The Depository Trust & Clearing Corporation (DTCC) announced the launch of the Global Corporate Action (GCA) validation service, which aims to change the way corporate-action announcements are managed by financial institutions worldwide, helping to eliminate redundant operations and technology. GCA gives clients access to an automated, centralized source of "scrubbed" corporate-action-announcement information, enabling them to streamline communications, reduce costs, lower operational risk and improve the quality of information distributed.
MEFF, the Spanish futures and options market, has formally filed a proposal to establish a central-counterparty clearing house (CCP) for repos on government bonds, with the aim of commencing operations before the summer. A central counterparty occupies a central position between two parties to a contract, assuming the rights and obligations of each of the parties and thus becoming a counterparty to both of them. MEFF has been acting as a central counterparty for futures and options since it was founded in 1989.
Rorer Asset Management, LLC announced that it has created Advantage Outsourcing Solutions, a back-office outsourcing company that will offer a customized, automated solution for the separately managed accounts industry. Advantage Outsourcing is wholly owned by Rorer, a Philadelphia-based investment-management firm. Rorer is an affiliate of Affiliated Managers Group, Inc., a publicly traded asset-management holding company.
Local Government, Energy Industries and Chifley superannuation funds have appointed JPMorgan Investor Services custodian to provide accounting and related services for the more than $5 billion in assets held by the three funds. The combined size of the funds represents the single biggest external client for the incumbent custodian, Commonwealth Custodial Services, which was put on the market for sale last month by parent, Commonwealth Bank of Australia.