Citi Announces Progress in Its Corporate Actions Automation Pilot in Partnership with SWIFT and XBRL US
Toronto, New York - September 20, 2011 – Citi today announced that its Securities and Fund Services has delivered a key technology component as part of its XBRL Corporate Actions pilot program. Both SWIFT and XBRL US, the non-profit consortium for XBRL business reporting standards, have partnered with Citi on a pilot program designed to demonstrate the costs and benefits of using XBRL in corporate actions announcements for Depositary Receipts (DRs).
Citi’s Securities and Fund Services business has developed technology that will allow it to deliver Corporate Actions announcements in an automated and standard format for retrieval by XBRL pilot program participants.
The XBRL taxonomy for corporate actions reporting is based on elements of the ISO 20022 corporate actions global standard and is vastly more streamlined than current reporting and announcement processes. The initial pilot with Citi focused on preliminary and final dividend announcements for Citi’s DR programs and was initiated in late 2010. Work has now begun on phase two of the XBRL project focused on reporting non-dividend corporate actions.
According to Alan Smith, Managing Director and Head of Issuer Services at Citi, "Our industry has long been seeking a standardized solution to the challenge of corporate actions notification and automated processing. Citi, as an industry leader, has been focused on the application of emerging technology tools and was quick to recognize the great potential to be unlocked by enabling investors to access corporate actions information through the utility of XBRL. Much work remains to be done, however, in engaging more participants and establishing an industry-wide governance model for these early efforts."
Additional information on Citi Depositary Receipt Services can be found at www.citi.com/dr
About Citi Depositary Receipt Services
Citi Depositary Receipt Services is a leader in bringing quality issuers to global capital markets and in promoting Depositary Receipts as an effective capital markets tool. Citi began offering DRs in 1928 and today is widely recognized for providing companies with access to the powerful global platform Citi has to offer.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
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