New York and London, 23rd November 2001 - HelioGraph, specialists in financial messaging technology, announced today that it has established eVent as the clear market leader among corporate event automation solutions.
Corporate actions - such as rights issues, dividends and shareholder votes -- are increasing rapidly, and so are the risks and costs of processing them. HelioGraph was first to market with a complete corporate event management solution and eVent has been attracting substantial interest amongst financial services institutions and competing vendors alike ever since.
Other corporate actions solutions have been announced since eVent debuted over a year ago but, building on its head start, eVent has now generated a significant and widening lead over its nearest rivals. eVent is approaching live production in several major financial institutions, including Commerzbank and fund manager MFS Investment Management.
eVent will help MFS to manage its corporate action process more efficiently. MFS will use eVent to establish better communication links with its users, fund managers and custodians, according to Martin Pearce, Senior Vice President and Head of Investment Operations at MFS Investment Management.
"Organisations are looking to reduce both risk and operational cost by improving efficiencies beyond the trade and FX processing world. eVent will certainly help us do this," said Mr Pearce.
Other leading financial institutions are also implementing eVent, with more poised to follow their lead. "We have established eVent as the market leader in corporate actions automation, and we will be making further announcements in the next few months. The huge risks involved in the processing of corporate actions mean that, especially in the current economic climate, no fund manager, broker or custodian can afford to postpone thinking about automating the process." Said Amery Thomas, CEO of HelioGraph.
The eVent corporate action workflow solution has established itself as the de facto standard for firms that want to capitalise on the benefits offered by market standards such as ISO15022 (as adopted by ISITC-IOA and the Securities Market Practices Group) and mature middleware technologies. eVent automates the processing of actions all the way from receipt of raw data feeds through to the creation of journal entries. Built on HelioGraph's SWIFTReady Gold accredited financial messaging platform, eVent is the only product of its kind to offer end-to-end lifecycle management for corporate actions.
Benefits of automating corporate actions with eVent include:
Â·Reduced risk of error, as re-keying and re-faxing of information -- major source of discrepancies -- are eliminated
Â·Corporate action administrative costs cut by up to 40 percent , as manual processes are automated and streamlined, and paper and postage are eliminated
Â·More pro-active and intelligent financial management, as decision makers get more time to act on information, rather than scrambling to assemble it from raw and disparate data
Â·Better management information, as institutions use eVent's data-analysis functions to benchmark their performance - and that of their partners