SIX, the global financial information provider, has today launched a fully automated Corporate Action Calendar, allowing clients to reliably and cost effectively track and process upcoming corporate action events.
These include mergers and acquisitions, dividends, and stock buybacks - across all their portfolio companies.
The new functionality - which is displayed to clients through SIX iD, the user-friendly and intuitive data display tool of SIX - comes in response to surging client demand for more automated corporate action solutions. Monitoring corporate actions is a labour-intensive process. It costs the back-office departments of asset managers, investment banks, custodians and clearing houses significant time and money. Yet, according to a SIX survey of market participants spanning Europe, North America and APAC, 78% still process part of their corporate actions manually.
The process by which the Corporate Action Calendar of SIX is integrated is quick and easy, permitting clients to begin realising the benefits almost immediately. Clients simply import their investment portfolio into the SIX iD Corporate Action Calendar, which then seamlessly displays the data into its user-friendly interface. Via cutting edge technology, the platform automatically flags any relevant changes to upcoming corporate actions impacting the securities in the portfolio in a timely manner. This helps the team prioritise the workload and enhancing operational efficiency.
“With cost pressures biting amid global macroeconomic uncertainty, this innovation could not come at a better time for clients. It provides a cost and time-effective solution” says Annelotte De Nanassy, senior product manager, Financial Information, SIX. “Beyond relieving pressure on increasingly stretched front and back-office teams, our new offering will free up talent to work more closely on the complex, value-add elements of their job. This helps contribute directly towards maintaining a healthy and competitive position.”
Shai Popat, managing director, product & commercial strategy, Financial Information, SIX, added: “This solution is yet further evidence of the unwavering dedication to client service and innovation of SIX. With this user-friendly visualization of a complex data set we are confident of helping to transform the way corporate actions are dealt with across the industry.”