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- Product code: 20103
- ISBN: 0470870664,
ISBN13: 9780470870662,
428 pages, hardback
Published by John Wiley & Sons on 2004
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Description of Corporate Actions |
Corporate actions are events that affect large corporations through to the individual investor - even those that own a single share! All organizations that hold equity and debt securities for themselves and/or on behalf of others are affected when the issuer of a security announces an income or corporate action event. The successful management of the array of different event types requires understanding of the inherent risks, and tight controls at critical points in the event lifecycle. The management of income and corporate action events are important and essential parts of the securities industry business. Written by authors with many years experience within this sector, "Corporate Actions: A Guide to Securities Event Management" sets out to demystify the subject and provides a thorough, step-by-step introduction to corporate actions and income events. "Corporate Actions is a comprehensive source for understanding a major component of operational processing.
The individual components and their relation to each other within the corporate actions lifecycle are explained in detail, through which the reader will gain a clear and thorough understanding of the lifecycle together with potential processing risks and the strategies to mitigate. "Corporate Actions" is essential reading for all those involved in the securities industry, from new recruits to those involved in both the day-to-day operations process and those within executive management. It will also prove invaluable to those providing consultancy and software solutions to the securities industry. "Corporate Actions" is the first major work on this subject. Many people within the securities industry have heard of corporate actions - many people know they can be highly risky - many organizations have lost vast sums of cash in attempting to process them - very few understand them!
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Contents of Corporate Actions |
Introduction
About the Authors
PART I INTRODUCTORY ELEMENTS
1 Basic Corporate Action Concepts
1.1 Introduction
1.2 Definition of Corporate Action
1.3 Purpose of Corporate Actions
1.4 Impact of Corporate Actions.
1.5 The Lifecycle of a Corporate Action
1.6 Summary
2 Event Description and Classification
2.1 Introduction
2.2 Event Descriptions
2.3 Event Classification
2.4 Event Combinations
2.5 Event Variations and Terminology
2.6 Summary
3 The Securities (and Corporate Actions) Market Place
3.1 Introduction
3.2 The Securities Market Place - Overview
3.3 Participants - The Corporate Actions Perspective
3.4 Summary
4 Static Data
4.1 Introduction
4.2 Securities Static Data
4.3 Participant Static Data
4.4 Sources and Maintenance of Static Data
4.5 Summary
5 Securities Position Management
5.1 Introduction
5.2 The STO’S Risk
5.3 Fundamentals of Securities Position Management
5.4 Generic Securities Accounting Principles
5.5 Extended Securities Position Management
5.6 Disparate Trade and Position Records
5.7 Reconciliation
5.8 Summary
PART II MANDATORY EVENTS
6 Overview of the Generic Corporate Action Lifecycle
6.1 Introduction
6.2 Issuer Communicates Event Data
6.3 Event Terms Capture and Cleansing
6.4 Determining Entitlement
6.5 Communication of Event Information
6.6 Calculation of Resultant Entitlements
6.7 Passing of Internal Entries
6.8 Collection and Disbursement of Resultant Entitlements
6.9 Updating of Internal Entries
7 Straight Through Processing
7.1 Introduction
7.2 STP and Corporate Actions
8 Event Terms Capture and Cleansing
8.1 Introduction
8.2 Event Terms
8.3 Sources of Event Terms
8.4 Availability of Event Terms
8.5 Cleansing of Event Terms
8.6 When to Apply Event Terms
8.7 Managing Changes to Event Terms Throughout the Lifecycle
8.8 Summary
9 Determining Entitlement
9.1 Introduction
9.2 The STO’s Risk
9.3 Types of Entitled Positions (Including Unsettled Trades)
9.4 Links Between Ownership Positions and Location Positions
9.5 Equity Event Entitlement Business Principles
9.6 Equity Event - Itemized Trading and Settlement Scenarios
9.7 Bonds Event Entitlement Business Principles
9.8 Applying the Business Principles in Practice
9.9 Balancing of Positions and Unsettled Trades
9.10 Reconciliation of Positions and Unsettled Trades
9.11 Summary
10 Communication of Event Information
10.1 Introduction
10.2 The STO’s Risk
10.3 Communicating with Position Holders
10.4 Communicating with Interested Parties
10.5 Summary
11 Calculation of Resultant Entitlements
11.1 Introduction
11.2 The STO’s Risk
11.3 Calculation of Resultant Cash Entitlements
11.4 Calculation of Resultant Securities Entitlements
11.5 Calculation of Resultant Entitlements Against Ownership Positions
11.6 Balancing Resultant Entitlements
11.7 Reconciliation of Resultant Entitlements
11.8 Determination of Collectible and Disbursable Accounts
11.9 Summary
12 Passing of Internal Entries
12.1 Introduction
12.2 The STO’s Risk
12.3 Mechanisms for Passing Internal Entries
12.4 Types of Internal Entries
12.5 Review of Required Internal Entries
12.6 Summary
13 Collection/Disbursement of Resultant Entitlements
13.1 Introduction
13.2 The STO’s Risk
13.3 Collection of Resultant Entitlements from the Custodian
13.4 Disbursement of Resultant Entitlements to Position Holders
13.5 Settlement of Claims
13.6 Write-Offs
13.7 Summary
14 Updating of Internal Entries
14.1 Introduction
14.2 The STO’s Risk
14.3 Mechanisms for Passing Internal Entries
14.4 Settlement Date Entries
14.5 Settlement of Claims and Transformations
14.6 Summary
15 Examples of Mandatory Events
15.1 Introduction
15.2 Bonus Issue
15.3 Share Split
15.4 Bond Maturity
PART III EVENTS WITH ELECTIONS
16 Concepts of Events with Elections
16.1 Introduction
16.2 The STO’s Risk
16.3 Impact of Events with Elections
16.4 Events with Elections Lifecycle
16.5 Summary
17 Management of Mandatory with Options Events
17.1 Introduction
17.2 Mandatory with Options Event Terms
17.3 Determining Entitlement to Mandatory with Options Events
17.4 Communication of Mandatory with Options Event Information
17.5 Receipt of Election Decisions
17.6 Recording and Validating Received Election Decisions
17.7 Managing Overdue Election Decisions
17.8 Issue of Election Decisions
17.9 Over-Elections
17.10 Calculation of Resultant Entitlements
17.11 Passing of Internal Entries
17.12 Collection and Disbursement of Resultant Entitlements
17.13 Updating of Internal Entries
17.14 Summary
18 Management of Voluntary Events
18.1 Introduction
18.2 Voluntary Event Terms
18.3 Determining Entitlement to Voluntary Events
18.4 Communication of Voluntary Event Information
18.5 Receipt of Election Decisions
18.6 Recording and Validating Received Election Decisions
18.7 Managing Overdue Election Decisions
18.8 Issue of Election Decisions
18.9 Over-elections
18.10 Calculation of Resultant Entitlements
18.11 Passing of Internal Entries
18.12 Collection and Disbursement of Resultant Entitlements
18.13 Updating of Internal Entries
18.14 Summary
PART IV MULTI-STAGE EVENTS
19 Concepts of Multi-Stage Events
19.1 Introduction
19.2 The Life of a Multi-stage Event
19.3 The STO’s Risk
19.4 Impact of Multi-stage Events
19.5 Lifecycle Elements of the Multi-stage Event
19.6 Summary
20 Management of a Rights Issue
20.1 Introduction
20.2 The Operational Life of a Rights Issue
20.3 Rights Issue Event Terms
20.4 Nil Paid Rights Distribution
20.5 Nil Paid Rights Subscription
20.6 Un-subscribed Nil Paid Rights Expiry
20.7 Summary
21 Example of a Rights Issue
21.1 Introduction
21.2 Event Terms
21.3 Nil Paid Rights Distribution.
21.4 Nil Paid Rights Trading
21.5 Nil Paid Rights Subscription
21.6 Unsubscribed Nil Paid Rights Expiry
21.7 Final Securities Positions
22 Concepts of Takeover Events
22.1 Introduction
22.2 The STO’s Risk
22.3 Features of Takeovers
22.4 Impact of Takeover Events
22.5 Takeover Event Lifecycle
22.6 Summary
23 Management of Takeover Events
23.1 Takeover Event Terms
23.2 Determining Entitlement to Takeover Events
23.3 Communication of Event Information
23.4 Management of Election Decisions
23.5 Managing Unsuccessful Takeovers
23.6 Over-Acceptances
23.7 Calculation of Resultant Entitlements
23.8 Passing of Internal Entries
23.9 Collection and Disbursement of Resultant Entitlements
23.10 Updating of Internal Entries
23.11 Summary
PARTV TAXATION
24 Concepts and Management of Taxation
24.1 Introduction
24.2 Taxable and Non-Taxable Events
24.3 Introduction to Capital Gains Tax and Income Tax
24.4 The STO’s Risk
24.5 Summary
25 Management of Income Tax
25.1 Introduction
25.2 Gross Income
25.3 Foreign Witholding Tax
25.4 Net Income After Deduction of Foreign Withholding Tax
25.5 Position Holder’s Domestic Income Tax
25.6 Net Income After Deduction of Foreign Withholding Tax and Position Holder’s Domestic Income Tax
25.7 Determining Tax Rates for Position Holders
25.8 Ensuring Correct Withholding Tax is Deducted by the Location
25.9 The STO as Collector of Taxes
25.10 Tax Reclaims and Tax Rebates
25.11 Communicating Income and Tax Details
25.12 Summary
PART VI ISSUER NOTICES
26 Concepts and Management of Issuer Notices
26.1 Introduction
26.2 The STO’s Risk
PART VII OBJECTIVES AND INITIATIVES
27 Objectives and Initiatives
27.1 Introduction
27.2 Objectives
27.3 Initiatives to Achieve the Stated Objectives
27.4 Challenges in Achieving the Stated Objectives
Glossary of Terms
Index
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About Michael Simmons and Elaine Dalgleish |
MICHAEL SIMMONS has spent the majority of his working life within the operational areas of international investment banks, most notably within the S.G. Warburg group in London. Having gained a detailed understanding of various back office tasks through many years of hands-on experience, he assumed managerial responsibility for a number of operational areas. In recent years, Michael has worked as head of business consultancy within a global computing services firm, and is now an independent analyst and trainer. Michael's areas of expertise include all aspects of the fixed income and equity trade lifecycle and related activities, including operational risks and controls. Recent assignments include the offshoring of operational activities to India and operational risk analysis (the Sarbanes Oxley act). In addition, he creates and delivers training courses on the workings of the securities industry and associated operational aspects to audiences around the world. Michael is author of Securities Operations: A Guide to Trade and Position Management published by John Wiley & Sons, which describes the fundamental components of operational activities from a first-principles perspective. ELAINE DALGLEISH has spent her working life within the operational areas of investment banking and stock broking, working directly for international banking firms and financial software providers. Elaine's hands-on experience spans various middle and back office operational disciplines in multiple markets. Whilst working directly in investment banking and stock broking, this has ultimately included the managerial responsibility for a number of operational areas. The focal point of Elaine's working history is the consistent involvement with Corporate Actions operations, initially with the manual processing of events as a custodian, and subsequently working as a Senior Business Analyst, specialising in Corporate Actions, analysing client requirements, and consulting in process re-engineering for Tier 1 and 2 investment banks. As a consequence, Elaine has both observed and been directly involved in the evolution of global market practices of Corporate Actions operations and the move to automation.
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