With the introduction of CONNEXOR® Reporting 3.0, SIX has taken another forward-looking step towards the complete harmonization of post-trading activities at a European level in line with the standards of the Corporate Action Joint Working Group (CAJWG). The aim of this working group is to define standards for the cross-sector and international management of reference data processes for corporate actions. This means market participants can benefit from simplified processes, cost savings and accurate reference data.
New message types
In addition to harmonizing the "Dividend" message types, the new Release contains a total of 17 additional CAJWG-compliant message types related to corporate actions in the areas of "Distribution", "Reorganization" and "Issuer reporting". The event data is sent directly to the SECOM system of SIX SIS Ltd, which then automatically triggers the relevant payment flows. In parallel, the reporting obligations under stock exchange legislation within the context of maintaining listing are sent directly to SIX Exchange Regulation.
Consistent straight-through processing
Since its introduction in 2009, the central CONNEXOR® Reporting platform has standardized and significantly improved administrative processes for issuers in relation to the transmission of financial instrument events and corporate actions. Thanks to the platform's straight-through electronic data processing, the need to enter information several times and manually check event data, two processes that are susceptible to error, has been largely eliminated. In addition, companies or their main paying agents that use CONNEXOR® Reporting have been able to significantly increase the efficiency of their transaction management processes.
Worldwide unique standard for reference data
With CONNEXOR, SIX meets the challenges related to the maintenance, processing and use of reference data during the entire life cycle of a financial instrument and affords all entities involved in the value chain increased efficiency, better quality and higher transparency. CONNEXOR® comprises a variety of attractive services for issuers, data vendors and reference data users.