Xcitek Enhances XSP™ to Support DTCC’s Global Corporate Action Validation Service

New York, NY. May 4, 2005 – Xcitek, the leading global provider of corporate actions automation, market data solutions, and operational staffing services, announced that its flagship software solution, XSP™, has enhanced its offering to support DTCC’s Global Corporate Action (GCA) Validation Service. XSP has mapped the GCA Validation feed to its latest version, XSP 4.6, offering clients access to high-quality, scrubbed corporate actions data via the industry’s leading software system for complete end-to-end corporate actions processing.

This interface marks the second time Xcitek’s XSP and DTCC’s GCA Validation Service have teamed up to promote greater straight-through processing (STP) for corporate actions. In 2003, Xcitek’s XSP Data Management component helped support the launch of the GCA Validation Service. The GCA Validation Service also uses Xcitek’s Corporate Actions Data product as a source for North American announcements.

XSP is SWIFT ISO 15022 compliant and features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its powerful rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitizes data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications through its web-based module, eTRANâ„¢, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.

The GCA Validation Service gives customers access to a centralized source of "scrubbed" information about tender offers, conversions, stock splits, and nearly 100 other types of corporate actions for equities and fixed income instruments traded in Europe, Asia-Pacific and the Americas. The service delivers comprehensive and timely information, helping to reduce operational losses, optimize front-office trading and streamline operations for financial institutions worldwide. It is provided through Global Asset Solutions LLC, a DTCC subsidiary.

Brendan P. Farrell, Jr., Managing Partner at Xcitek, says, "Through the combined forces of XSP and the GCA Validation Service, we are offering the global marketplace a robust and powerful end-to-end solution to manage the day-to-day operations of corporate actions processing. Accurate, cleansed data is the first crucial step in this complex process. With this new interface, XSP clients have access to this premium data service allowing users to further maximize their operational efficiencies."

"We have been working closely with Xcitek for a number of years now," said James Femia, DTCC Managing Director and head of the Global Corporate Action business. "This latest initiative represents each of our own firm’s ongoing commitment to provide value-added solutions to the industry. By accessing the GCA Validation Service through XSP, XSP’s clients can eliminate the time-consuming and manual efforts associated with the corporate actions process to reduce risk and lower costs."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development