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SIFMA’s Corporate Actions Division, in conjunction with the DTCC and the NYSE commemorate the amendment to NYSE Rule 180, enabling fast electronic notification of “Fail to Deliver” notices to NYSE member firms. In honor of the occasion, Donald Donahue, CEO of DTCC, rings The Closing BellSM. He is joined by Donald Kittell, EVP, SIFMA and Michael Finck, President of SIFMA’s Corporate Actions Division.
Click the link below to view an archived webcast of The Closing Bell.
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NYSE Rule 180
SIFMA’s Corporate Actions Division has led the improvement for the transmission of electronic liability notices to NYSE member firms for “Fails to Deliver” notices for the past three years. This has resulted in an amendment to the NYSE rule governing such notifications, Rule 180, and also mandated the newly-developed DTCC technology, SmartTrack, for transmitting and managing these notifications.
The SEC approved the amendment to NYSE Rule 180 to become effective on Jan. 19, 2007.
SIFMA’s Corporate Actions Division
The Corporate Action Divisions, SIFMA, mission is to improve business practice and quality of service in the field of corporate action processing, foster efficient operations, and where applicable, encourage uniformity of practice. A non-profit organization since 1968 serving all sectors of the financial industry, its membership includes 165 member Firms and more than 550 members.
DTCC
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives transactions. (For more about DTCC's subsidiaries and joint ventures, see the section on Subsidiaries.)
DTCC provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks.
DTCC was established in 1999 as a holding company for a group of operating companies providing securities clearance, settlement, custody and information services. Several of our companies have been serving the financial services industry for over three decades. Others were set up more recently to serve new customer groups or meet the changing needs of capital markets throughout the world. DTCC has operating facilities in multiple locations in the United States and overseas.
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