Corporate Actions


Date: January 2008
Author: John Robertshaw

This research focuses on the roles and organisational structure of operational risk and compliance within investment management firms. Additionally it focuses on how compliance and risk can act as business enablers. It looks at the IT system providers that can support these functions and also how firms, regulators and industry bodies are adopting a more principle-based regulatory environment.


Table of contents

Management Summary   3
1.0 Introduction   5
1.1     Paper structure   7
1.2 Methodology   8
1.3 Scope of the research paper   9
1.4 Glossary of terms   10
2.0 The Profile and Governance of Corporate Actions   11
2.1 Corporate actions - industry awareness   12
2.2 Corporate actions - investment manager awareness   15
2.3 Corporate actions - investment managers' priorities for improvement   19
3.0 Corporate Actions in Investment Management Firms   21
3.1 Participants in securities industry corporate actions processing   22
3.2 Categories of corporate actions   24
3.3 Corporate actions processes   26
3.4 Current practice in corporate actions processing   28
3.5 Principles for improvement   34
3.6 How much automation do firms currently have   36
4.0 It's Getting Harder Out There   37
4.1 Complex corporate actions   38
4.2 Complex corporate actions - examples   39
4.3 Class actions   41
4.4 Derivatives   42
5.0 Technology Explored   43
5.1 Data   44
5.2 Messaging   48
5.3 Vendor solutions   52
5.4 Project experience   54
5.5 Technology summary   55
6.0 Developing the Business Case - No Longer the Bridesmaid?   57
6.1 Building the business case   58
6.2 Where to find the benefits   60
6.3 Is the time right for development?   62
7.0 Conclusions   63


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