Citibank signs on for new Corporate Actions product at Strate
Citibank has signed on as a client to receive information on Strate’s Corporate Actions product range, which includes value- added services, such as Equities Corporate Action Subscription Services (ECASS).
Corporate Actions Data
Currently, this data is received from multiple sources. The data is interpreted according to the needs of each source, causing interference from downstream parties and systems and creating a ‘broken telephone’ effect in the interpretation of information. With the use of Corporate Actions ISO Notifications, which is offered as part of ECASS, a single sourced, sacrosanct, standardised format of information is provided for a Corporate Actions announcement, which is compliant with international standards. This allows investors to make quick and accurate decisions from the simultaneous dissemination and processing of information across the market, without interference.
The reduction of data scrubbing of Corporate Actions information by intermediaries and investors decreases operational risks and the potential costs incurred, while overcoming many complexities associated with the processing of Corporate Actions.
There is a need now more than ever for streamlined, reliable, single source issuer notifications, with low risk tolerance. Within the South African Corporate Actions Arena, a consistent message compliant with International Standards Organisation (ISO) Standards that is derived from a single source of validated information is needed. This increased quality of data leads to investor confidence and shareholder activism,” says Iann Seymour-Smith, Strate’s Head of Custody & Settlement.
Strate’s Equities Corporate Action Subscription Services
While the market can still use their current service providers, this service offers them a choice to receive Strate’s ECASS product, which is a structured, easy-to-understand and comprehensive English commentary on the corporate actions event and includes relevant tax-related information without having to unbundle critical Corporate Actions data from multiple sources.
Strate’s ECASS product also offers clients centralised company data that enables them to meet the South African Revenue Service’s (SARS’) reporting requirements through its Company Static Data Services, as well as the use of the Strate Corporate Actions Diary, which reflects all pending Corporate Actions events in a diarised format as per the schedule that is open on the CSD’s system at that time.
A centralised service desk support for Corporate Actions within the South African market has also been introduced for ECASS clients, offering a single point of contact across all financial instruments.
Should you require more details regarding Strate’s ECASS products, contact Gregory Naicker on 011 759 5371 or email email@example.com.