March 2008

Corporate action news scrubbed clean

Delivering on our commitment of moving forward and consistently providing excellent client service, CIBC Mellon's corporate actions department is pleased to announce that our notification scrubbing module was launched on Dec. 3, 2007.

This module reduces the risks associated with incomplete or inaccurate information by automatically uploading and verifying information from multiple sources, including vendors like Canadian Depository for Securities Limited (CDS), Telekurs Group, Investment Data Corporation and Depository Trust Company (DTC).

The information is scrubbed (or compared) against a second information source, possibly another vendor. For example, using information from CDS, the notification scrubbing module will automatically compare and verify information from the DTC. The process also identifies vendor notification errors such as incomplete or duplicate notices and incorrect information on rates, dates or terms. Any discrepancies are automatically flagged so that we can take corrective action in a timely manner.

Certain mandatory notices are also now processed straight through to clients without any need for manual review and verification. By automatically scrubbing or verifying information against other sources, the accuracy of the notice is enhanced. The module has built-in rules that check whether the relevant fields within the notice are filled out, and notification statuses are automatically assigned, letting clients know whether the notice is final (complete) or incomplete (preliminary).

With the successful implementation of the notification scrubbing module, the corporate actions department is now focusing its efforts on developing the succeeding modules, including election management and full end-to-end corporate action processing.

By Vivian Petiza, senior manager, corporate actions 

*  *  *

Trade Talk® is provided for general information purposes only and CIBC Mellon Global Securities Services Company, CIBC Mellon Trust Company, CIBC, The Bank of New York Mellon Corporation and their affiliates make no representations or warranties as to its accuracy or completeness. Readers should be aware the content of this publication should not be regarded as legal, tax, accounting, investment, financial or other professional advice nor is it intended for such use.