Overview Clearstream Banking Luxembourg and Euroclear Bank launched a major processing efficiency effort in June 2007 focusing on asset servicing processes for international securities deposited in the International Central Securities Depositories (ICSDs). The initiative, which is supported by key market players, associations and sponsored by the ICSDs, recently published their White Paper, the ' Operational Market Practice Book', one of the key deliverables for 2008. The White Paper is the culmination of the work undertaken by the ISMAG New Issues and Corporate Actions working groups, and follows market validation with a wide range of market practitioners and associations. The White Paper focuses on the timely provision of, -
Draft, final and amended New Issues documentation, for both standalone and securities issued under Programme, and, -
Corporate Action notifications, including earlier involvement in complex events. For ease of reference, further assisting the timeliness of the information flows, the White Paper is supplemented by Quick Reference Cards for each party involved in the servicing chain. 
Aims -
Provide the highest quality of asset servicing to investors -
Increase operational efficiency and reduce operational risk in issuance and asset servicing processes -
Achieve a high level of straight-through processing (STP) in the interactions between market participants, from the issuing community through to investors. The programme will seek to achieve these objectives through harmonisation, standardisation and automation of operational processes.
Scope The initiative will focus on securities issuance and asset servicing processes, such as corporate actions and income information provision and instruction processing. A market protocol for the international securities market, detailing the agreed standards across processes and including STP, is expected to be finalised in 2010.
Contact If you have any questions or would like to get involved, please contact the following:
Documentation This area will be updated regularly with new or updated publications as soon as they are released.
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