The Depository Trust & Clearing Corporation (DTCC) has published updated drafts of new ISO 20022 corporate action announcement specifications which will be used in a pilot test with custodian banks, broker/dealers and other corporate actions users beginning this April.
While the pilot of the DTCC system using ISO 20022 announcement messages will involve a limited number of financial services providers, all firms using DTCC corporate actions will ultimately have to switch to ISO 20022 messages to receive corporate action information.
The new documentation was developed in collaboration with SWIFT, a global provider of secure financial messaging services and the ISO 20022 Registration Authority.
“It was important that DTCC, SWIFT and the industry thoroughly examine these messages, since they will be the principal way we announce corporate actions and will be the basis for the corporate actions messaging pilot program that DTCC will launch this spring,” said Patrick Kirby, DTCC managing director, asset services.
“DTCC and SWIFT conducted several workshops in the past five months with custodian banks and broker/dealers to review the new message specifications proposed for the announcement phase of the corporate actions reengineering initiative,” said Kirby. “The workshops were held to ensure that the message specifications accommodate the wide range of industry needs.”
DTCC also reviewed the supplementary data with the International Securities Association for Institutional Trade Communication (ISITC), an industry association, which acts in part as the US National Market Practice Group for ISO messaging standards.
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