The acquisition of GCA Validation Service, which offers high quality, validated corporate actions data, will boost the acquirer’s reference data offering and capacity to deliver managed services to the financial markets worldwide.
Commenting on the transaction, Markit president Kevin Gould said, "Acquiring DTCC’s Global Corporate Actions service will allow us to address customer demand for an outsourced service for the critical task of managing and validating corporate actions."
As part of Markit, the GCA Validation Service will continue to benefit from DTCC @Source, while IDC and Six Financial Information will remain serving as data suppliers to the service.
The acquirer is also planning to add further data sources, including Euroclear Bank’s corporate actions data for Eurobonds, to the GCA database.
Covering over 1.4 million securities from more than 170 nations, the GCA Validation Service is used by brokerage firms, banks, hedge funds, investment managers and service providers to ensure accurate and timely processing of corporate actions.
With a work force of more than 2,800 employees, Markit offers independent data, valuations and trade processing across all asset classes, to improve transparency, decrease risk and improve operational competence.
