands impinging differently on various types of market participant. Drivers For Standardisation• What are some of the catalysts for adopting corporate actions standards? • How are market infrastructure projects going to impact the process? • Migration to ISO 20022 by other market infrastructures (incl DTCC and Jasdec)• Migration Versus Co-Existence • Delivering Issuer EngagementMarket Practices• Global and local market practice status• Implementation of existing and/or gaps in practiceRisk Management & Regulation• The role of regulators and engaging with regulators • Should there be a single standard• Increasing complexity and volumesModeratorKarin De Ridder, Head of Development / Standards , SWIFT PanellistsFrederic Beck, Head of Custody Operations, BNP Paribas Security ServicesNat Sey, Head of European Product Management, Interactive DataGrant Ramsey, Head of Corporate Actions, Nomura Asset Management James Cunningham, External and Regulatory Affairs , The Bank of New York Mellon)

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Corporate action processing remains a burdensome task, despite advances in technology. Progress is being hampered by the slow adoption of the newer messaging format ISO 20022 from the older 15022 version. For now, most participants are using the established 15022 standard, but the industry needs to consider shaking off the past and moving towards a more efficient, uniform and automated solution.

The challenges associated with manually processing corporate actions are also well documented in recent industry research by TowerGroup. The research reveals that improper processing of corporate actions notices is one of the top-three operational risks cited by the 42 fund management firms canvassed. The ISO 15022 standard was originally introduced to help overcome these risks.

Launched more than 15 years ago by SWIFT, the 15022 messaging format was hailed as a significant improvement over the previous ISO 7775 standard and became the global market standard for banks, broker-dealers, investment managers and market infrastructure providers. Fast forward to today, and it is viewed by many as being old-fashioned and rigid in terms of both messaging formats and content. The XML-based ISO 20022, on the other hand, is a game changer, especially in the current cost-conscious climate.

ISO 20022 messaging can help mitigate issues with corporate actions automation in several ways. First, it provides the financial services industry with a common platform for the development of messages in a standardised format and defines a number of key elements used in messaging. It also supports a broader range of processes beyond post-trade settlement and reconciliation, as it covers the entire lifecycle for distribution events, ranging from entitlements and payments to instructions.

The most significant new attributes include flexibility, both in terms of content and adaptability, XML syntax, easier processing and maintenance and greater straight-through processing (STP) capabilities. It also offers enhanced data elements providing for greater accuracy and risk reduction.

Different regions are forging their own paths to 20022 adoption with the U.S.-based Depository Trust & Clearing Corporation (DTCC) leading the charge. The clearinghouse initiated a multi-year corporate actions reengineering initiative in 2010 with the aim to replace its proprietary files with ISO 20022 messages by 2015.

The DTCC believes that the enhanced data, improved identification and representation of events embedded in the new format will mitigate one of the greatest risks attached to corporate action processing -- the misinterpretation of data when it is transferred from one party to another.

To solve this challenge, the European Central Bank introduced Target2Securities (T2S), an initiative that aims to harmonise the settlements across Europe by connecting certain Central Securities Depositories (CSDs) to one centralised settlement platform. Initially, T2S was expected to go live in 2013, but the project, which has indicated it will use ISO 20022 messaging, has been delayed and is now expected to be operational in June 2015.

Developments are also underway in Asia, with the Japan Securities Depository Center (JASDEC) announcing plans to migrate its post-trade pre-settlement flows to ISO 20022 by 2014. The Singapore and Australia exchanges are also following suit with similar initiatives.

The examples illustrated by the DTCC, JASDEC and other large entities embracing the 20022 standard are indications that the standard is moving from an early adopter phase into an early majority. The implication is that as more industry players and vendors support the 20022 standard, the standard will gain momentum. However, there remains a rather steep curve to adoption, not least of which is the preparedness of financial services firms to accept the standard. In the interim, firms are forced to support both standards until an end to co-existence is reached.

To assist with this transition, the industry and its technology providers have responded with a range of deployed, cloud-based, and SaaS-based solutions that can help automate the corporate actions processing lifecycle, including data sourcing and cleansing, position monitoring, notification and response, and entitlement processing. Technologically-advanced platforms incorporate automation and workflow capabilities to help streamline processing and achieve greater levels of STP. Coupled with the emergence of business process outsourcing operations, which are capable of providing value-added services for the management of corporate actions events, financial services firms have a broad spectrum of options for coping with the level of change introduced by ISO 20022.

The end result – both from the industry initiatives underway and the technological developments designed for the corporate actions space – is that firms can spend less time worrying about their corporate action processing and instead focus on developing products and services that will sharpen their competitive edge.

Brendan P. Farrell, Jr.executive vice president, XSPSunGard

XSP

CORPORATE ACTIONS: MOVING SWIFTly AHEAD

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SunGardXSP_Article-CorpActions2013 1 10/25/13 12:40 PM

ProgrammeOperational Risk & Efficiency• Where is the most risk within the event lifecycle? • External, market level factors • Internal factors • How do these factors vary in terms of relative importance and size at different institutions or business lines?• How do you measure or quantify this risk? • What factors can impact risk? • What tools are in place to measure risk? • How do you mitigate this risk? • How do you use the information provided by the risk measurement tools to ensure the risk is mitigated and managed? • What is your approach to maximising operational efficiency? • Pressures to further reduce operational overheads• How does an organisation’s Target Operating Model change to improve operational efficiency and reduce costs? • What can technology do to improve operational efficiency? • How is operational efficiency balanced against risk control? • With increasing pressure to reduce costs and an increasingly competitive market place, how do you successfully reduce cost without significantly increasing the associated risks or impacting levels of client service?ModeratorAdam Stern, Managing Director, Ibacas Consultancy PanellistsChay Thurlow, Global Head Of Corporate Actions, Income and Client Management, Deutsche Bank Alan Jones, Product Manager, SmartstreamGrant Ramsey, Head of Corporate Actions, Nomura Asset Management

Networking LunchMeet the exhibitors, including product demonstrations, including one by Sungard’s XSP at 13.40

Asset servicing: Why is the pace of automation suddenly accelerating?The pace of corporate action automation is moving fast. In this session we look at the key drivers of this acceleration: T2S, European Standards implementation leading to local markets migrations and regulatory change are the obvious ones, but there are other factors at play, such as sophisticated clients needing more innovative services, corporate actions gaining importance in front offices.• Where is automation taking place in the CA value chain? • What are the risks to be aware of? • What should be the focus of the next three to five years?ModeratorChris Schaefer, CityIQ PanellistsOlivier Connan, Market Manager, Asset Servicing, SWIFT Axel Dewitte, Managing Director - EMEA & APAC Head of Corporate Actions, The Bank of New York Mellon Pierre Colladon, Senior Advisor for Strategy for Market Infrastructures, Societe Generale Securities Services

Presentation: Transaction Taxes (incl FATCA)Definition / Scope / CalendarWhich parts of the industry does it impact ? • How does it impact Corporate Actions, Asset Servicing, Settlements.• What are the pain points? • Complexity of the mechanism in the existing Financial• Transaction Tax descriptions• Challenging deadlines from the governments • No harmonised approach, divergence, potential legal actions. • Poor results in terms of financials • What is to be doneSpeakerAxelle Wurmser, Head of SWIFT and business analysts coordination, and transversal projects, in CCS/CTS management services, BNP Paribas Securities Services

Networking Break & Vendor DemonstrationsMeet the exhibitors including product demonstrations

Implementation Case Study: Global Announcements Capture A case-study focusing on Citi’s strategic Event Master Central (EMC) system. This is a global announcement capture system, that creates a centralized Golden Record that can then be distributed to the consuming businesses creating significant Stephen Ridley, Senior Vice President, Programme Manager, Citi

End-User Experience and RequirementsThis section analyses the market position of the end-user and how it impacts across the whole processing chain. What do end users (the IM back office / portfolio managers) need to see, when. The end user position and influence in the process chain. • Requirements of the fund manager• Requirements of the IM back office • Custodians timelines and informatioModeratorChris Hall, Managing Editor, The Trade PanellistsColin Webb, Senior Manager, Corporate Actions, Fidelity Investment ManagementJohn Kirkpatrick, Managing Director, Custody and Asset Servicing Operations Securities and Funds Services, Citi @, Managing Director, Ibacas Consultancy Euroclear,

Chairman’s Closing RemarksJohn Kirkpatrick, Managing Director, Custody and Asset Servicing Operations Securities and Funds Services, Citi

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Speakers

Virginie O’Shea, Senior Analyst, Aite GroupVirginie O’Shea is a senior analyst with Aite Group covering data management and post-trade technology. She brings more than nine years of experience in tracking financial technology developments in the capital markets sector, with a particular focus on regulatory developments and standards. O’Shea is also the chair of the Clearing and Settlement Working Group’s standards subgroup.

Michael Collier, Market Advocacy, Deutsche Bank AG, Filiale LondonWith a substantial background at several Corporate Action specific organizations, including Euroclear, Cantor Fitzgerald and UBS, Michael Collier brings with him a wealth of Asset Services experience, specifically in the Voluntary Event space. Mi-chael joined Deutsche Bank in 2009, responsible for the oversight of the Voluntary Corporate Action team.

Frédéric Beck, Head of asset servicing operations and projects, BNP Paribas Securities ServicesFrédéric Beck has been head of custody operations and projects at BNP Paribas Securities Services since 2007. He is based in Paris and leads the local custody business in the Euronext region and the global custody business across the 102 markets of the bank’s network. Beck has been working in the securities industry for more than 12 years.

Chay Thurlow, Director - Global Head of T.S.O.Corporate Actions, Income & Client Manage-ment, Global Securities Services, Deutsche Bank AGChay Thurlow has worked within the Banking industry for nearly 17 years, starting at an Administration firm processing settlements for Unit Trust. His has taken him to Mellon Bank, NatWest Stockbrokers and Dresdner and on to Deutsche Bank, responsible for approx 550 staff across multiple locations.

Axel Dewitte, EMEA & APAC Head of Corporate Action, The Bank of New York MellonAxel is currently heading EMEA and APAC Corporate Actions departments. He covers now Corporate Actions departments in Manchester, Brussels, Frankfurt and Pune. In 2007, Axel joined back The Bank of New York to handle Corporate Actions processed out of Brussels.

Philippe Verriest, Director, Euroclear Communication & Information ServicesPhilippe Verriest, Director, is Head of Communication & Information services within the Product Management division. Mr. Verriest is responsible for the definition and roll-out of the Euroclear group’s client communication and information strategy.

James Cunningham, External and Regulatory Affairs The Bank of New York MellonJames Cunningham works on regulatory, market infrastructure, and market practice harmonisation topics within BNY Mellon’s Office for External and Regulatory Affairs in Europe. He is a member of numerous industry and regulatory-contact groups, including the TARGET2-Securities (T2S) Advisory Group, the T2S Harmonisation Steering Group,and AFME, BBA and EBF.

Colin Webb, Senior Manager, Corporate Actions, Fidelity Worldwide InvestmentColin Webb is the Senior Manager responsible for Corporate Actions at Fidelity Worldwide Investment. Fidelity moved to SWIFT Messaging for Corporate Actions in 2011. Before joining Fidelity in 2001, Colin had worked in Operations groups at both a Global Custodian and an Investment Manager. He is a member of the Investment Management Forum

John Kilpatrick, Managing Director, SFS Operations / Global Head of Asset Servicing and Custody, CitiJohn Kilpatrick is currently Managing Director within SFS Operations and Global head of Asset Servicing and Custody. In this role I have responsibility for the technology platform and footprint strategy globally, covering all aspects of Settlements and Asset Servicing across EMEA, Asia and the Americas. This involves management of several technology programmes and COE moves.

Adam Stern, Managing Director, Ibacas ConsultancyAdam Stern has been involved in Asset Services since processing his first dividend payment in 1988. Prior to founding Ibacas in 2002, Adam performed a number of Asset Services related roles, from processing, to Ops Management, to Change Management, in both Custody and Investment Banking environments for Citi, Morgan Stanley and ABN Amro.

Stephen Ridley, Senior Vice President, Programme Director, Citi

Nat Sey, Head of European Product Management, Interactive DataNat Sey is responsible for product management and new product development for Interactive Data’s European Pricing and Reference Data Business. In this position Nat is accountable for Interactive Data’s next generation of reference data services in EMEA.

Chris Schaefer, Senior Associate, CityIQ LtdChris has over 30 years experience in Financial Services and International Banking. Working for both international high volume retail operations and high net worth wealth investment providers, his roles have included: a senior Executive in the Fund Management Industry; a Strategic Planning manager for an International Bank; a Board member of an International Fund Management company covering retail products and a start-up Outsourcing Company.

Arnaud Delestienne, Head of Core Product Management, ClearstreamArnaud is Head of Core Product Management with additional responsibilities for Pricing and Business Consulting teams. He started his career at Clearstream in 1997 and as Deputy Manager of Operations he was responsible for business as usual activities for securities services.

Speakers

Les Turner, Product Manager, ISS GovernanceLes Turner is Product Manager for ISS Proxy Distribution business, a suite of corpo-rate governance themed products aimed at the Asset Servicing industry. Les, joined ISS in 2005 to lead Vote Operations before moving into Product Management. Prior to this, Les spent 18 years in the field of Corporate Actions in both operational and product management roles at several Global Custodians.

Grant Ramsey, Head of Corporate Actions, Nomura Asset ManagementGrant is the Head of Corporate Actions at Nomura Asset Management, and has been in this role since 2007. In addition, Grant is also responsible for Income Processing & Proxy Voting, and has overseen a number of IT & Internal Outsourcing projects. Grant is currently part of the Corporate Action user group, which represents Investment Managers, who participate in meetings with SWIFT.

Justin Chapman, Senior Vice President, Global Head of Industry Management, Operations and Technology, Northern TrustJustin is a member of the chief operating officers executive management team reporting to the organisations COO and is responsible for strategic implementation/process/change management for Industry engagement across operations and technology globally.

Chris Hall, Managing Editor, The Trade, Asset InternationalChris Hall is managing editor of Asset International’s flagship buy-side focused securities trading title The Trade, as well as related publications The Trade Deriva-tives, The Trade Asia, The Trade Growth Markets and thetradenews.com. Chris was previously the editor of Automated Trader, a quarterly journal focused on the use of automated and algorithmic trading techniques in the financial markets.

Christine Strandberg, Product Manager, Skandinaviska Enskilda Banken (SEB) Christine is a product manager at SEB, based in Stockholm, Sweden. She is responsible for SEB’s Sub-Custody Asset Servicing offer and SEB’s custody-related SWIFT messaging. She has worked for SEB since 2000, in the roles of systems manager (2000-2007) and product manager (from 2007).Christine is a member of the Corporate Actions Joint Working Group.

Tom Dalglish, Chief Technology Officer, Group DataUBS Investment BankTom is the Global Head of GDS Financial Instruments and Pricing. With over 20 years of success in deploying global systems and infrastructures he is a recognized expert in reference and market data with a reputation for delivering quickly. A passionate believer in building tightly-integrated teams, he describes himself as a well-rounded, hands-on computer scientist with a tenacious drive for deploying systems under challenging conditions.

Pierre Colladon, Senior Advisor for Strategy for Market Infrastructures, Societe Generale Securities ServicesWith more than 20 years experience in Front and Back Office activities, including Cash and Securities, Pierre Colladon is a Senior Advisor with the Strategy for Market Infrastructures Department at Societe Generale Securities Services. He is specifically responsible for Clearing, Custody and Issuer Services issues.

Alan Jones, Senior Product Manager, SmartStream TechnologiesSince joining SmartStream, Alan has played a major role in most TLM Corporate Actions implementation projects, working closely with clients to ensure that best results . As one of the main driving forces behind the evolution of TLM Corporate Actions onto the full TLM platform, he is now part of the Strategy and Product Management team and is responsible for the TLM Corporate Actions solution.

Paul Phillips, Senior Sales Executive - EMEA - Post Trade, SunGard’s XSPPaul is a twenty-year corporate actions industry veteran beginning his career at The Chemical Bank before taking on senior roles at Salomon Smith Barney and ABN AMRO in London. Today Paul is focused on establishing SunGard’s corporate actions offering as the de-facto straight-through processing (STP) solution for processing corporate actions outside of the United States.

Olivier Connan, Market Manager, Asset Servicing, SWIFTOlivier Connan is Market Manager Asset Servicing – Securities Markets in the Marketing division of SWIFT. Olivier joined SWIFT in 2006 as a Senior Business Analyst in the Standards department, where he oversaw the development and maintenance of standard messages in the corporate actions business area.

Karin De Ridder, Head of Development/Standards , SWIFTKarin De Ridder is heading up the Standards Development team in SWIFT where she manages all aspects of standards development in the areas of securities, payments, FX and trade finance. Previously she was a Global Market Manager for Asset Servicing responsible for SWIFT’s portfolio of securities asset servicing solutions and products.

Axelle Wurmser, Head of SWIFT, Business Analysts and Transversal Projects, CCS/CTS Management Services, BNP Paribas Securities ServicesAxelle WURMSER is the Head of SWIFT and business analysts coordination, and transversal projects, in CCS/CTS management services, since March 2006 [CCS : Clearing and Custody Services, CTS : Corporate Trust Services]. SWIFT Coordination is a small team of 3 aiming at facilitating all SWIFT related initiatives in BNP Paribas.

Intermediaries are approaching a game-changing moment in post-trade harmonisation with new regulation and the introduction of the ECB centralised platform for securities settlement, TARGET2-Securities (T2S). This is driving potential consolidation in the industry and an increased need to differentiate through providing the best bundle of value-added services. Meanwhile, asset owner clients are facing regulatory pressures of their own, including various frameworks relating to stewardship, engagement and voting responsibilities. Asset owners need an effective way to exercise their voting rights cross-border and are demanding sophisticated proxy voting and governance solutions as part of the value-added service bundle their intermediaries offer. To best meet clients’ needs, now is a good time for intermediaries to familiarise themselves with some of the key regulatory and soft-regulatory stewardship and voting frameworks now affecting institutional investors, to understand precisely what is driving market demand, in order to develop appropriate solutions. By way of background, at European Union level in 2007 the EU Shareholder Rights Directive removed some of the main technical barriers to cross-border voting such as the requirement to block voted positions. On an operational level this regulation made it easier and less costly for investors to cast their votes. It is important to note, however, that the recent strong uptick in market demand we are witnessing is being driven less by operationally-oriented regulatory initiatives and more by those reinforcing the fundamental fiduciary responsibility imposed on investors to act as effective stewards of the companies in which they invest, including through voting, disclosure and transparency requirements.

One such initiative already implemented at European Union level is the UCITS IV reporting framework which was fully implemented in July 2012. This compels UCITS funds to apply and maintain a voting strategy for the exercise of their voting rights. ISS has seen a large number of fund managers in Europe (and those outside with UCITS funds they want to market in the 28 EU Member States) enlarge their voting universe in order to vote the shares for these funds. More recently, in December 2012, the European Commission released its Action Plan on European Law and Corporate Governance with a five year timescale for implementation. A key proposal currently being debated is a regulatory transparency requirement for institutional investors to disclose a voting policy and voting records. Beyond EU regulation there are also many soft-regulatory and market initiatives currently reinforcing institutional investor demand for governance and voting solutions. Soft-regulatory Stewardship-related Codes designed to be adopted on a ‘comply-or-explain’ basis have recently been introduced in the U.K., the Netherlands, Italy and Switzerland by local regulatory or fund manager trade bodies. EFAMA, the pan-European fund manager trade association has also introduced such a Code. The United Nations Principles for Responsible Investment now has over 1200 signatories in Europe, Asia-Pacific and the Americas. The main goal of these principles is for asset owner and asset manager signatories to incorporate environmental, social and governance factors into their investment decision making process. One strand of this includes developing, implementing and reporting on a voting policy. ISS has developed a range of tools to help intermediaries and their institutional clients meet these requirements, whether

it’s the ability to perform post trade screening of portfolios against governance and other factors or facilitation and management of voting records disclosure. All can be bundled within our outsourcing solution, Proxy Distribution, delivered via our platform, ProxyExchange. ISS’ global infrastructure is supported by a dedicated client service team with in-depth knowledge of local markets and the needs of both intermediaries and their clients. On a final note, meeting the requirement for transparency with regard to vote confirmation is a continued challenge for the market. While an audit trail exists from the voter, through the chain of intermediaries, to the local custodian, confirmation of the receipt of the vote by the Issuer is not available in most cases. What is really needed is that final confirmation that votes were accepted by the Issuer and counted towards the outcome of the meeting. In this area as an additional helpful data service, ISS started researching and collecting meeting results in January 2013. So far this year (as of November 1st), ISS has researched meeting results availability for 40,527 meetings globally and found that results were available to a greater or lesser extent in 73% of cases. These results are available to ISS customers and platform users, either integrated into the voting workflow, flexible reporting, custom feeds or sent via SWIFT messaging. By constantly innovating to provide value-added services such as global meeting results, ISS is a partner you can trust, with best-of-breed, end-to-end voting and governance solutions, to reduce risk and differentiate your client offering.

Les Turner, Product Manager, ISS

Thought Leadership

Client demand for sophisticated proxy voting and governance solutions increasing as asset owners face regulatory pressure over stewardship responsibilities

Reading the changing landscape

Since the crisis, the financial industry is under huge scrutiny from local, national and international bodies. Five years after the fall of Lehman Brothers, the industry has been hit by a global regulatory storm; EMIR, LEI, Solvency II, FATCA are just a few of the rules that are currently being devised and to which financial institutions will have to conform.

With deadlines often pushed back and with uncertainty about several aspects of the regulations, financial institutions are having trouble assessing the real implications of the new set of rules and by consequence find it difficult to prioritise the different compliance projects. The industry as a whole is no wiser; six months ago the Legal Entity Identifier (LEI) was the talking point, nowadays the focus has moved to the Foreign Account Tax Compliant Act (FATCA) and soon it will be the turn of another regulation to be in the spotlight.

The international profile of these regulations makes it difficult for the different parties involved to come to a consensus, and naturally implementation dates keep on changing. We just have to look at FATCA to understand how the global repercussion of these new rules puts a strain on their application.

To implement the legislation, the US regulator relies on intergovernmental agreements (IGA) between the United States and foreign countries, all of which are negotiating details of the IGA to protect their own interests. Once finalised, most agreements have to go through local parliaments and the tax authorities have to draw up guidelines which will result in several variations of the legislation.

For financial firms, one of the challenges of the new regulatory environment is to keep up with the progress of each measure and estimate the amount of data they will require to efficiently comply. With several laws in the works, this is easier said than done. To add to the burden, not

only are we expecting more regulations comparable to FATCA, as it seems obvious that other countries will want to enforce similar provisions, but some requirements of the legislation currently taking shape are still obscure. Let’s continue with the FATCA illustration and look at the securities not subject to the tax regulation. It is important for companies to precisely identify exempted securities in order to accurately calculate withholding tax and comply with FATCA. While the text clearly exempts debt instruments with a first settlement date prior to January 1st 2014, the so-called grandfathered securities, it is more ambiguous about the “material modifications” that can affect a security exemption status.

As firms have not as yet a clear idea of the data elements they will require when the new regulations are enforced, the market demand for data is still very low and does not encourage data vendors to invest in sourcing and integrating these new data attributes. Vendors face the challenge of relatively blindly developing their current database structure, so they can swiftly and efficiently integrate new data points as regulations evolve. Adaptability and readiness are key. Once the rules come into force, market participants will expect to receive exactly what they need to evaluate their positions and fulfil their new compliance obligations. Ideally vendors should work towards earlier deadlines but the complex and ever-changing regulatory environment makes it very difficult.

At Exchange Data International (EDI) we closely monitor all the regulations and their progress. We discuss with our clients and strategic partners the integration of new data attributes that are inevitable, and examine the progression of each rule to evaluate the potential impact on our dataset.

The latest release of our Worldwide Corporate Actions and Reference data feed now contains a Financial Transaction Tax (FTT) table where we clearly identify the

securities subject to either the French or Italian FTT. The table is updated each time stock exchanges publish the new official lists, which at the moment happens once a year in December. As other EU countries take similar initiatives, we will capture all the relevant data and add it to this table to reflect the new market environment.

EDI is also working on the impact other regulations will have on its database structure and is currently focusing on FATCA grandfathered securities; identifying them but mainly discussing the best options to monitor and comprehensively report their eventual status change. The regulatory legacy of the great recession is challenging the whole industry as it affects many aspects of financial transactions from client on-boarding to taxation reporting. Even if we can forecast some of the changes that will probably happen, it is still too early to really evaluate the full impact on the market architecture. It is therefore important that firms stay tuned in and follow the progression of each regulation and, whenever possible, work with their stakeholders in developing new solutions to help maintain business growth while complying with all the new rules.

Kevin Brady, Executive Director, Exchange Data International Ltd

Thought Leadership

© Copyright and Codelmarked

Corporate Actions Accuracy – an Issuer-Driven Model The problems in processing Corporate Actions derive from the complexity of delivering information from issuers to the ultimate investor. Multiple versions of the same information are created and passed through to subsequent intermediaries along the chain. The creation of each new version inherently carries risk of inaccuracy, event misidentification and delay. These errors are compounded by the keying and re-keying of information as it passes between intermediaries. There is risk in processing failure, late payment, sub-optimal trading and failure to exercise shareholder rights, all of which give rise to significant remedial costs in the event of failure, not to mention inefficiency built into the system. Industry addresses this as best it can; using an innovative mix of remedial solutions such as data gathered by vendors, in-house inspection and third-party provided scrubbing software. ISO 15022 and ISO 20022 messaging helps because it standardizes the way information is formatted, transmitted and inspected, but none of this offers risk-free, automatic processing. How is it possible to check whether the information remains unchanged when it has passed through many hands?

The Solution What is required is a searchable repository of Corporate Actions key data elements sourced and collected direct from issuers and an interface or API that consumers can integrate into their systems to check the data they receive from their existing channels is source-accurate, however many hands it has passed through. If the platform were provided to all markets, other industry identification requirements such as the official Corporate Actions Identifier (COAF), and Legal Entity Identifier (LEI) could also be incorporated. The inset diagram shows how Codel’s digital notary acts as an independent trusted third party to verify corporate actions registered at source. Unique data sets are extracted and Codelmarked so that they can be verified whenever they re-occur in the financial services digital information supply chain. Issuers update the status of their corporate actions so if out-of-date information is verified, consumers are notified that they can collect the update.

The Benefit to Issuers Provided the solution is made accessible, issuers will participate because it makes their stock more desirable to those wishing to process information automatically, it reduces the issuer’s own risk by providing an update/recall mechanism, it ensures the markets can rely on their information in real time and ensures they can get timely, accurate information to their shareholder even if a nominee. It also improves the likely success of the corporate action process, assists them in complying with regulation, and provides a powerful benefit as the platform would be provided globally, giving them visibility to international markets.

To collaborate in the creation of this new platform, please register at http://www.codelmark.co.uk/instant-actions

CATS is designed to provide the missing pieces of this picture, helping you realise your vision of improved e�ciency and control.

CATS is a modular and scalable software suite addressing both tactical and strategic corporate action processing needs.

CATS, in production since 2000, is robust and secure and has proven itself globally for our customers in the �nancial centres of Germany, India, Japan, UK and the USA.

CATS provides a consistent, controlled processing environment - a key component regardless of the size of your organisation.

Corporate Action processing often involves working with incomplete pieces of information, with teams utilising many distinct systems and di�erent data sources.

CATS automates to reduce processing risk, volume sensitivity and achieves quanti�able cost savings.

CATS automation combined with its exception management enables signi�cant increases in STP.

CATS clear and consistent diary, task management and reporting functions provide transparency within your environment.

You can achieve the bene�ts of CATS within as little as 8 weeks from project sign o�, due to our minimal integration and commissioning times.

www.corporate-action.com

Specialists in the implementation of quality, robust software solutions addressing the di�culties and reducing the risks of processing corporate actions.

Bringing the pieces of your process together

tel : +44 (0) 203 009 3160email: info@corporate-action.com

megara® is a global securities processing platform which has enabled the successful automation of the middle to back office tasks of major banking institutions in more than 20 countries.

Originally designed in 1996 with the assistance of both JP Morgan and Euroclear consulting resources, megara® has been installed at local custodians with local market connectivity issues as well as custodians with a global custody approach, i.e. cross border processing of events via a network of sub-custodians.

It has also been installed at brokerage firms, central banks, private banking institutions and investment managers.

As a result of Vermeg’s continuous commitment to the securities processing industry as well as its solutions compliance with the Securities Market Practice Group guidelines, megacustody® the settlement module of megara® was awarded the SWIFTReady Gold Label in the Securities Settlement category in 2002 and every year since.

Additionally, megacor® was the first corporate actions solution to be awarded the SWIFTReady Corporate Actions Label when SWIFT introduced the new category in its labeling program in 2003, in recognition of the growing awareness by securities processing firms of the need to automate a traditionally very manual and risk-prone process.

Present in more than 20 countries

Supports retail & wholesale environments

Supports local and global custody operations

Full STP processing, workflow approachConnection with CSD’s: Euroclear, Clearstream, Iberclear, STRATE, OeKB…

Web-based access for users and clients

Multi-lingual and multi-currency support

Multi-entity and global processing support in single instance

High volume Capability

ISO 15022 and ISO 20022 compliant

Highlights Functionalities

SwiftReady labels

Mitigate risk, reduce cost and increase efficiencies.

It’s a win-win-win.

The innovative solutions from Fidelity ActionsXchange

offer a winning combination of highly skilled analysts,

proprietary and commercial data sources,

and configurable solutions. They combine to deliver timely

information and guidance necessary to mitigate risk,

reduce cost, and increase efficiencies across your organization.

For over 15 years, Fidelity ActionsXchange has been a pioneer

in custom solutions for validation, interpretation and

guidance surrounding global corporate actions and related events.

We have worked with leading financial institutions around the globe

to provide timely and validated customized announcement

information, workflow tools and technology.

We would like to do the same for you.

To learn more about our custom solutions, and how they can help you win-win-win,

contact us today.

Call 877.777.5838

Visit www.actionsxchange.com

Mitigate risk, reduce cost and increase efficiencies.

It’s a win-win-win.

The innovative solutions from Fidelity ActionsXchange

offer a winning combination of highly skilled analysts,

proprietary and commercial data sources,

and configurable solutions. They combine to deliver timely

information and guidance necessary to mitigate risk,

reduce cost, and increase efficiencies across your organization.

For over 15 years, Fidelity ActionsXchange has been a pioneer

in custom solutions for validation, interpretation and

guidance surrounding global corporate actions and related events.

We have worked with leading financial institutions around the globe

to provide timely and validated customized announcement

information, workflow tools and technology.

We would like to do the same for you.

To learn more about our custom solutions, and how they can help you win-win-win,

contact us today.

Call 877.777.5838

Visit www.actionsxchange.com

Established 25 years ago, Goal is a leading class action service provider and tax reclamation services specialist. We have an extensive blue-chip client base including many of the world’s largest global custodians, asset managers, private banks, pension funds, hedge funds, high net-worth individuals, investment banks, prime brokers and fund managers – worldwide. We monitor client assets with a total value in excess of $12 trillion.

It is now more important than ever that investment advisors, trustees and fund managers are able to demonstrate business integrity, financial transparency and strong cor-porate governance as an integral part of fulfilling their fiduciary duties to protect the assets in their schemes. To date, Goal has recovered over $380 million in compensation for our clients.

Our research demonstrates that just over 24% of class action claims that could be filed by entitled parties are left unprocessed and unrecovered, despite opinion that institutional investors are legally obliged to instigate

such claims on behalf of their clients. Historically, non-participation in securities class actions has cost investors and funds dearly. Between 2000 and 2012 over $18.3 billion in settlements to which shareholders were entitled were not reclaimed.

In the field of tax reclamation, it is estimated that as much as $17bn of withholding tax was unclaimed last year. Goal undertakes all the work necessary to recover excess withholding tax incurred on foreign income by utilising our proprietary software together with all the knowledge and expertise gained through years of experience in this specialist service.

GOAL provides an outsourcing capability for those who, in the quest to reduce costs, increase productivity and reduce risk, see outsourcing as a viable option to remaining competitive in their market place. We believe that by utilizing our service, you will gain a competitive advantage whilst generating additional revenues.

The key to your hidden assets

GOAL GROUP LIMITEDPHILADELPHIA I LONDON I HONG KONG I MELBOURNE

Please refer to our website www.goalgroup.com for the contact details of our network of global sales and support agents.

Pat Bingham-Peters, Director of Sales & Relationship Management EMEApbingham-peters@goalgroup.com +44 (0)208 760 7130

             The  key  to  your  hidden  assets...

Established 25 years ago, Goal is a leading class action service provider and tax reclamation services specialist. We have an extensive blue-chip client base including many of the world's largest global custodians, asset managers, private banks, pension funds, hedge funds, high net-worth individuals, investment banks, prime brokers and fund managers - worldwide. We monitor client assets with a total value in excess of $12 trillion. It is now more important than ever that investment advisors, trustees and fund managers are able to demonstrate business integrity, financial transparency and strong cor-porate governance as an integral part of fulfilling their fiduciary duties to protect the assets in their schemes. To date, Goal has recovered over $380 million in compensation for our clients.

Our research demonstrates that just over 24% of class action claims that could be filed by entitled parties are left unprocessed and unrecovered, despite opinion that institutional investors are legally obliged to instigate such claims on behalf of their clients. Historically, non-participation in securities class actions has cost investors and funds dearly. Between 2000 and 2012 over $18.3 billion in settle-ments to which shareholders were entitled were not reclaimed. In the field of tax reclamation, it is estimated that as much as $17bn of withholding tax was unclaimed last year. Goal undertakes all the work necessary to recover excess withholding tax incurred on foreign income by utilising our proprietary software together with all the knowledge and expertise gained through years of experience in this specialist service.

GOAL GROUP LIMITED PHILADELPHIA I LONDON I HONG KONG I MELBOURNE Please refer to our website www.goalgroup.com for the contact details of our network of global sales and support agents. Pat Bingham-Peters, Director of Sales & Relationship Management EMEA pbingham-peters@goalgroup.com +44 (0)208 760 7130

www.aimsoftware.com

GAIN Corporate Actions DM acts as an extension to existing banking applications using data from SWIFT and data vendors for the matching, scrubbing and validation of corporate actions. GAIN Corporate Actions DM acts as a gatekeeper protecting back office professionals from high levels of manual processes. The increasing data volumes are automatically channeled and prioritized to ensure on a daily basis that the most critical corporate actions data is identified and processed efficiently. The application is targeted at Corporate Actions teams, made up of operations staff, Subject Matter Experts and Business Operations management.

AIM developed GAIN Corporate Actions DM to address the need for higher levels of automation to absorb the ever increasing volumes and complexity of events and the inconsistency in the underlying data. The product‘s design protects the investments made in the existing back office systems, by being non-invasive and non-disruptive. The product is designed to automate the labour intensive and

error prone handling of Income Cash Flows and corporate actions announcements. The business application supports Corporate Action teams in both boosting STP levels and applying changes in the STP flow without the need for involvement from internal IT. The system provides a central point of control, quality and transparency for the handling of corporate actions.

GAIN Corporate Actions DM can support both (I) the automated validation of custodian SWIFT

announcements with another source (e.g. a data vendor or other custodian) before releasing it for further processing, and

(II) the creation of a golden copy record for the event based on several sources.

GAIN Corporate Actions DM acts as a gatekeeper for a more efficient validation of event data, offering a customizable workflow support for income and corporate actions professionals, with a high integration to several data vendors to ensure the event data is confirmed by the most

relevant data source. Out of the box adapters to data sources include SIX Financial Information VDF, Bloomberg, Thomson Reuters and EDI.

GAIN Corporate Actions DM comes with a rich set of standard features specifically designed to support analysts: these include detection of conflicting data, exception management workflows, automated data reconciliation, advanced monitoring dashboards, and others, all maintained as part of the standard product.

Adopting the GAIN Corporate Actions DM business application can drastically reduce the time to implement while protecting the investments made in the existing corporate actions business process, providing immediate quick wins compared to traditional end-to-end approaches.

GAIN Corporate Actions Data Management

Advanced Information Management

Regulatory, Audit and Control

Efficient Business Operations

High Standards of Client Service

Improved Quality

§ High STP rate without compromising on quality § Scalability by handling more events with same resources § Operational efficiency based on prioritized event handling § Flexible priority-based task management

§ Higher transparency: audit trail of user activities and data processing § Fast accommodation of changes or data updates §Monitoring of activities § Standard processes across disparate groups

§ Proactive management and client support § Timely information to internal support staff/or client managers § Accurate information and informed decision making

§ Consistent data processing across the whole institution or group § Predictable data outcome across whole organization § Firm-wide benefit for Groups receiving corporate actions outputs

Corporate Actions for existing banking applications

§ Rich set of pre-configured busi-ness rules for immediate use § Full control to business us-ers without reliance upon IT resources §Modular configuration for fast flexible implementations

FACT SHEET

TRY THE PRODUCTFor a product demonstration, contact us at sales@aimsoftware.com

GAIN Corporate Actions DM is a purpose-built business application designed for use by financial institutions that manage and service assets, such as Wealth Management / Private Banking, Custodians, Fund Accounting and Fund Managers.

Corporate Actions

YOUR NOTES

YOUR NOTES

YOUR NOTES

YOUR NOTES

NEW YORK

BEIJING

BOSTON

CHARLOTTE

CHICAGO

DENVER

DUBLIN

GRAND CAYMAN

HONG KONG

KRAKÓW

LONDON

LUXEMBOURG

NEW JERSEY

PHILADELPHIA

TOKYO

WILMINGTON

ZÜRICH

www.bbh.com

w1339_13 - IS-2013-11-12-0432

Powered by Infomediary’s innovative technology, InfoAction is de-signed to simplify, streamline and automate some of the most chal-lenging corporate actions processes. This includes data collection, data storage and communication across multiple service providers, management of disparate data and non-standard formats, as well as responding to a compressed response cycle and navigating critical deadlines for any given event.

Learn how InfoAction can help you reduce risk, improve efficiency and enjoy transparency across the entire event lifecycle.

For additional information, please contact:

John Wallis | +44 20 7614 2105 | john.wallis@bbh.com

Adam Chodosh | +44 20 7614 2453 | adam.chodosh@bbh.com

Simplify the ComplexityBrown Brothers Harriman offers InfoActionSM, the next generation corporate actions workflow application

Streamlined Corporate Actions Processinglowering operational cost and mitigating riskacross the event management lifecycle

Isn’t it time to drive down the cost of your operations?

TLM® Corporate Actions is the award-winning solution used by the world’s most demanding financial institutions to deliver complete, timely and accurateevent processing. It reduces the need for manual intervention, to greatly reducethe operational risk inherent in processing corporate actions and create more efficient and proactive operations through:

• The rapid capture, cleansing and distribution of data, regardless of source or format, to create a normalised and reliable golden record

• Innovative SaaS based Event Management solution, providing an onlinedatabase of all events that affect client portfolios

• Workflow-based validation and processing of mandatory events and fully integrated Diary to efficiently manage voluntary events

• Unique Election Management capability enabling fund managers to determine their action in real time

See what we can do for your organisation, contact SmartStream today:

+44 (0)800 279 5465 (UK)+1 (866) 603-1893 (Americas)+65 6 224 76 89 (Asia Pacific) info@smartstream-stp.com

smartstream-stp.com

Card Processing ControlsCash & Liquidity Management

Client MoneyConfirmations Management

Corporate Actions ProcessingData Management Services

ETD/OTC Derivatives ProcessingReconciliations Trade Finance

Trade Process ManagementTransaction Fees Invoice Management

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