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All responses will be treated in the strictest confidence.






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Corporate actions

Survey questionnaire
Rate your providers on up to 15 service elements
All responses will be treated in the strictest confidence

Mandatory events

The processing of mandatory events (eg. bonus issues), being those where no decision is required on the part of the client or its investment managers.


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Voluntary events

The processing of voluntary events (eg. rights issues, takeovers), being those where a decision is required on the part of the client or its investment managers. This can be very demanding and must be tightly managed. Errors and omissions can lead to significant losses, so reliability and accuracy are crucial.


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Multiple data sources

Additional independent, reliable and comprehensive sources of information (in the form of multiple third party securities data vendors) are used by the service provider. Data from all sources is matched to validate the core information. Exceptions are investigated and resolved promptly.


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Classification of events

The service provider classifies event data to distinguish between 'straightforward' (where there is no doubt as to the consequences for all asset owners) and 'ambiguous' (where there is need for interpretation or further information to understand the consequences). This provides for complete confidence over the large majority of the validated data and highlights all events requiring further investigation.


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Proactive investigation

For all events requiring further investigation, the service provider works with the corresponding sub-custodian to obtain clarification of the event with the issuing company at the earliest opportunity.


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Proactive stance with issuers

The service provider, working with each sub-custodian, takes a proactive stance to press all issuers to take responsibility for clear communication of the corporate actions information they disseminate and the communiation channels used.


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Automated processing

The process of matching validated events data to a client's holdings and tracking each event through to receipt and settlement is automated, with manual effort focused on resolving exceptions.


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Pre-matching of entitlements

The process includes pre-matching of client entitlements (whether or not this is standard market practice) with exceptions pursued vigorously as settlement date approaches.


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Voluntary events: clarity

Voluntary events (eg. rights issues, takeovers) can be considerably more demanding than mandatory events (eg. bonus issues) and must be tightly managed. Because errors and omissions can lead to significant losses, the service provider acts proactively to be sure of reliable and accurate notification of all voluntary events to the client. The options available, which may be non-standard, are communicated clearly and promptly.


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Voluntary events: responsiveness

Certain events (such as a hotly-contested takeover) may entail a client making their decision at the very latest opportunity. The service provider is pro-active and able to act in a short time-span. Deadlines are set according to the nature of the event and, as expiration of the deadlines approaches, there is a series of communications: reminders, warning messages, telephone follow-up and, ultimately, escalation within the client organization.


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Online announcements

Clients are provided with electronic access (via dedicated line, the Internet or otherwise) to corporate action announcements.


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Online instructions

Clients can notify the service provider of their decisions electronically (via dedicated line, the Internet or otherwise).


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Contractual corporate actions

This is a cash management tool: cash components (for some or all categories of corporate action with a cash component) are applied to the client's cash account on the due date for settlement, in place of when the securities component actually settles. This can greatly assist clients in managing available funds.


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Proactive market claims

The late receipt of entitlements may give rise to financial penalties or indirect costs (such as the loss of interest on funds). Many markets have an established mechanism for making a claim (a 'market claim') so that the owner receives compensation for some of the associated costs. The service provider makes these market claims and actively pursues unpaid claims.


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Dedicated service contact

Clients have a named individual to contact on matters concerning corporate actions.


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