Simmons / Dalgleish Corporate Actions

A Guide to Securities Event Management
1. Auflage 2006
ISBN: 978-0-470-87067-9
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 428 Seiten, E-Book

Reihe: The Wiley Finance Series

Corporate actions are events that affect large corporations throughto the individual investor - even those that own a single-share!All organizations that hold equity and debt securities forthemselves and/or on behalf of others are affected when the issuerof a security announces an income or corporate action event. Thesuccessful management of the array of different event typesrequires understanding of the inherent risks, and tight controls atcritical points in the event lifecycle. The management of incomeand corporate action events are important and essential parts ofthe securities industry business. Written by authors with manyyears experience within this sector, Corporate Actions: A Guide toSecurities Event Management sets out to demystify the subject andprovides a thorough, step-by-step introduction to corporate actionsand income events.
Corporate Actions is a comprehensive source for understanding amajor component of operational processing. The individualcomponents and their relation to each other within the corporateactions lifecycle are explained in detail, through which the readerwill gain a clear and thorough understanding of the lifecycletogether with potential processing risks and the strategies tomitigate
Corporate Actions is essential reading for all those involved inthe securities industry, from new recruits to those involved inboth the day-to-day operations process and those within executivemanagement. It will also prove invaluable to those providingconsultancy and software solutions to the securitiesindustry.
Corporate Actions is the first major work on this subject. Manypeople within the securities industry have heard of corporateactions - many people know they can be highly risky - manyorganizations have lost vast sums of cash in attempting to processthem - very few understand them!

Autoren/Hrsg.

Simmons, Michael

Dalgleish, Elaine

Inhaltsverzeichnis

Introduction xvii
Acknowledgements xxi
About the Authors xxiii
PART I INTRODUCTORY ELEMENTS 1
1 Basic Corporate Action Concepts 3
2 Event Description and Classification 9
3 The Securities (and Corporate Actions) Market Place 23
4 Static Data 37
5 Securities Position Management 49
PART II MANDATORY EVENTS 57
6 Overview of the Generic Corporate Action Lifecycle 59
7 Straight Through Processing 63
8 Event Terms Capture and Cleansing 67
9 Determining Entitlement 79
10 Communication of Event Information 113
11 Calculation of Resultant Entitlements 123
12 Passing of Internal Entries 139
13 Collection/Disbursement of Resultant Entitlements 151
14 Updating of Internal Entries 161
15 Examples of Mandatory Events 167
PART III EVENTS WITH ELECTIONS 185
16 Concepts of Events with Elections 187
17 Management of Mandatory with Options Events 193
18 Management of Voluntary Events 219
PART IV MULTI-STAGE EVENTS 233
19 Concepts of Multi-Stage Events 235
20 Management of a Rights Issue 247
21 Example of a Rights Issue 261
22 Concepts of Takeover Events 275
23 Management of Takeover Events 285
PART V TAXATION 299
24 Concepts and Management of Taxation 301
25 Management of Income Tax 307
PART VI ISSUER NOTICES 331
26 Concepts and Management of Issuer Notices 333
PART VII OBJECTIVES AND INITIATIVES 341
27 Objectives and Initiatives 343
Glossary of Terms 353
Index 383

Über Autor(innen)

MICHAEL SIMMONS has spent the majority of his working lifewithin the operational areas of international investment banks,most notably within the S.G. Warburg group in London. Having gaineda detailed understanding of various back office tasks through manyyears of hands-on experience, he assumed managerial responsibilityfor a number of operational areas.
In recent years, Michael has worked as head of business consultancywithin a global computing services firm, and is now an independentanalyst and trainer. Michael's areas of expertise include allaspects of the fixed income and equity trade lifecycle and relatedactivities, including operational risks and controls. Recentassignments include the offshoring of operational activities toIndia and operational risk analysis (the Sarbanes Oxley act). Inaddition, he creates and delivers training courses on the workingsof the securities industry and associated operational aspects toaudiences around the world.
Michael is author of Securities Operations: A Guide to Trade andPosition Management published by John Wiley & Sons, whichdescribes the fundamental components of operational activities froma first-principles perspective.
ELAINE DALGLEISH has spent her working life within theoperational areas of investment banking and stock broking, workingdirectly for international banking firms and financial softwareproviders. Elaine's hands-on experience spans various middleand back office operational disciplines in multiple markets. Whilstworking directly in investment banking and stock broking, this hasultimately included the managerial responsibility for a number ofoperational areas.
The focal point of Elaine's working history is the consistentinvolvement with Corporate Actions operations, initially with themanual processing of events as a custodian, and subsequentlyworking as a Senior Business Analyst, specialising in CorporateActions, analysing client requirements, and consulting in processre-engineering for Tier 1 and 2 investment banks.
As a consequence, Elaine has both observed and been directlyinvolved in the evolution of global market practices of CorporateActions operations and the move to automation.