Service centralizes the exchange of time-critical data within the mutual fund industry
New York/London/Hong Kong/Singapore/Sydney, December 10, 2019 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its MF Info Xchange service, the first offering of its kind to standardize communications for the mutual fund industry, has been enhanced with new efficiencies and capabilities, including integrating the offering with other DTCC mutual fund services.
MF Info Xchange centralizes the delivery and receipt of time-critical notifications and alerts, information that has typically been exchanged manually via fax, email or phone. MF Info Xchange has successfully delivered hundreds of notifications to more than 76,000 email recipients. DTCC’s Wealth Management Services signed 134 clients to the service.
One key enhancement is the seamless integration with the DTCC Mutual Fund Profile Security Database. This further minimizes the risks associated with manual data entry and ensures consistency between these services by utilizing a single data source.
Other enhancements include the ability of funds to share their projected monthly, quarterly or annual dates for “Dividend/Capital Gains” and “Interval/Tender Fund” activity. Intermediaries can view all consolidated schedules in one place. In addition, a further refined audit trail for distributed notifications further increases transparency and reduces risk.
“We are actively using the MF Info Xchange service. The standardization of the communications has given our organization a significant lift in managing the notifications and all of the data,” said John Corbisiero, Head of Traditional Investment Products Operations at Morgan Stanley. “We have found it to be much more efficient on a daily basis since we no longer need to interpret the data. The calendar with all of the events in one place has also proven to be an added benefit. We look forward to more of our partners participating in this service.”
“Wealth Management Services has a tradition of delivering products which enhance our clients’ efficiency and risk management. MF Info Xchange was developed with the input of an industry working group including DTCC clients and the Investment Company Institute (ICI). The response has been overwhelmingly positive and is a testament to the strong collaborative relationship we have had with the ICI committees,” said Ann Bergin, DTCC Managing Director and General Manager, Wealth Management Services. “We will continue to develop additional functionality to further support evolving industry needs.”
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With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2018, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.85 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $52.2 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes over 14 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.