DTCC plans Asia base for corporate actions

The US clearing and settlement body introduces a global service for the outsourcing of corporate actions processing.

The Depository Trust Clearing Corporation in New York, which has nearly $24 trillion of securities under custody, has developed a service to handle corporate actions processing and plans to set up an office in Asia for client servicing and marketing purposes, says James Femia, managing director.

The organization is considering a number of locations in the Asia Pacific to open an office by the end of the year, seeded with four DTCC professionals from the New York and London centres. Shanghai is said to be at the top of the list by industry executives, although Hong Kong, Singapore, Sydney and Tokyo are also being looked at.

The...

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