{"product_id":"corporate-actions-isbn-9780470870662","title":"Corporate Actions","description":"Corporate actions are events that affect large corporations through to the individual investor - even those that own a single-share! All organizations that hold equity and debt securities for themselves and\/or on behalf of others are affected when the issuer of a security announces an income or corporate action event. The successful management of the array of different event types requires understanding of the inherent risks, and tight controls at critical points in the event lifecycle. The management of income and corporate action events are important and essential parts of the securities industry business. Written by authors with many years experience within this sector, Corporate Actions: A Guide to Securities Event Management sets out to demystify the subject and provides a thorough, step-by-step introduction to corporate actions and income events.\u003cbr\u003e \u003cbr\u003e Corporate Actions is a comprehensive source for understanding a major component of operational processing. The individual components and their relation to each other within the corporate actions lifecycle are explained in detail, through which the reader will gain a clear and thorough understanding of the lifecycle together with potential processing risks and the strategies to mitigate\u003cbr\u003e \u003cbr\u003e Corporate Actions is essential reading for all those involved in the securities industry, from new recruits to those involved in both the day-to-day operations process and those within executive management. It will also prove invaluable to those providing consultancy and software solutions to the securities industry.\u003cbr\u003e \u003cbr\u003e Corporate Actions is the first major work on this subject. Many people within the securities industry have heard of corporate actions - many people know they can be highly risky - many organizations have lost vast sums of cash in attempting to process them - very few understand them! \u003cp\u003eIntroduction xvii\u003c\/p\u003e \u003cp\u003eAcknowledgements xxi\u003c\/p\u003e \u003cp\u003eAbout the Authors xxiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Introductory Elements 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Basic Corporate Action Concepts 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Introduction 3\u003c\/p\u003e \u003cp\u003e1.2 Definition of Corporate Actions 3\u003c\/p\u003e \u003cp\u003e1.3 Purpose of Corporate Actions 3\u003c\/p\u003e \u003cp\u003e1.4 Impact of Corporate Actions 5\u003c\/p\u003e \u003cp\u003e1.5 The Lifecycle of a Corporate Action 6\u003c\/p\u003e \u003cp\u003e1.6 Summary 8\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Event Description and Classification 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Introduction 9\u003c\/p\u003e \u003cp\u003e2.2 Event Descriptions 9\u003c\/p\u003e \u003cp\u003e2.3 Event Classification 19\u003c\/p\u003e \u003cp\u003e2.4 Event Combinations 20\u003c\/p\u003e \u003cp\u003e2.5 Event Variations and Terminology 22\u003c\/p\u003e \u003cp\u003e2.6 Summary 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Securities (and Corporate Actions) Market Place 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Introduction 23\u003c\/p\u003e \u003cp\u003e3.2 The Securities Market Place – Overview 23\u003c\/p\u003e \u003cp\u003e3.3 Participants – The Corporate Actions Perspective 31\u003c\/p\u003e \u003cp\u003e3.4 Summary 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Static Data 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Introduction 37\u003c\/p\u003e \u003cp\u003e4.2 Securities Static Data 37\u003c\/p\u003e \u003cp\u003e4.3 Participant Static Data 41\u003c\/p\u003e \u003cp\u003e4.4 Sources and Maintenance of Static Data 45\u003c\/p\u003e \u003cp\u003e4.5 Summary 47\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Securities Position Management 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Introduction 49\u003c\/p\u003e \u003cp\u003e5.2 The STO’S Risk 49\u003c\/p\u003e \u003cp\u003e5.3 Fundamentals of Securities Position Management 50\u003c\/p\u003e \u003cp\u003e5.4 Generic Securities Accounting Principles 52\u003c\/p\u003e \u003cp\u003e5.5 Extended Securities Position Management 53\u003c\/p\u003e \u003cp\u003e5.6 Disparate Trade and Position Records 54\u003c\/p\u003e \u003cp\u003e5.7 Reconciliation 54\u003c\/p\u003e \u003cp\u003e5.8 Summary 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Mandatory Events 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Overview of the Generic Corporate Action Lifecycle 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Introduction 59\u003c\/p\u003e \u003cp\u003e6.2 Issuer Communicates Event Data 60\u003c\/p\u003e \u003cp\u003e6.3 Event Terms Capture and Cleansing 60\u003c\/p\u003e \u003cp\u003e6.4 Determining Entitlement 60\u003c\/p\u003e \u003cp\u003e6.5 Communication of Event Information 60\u003c\/p\u003e \u003cp\u003e6.6 Calculation of Resultant Entitlements 60\u003c\/p\u003e \u003cp\u003e6.7 Passing of Internal Entries 61\u003c\/p\u003e \u003cp\u003e6.8 Collection and Disbursement of Resultant Entitlements 61\u003c\/p\u003e \u003cp\u003e6.9 Updating of Internal Entries 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Straight Through Processing 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Introduction 63\u003c\/p\u003e \u003cp\u003e7.2 STP and Corporate Actions 64\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Event Terms Capture and Cleansing 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Introduction 67\u003c\/p\u003e \u003cp\u003e8.2 Event Terms 68\u003c\/p\u003e \u003cp\u003e8.3 Sources of Event Terms 72\u003c\/p\u003e \u003cp\u003e8.4 Availability of Event Terms 73\u003c\/p\u003e \u003cp\u003e8.5 Cleansing of Event Terms 74\u003c\/p\u003e \u003cp\u003e8.6 When to Apply Event Terms 76\u003c\/p\u003e \u003cp\u003e8.7 Managing Changes to Event Terms Throughout the Lifecycle 76\u003c\/p\u003e \u003cp\u003e8.8 Summary 77\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Determining Entitlement 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Introduction 79\u003c\/p\u003e \u003cp\u003e9.2 The STO’s Risk 80\u003c\/p\u003e \u003cp\u003e9.3 Types of Entitled Positions (Including Unsettled Trades) 80\u003c\/p\u003e \u003cp\u003e9.4 Links Between Ownership Positions and Location Positions 84\u003c\/p\u003e \u003cp\u003e9.5 Equity Event Entitlement Business Principles 84\u003c\/p\u003e \u003cp\u003e9.6 Equity Event – Itemized Trading and Settlement Scenarios 92\u003c\/p\u003e \u003cp\u003e9.7 Bonds Event Entitlement Business Principles 94\u003c\/p\u003e \u003cp\u003e9.8 Applying the Business Principles in Practice 97\u003c\/p\u003e \u003cp\u003e9.9 Balancing of Positions and Unsettled Trades 105\u003c\/p\u003e \u003cp\u003e9.10 Reconciliation of Positions and Unsettled Trades 109\u003c\/p\u003e \u003cp\u003e9.11 Summary 111\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Communication of Event Information 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Introduction 113\u003c\/p\u003e \u003cp\u003e10.2 The STO’s Risk 114\u003c\/p\u003e \u003cp\u003e10.3 Communicating with Position Holders 114\u003c\/p\u003e \u003cp\u003e10.4 Communicating with Interested Parties 120\u003c\/p\u003e \u003cp\u003e10.5 Summary 121\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Calculation of Resultant Entitlements 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Introduction 123\u003c\/p\u003e \u003cp\u003e11.2 The STO’s Risk 124\u003c\/p\u003e \u003cp\u003e11.3 Calculation of Resultant Cash Entitlements 125\u003c\/p\u003e \u003cp\u003e11.4 Calculation of Resultant Securities Entitlements 126\u003c\/p\u003e \u003cp\u003e11.5 Calculation of Resultant Entitlements Against Ownership Positions 130\u003c\/p\u003e \u003cp\u003e11.6 Balancing Resultant Entitlements 132\u003c\/p\u003e \u003cp\u003e11.7 Reconciliation of Resultant Entitlements 134\u003c\/p\u003e \u003cp\u003e11.8 Determination of Collectible and Disbursable Accounts 136\u003c\/p\u003e \u003cp\u003e11.9 Summary 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Passing of Internal Entries 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Introduction 139\u003c\/p\u003e \u003cp\u003e12.2 The STO’s Risk 139\u003c\/p\u003e \u003cp\u003e12.3 Mechanisms for Passing Internal Entries 140\u003c\/p\u003e \u003cp\u003e12.4 Types of Internal Entries 141\u003c\/p\u003e \u003cp\u003e12.5 Review of Required Internal Entries 149\u003c\/p\u003e \u003cp\u003e12.6 Summary 150\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Collection\/Disbursement of Resultant Entitlements 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Introduction 151\u003c\/p\u003e \u003cp\u003e13.2 The STO’s Risk 152\u003c\/p\u003e \u003cp\u003e13.3 Collection of Resultant Entitlements from the Custodian 153\u003c\/p\u003e \u003cp\u003e13.4 Disbursement of Resultant Entitlements to Position Holders 154\u003c\/p\u003e \u003cp\u003e13.5 Settlement of Claims 157\u003c\/p\u003e \u003cp\u003e13.6 Write-Offs 160\u003c\/p\u003e \u003cp\u003e13.7 Summary 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Updating of Internal Entries 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Introduction 161\u003c\/p\u003e \u003cp\u003e14.2 The STO’s Risk 161\u003c\/p\u003e \u003cp\u003e14.3 Mechanisms for Passing Internal Entries 162\u003c\/p\u003e \u003cp\u003e14.4 Settlement Date Entries 162\u003c\/p\u003e \u003cp\u003e14.5 Settlement of Claims and Transformations 166\u003c\/p\u003e \u003cp\u003e14.6 Summary 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Examples of Mandatory Events 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Introduction 167\u003c\/p\u003e \u003cp\u003e15.2 Bonus Issue 167\u003c\/p\u003e \u003cp\u003e15.3 Share Split 174\u003c\/p\u003e \u003cp\u003e15.4 Bond Maturity 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Events with Elections 185\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Concepts of Events with Elections 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Introduction 187\u003c\/p\u003e \u003cp\u003e16.2 The STO’s Risk 188\u003c\/p\u003e \u003cp\u003e16.3 Impact of Events with Elections 188\u003c\/p\u003e \u003cp\u003e16.4 Events with Elections Lifecycle 190\u003c\/p\u003e \u003cp\u003e16.5 Summary 191\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Management of Mandatory with Options Events 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Introduction 193\u003c\/p\u003e \u003cp\u003e17.2 Mandatory with Options Event Terms 194\u003c\/p\u003e \u003cp\u003e17.3 Determining Entitlement to Mandatory with Options Events 196\u003c\/p\u003e \u003cp\u003e17.4 Communication of Mandatory with Options Event Information 196\u003c\/p\u003e \u003cp\u003e17.5 Receipt of Election Decisions 198\u003c\/p\u003e \u003cp\u003e17.6 Recording and Validating Received Election Decisions 200\u003c\/p\u003e \u003cp\u003e17.7 Managing Overdue Election Decisions 202\u003c\/p\u003e \u003cp\u003e17.8 Issue of Election Decisions 203\u003c\/p\u003e \u003cp\u003e17.9 Over-Elections 209\u003c\/p\u003e \u003cp\u003e17.10 Calculation of Resultant Entitlements 211\u003c\/p\u003e \u003cp\u003e17.11 Passing of Internal Entries 214\u003c\/p\u003e \u003cp\u003e17.12 Collection and Disbursement of Resultant Entitlements 217\u003c\/p\u003e \u003cp\u003e17.13 Updating of Internal Entries 217\u003c\/p\u003e \u003cp\u003e17.14 Summary 217\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Management of Voluntary Events 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 Introduction 219\u003c\/p\u003e \u003cp\u003e18.2 Voluntary Event Terms 220\u003c\/p\u003e \u003cp\u003e18.3 Determining Entitlement to Voluntary Events 221\u003c\/p\u003e \u003cp\u003e18.4 Communication of Voluntary Event Information 222\u003c\/p\u003e \u003cp\u003e18.5 Receipt of Election Decisions 222\u003c\/p\u003e \u003cp\u003e18.6 Recording and Validating Received Election Decisions 223\u003c\/p\u003e \u003cp\u003e18.7 Managing Overdue Election Decisions 224\u003c\/p\u003e \u003cp\u003e18.8 Issue of Election Decisions 225\u003c\/p\u003e \u003cp\u003e18.9 Over-elections 225\u003c\/p\u003e \u003cp\u003e18.10 Calculation of Resultant Entitlements 225\u003c\/p\u003e \u003cp\u003e18.11 Passing of Internal Entries 227\u003c\/p\u003e \u003cp\u003e18.12 Collection and Disbursement of Resultant Entitlements 231\u003c\/p\u003e \u003cp\u003e18.13 Updating of Internal Entries 231\u003c\/p\u003e \u003cp\u003e18.14 Summary 231\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Multi-stage Events 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Concepts of Multi-Stage Events 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 Introduction 235\u003c\/p\u003e \u003cp\u003e19.2 The Life of a Multi-stage Event 235\u003c\/p\u003e \u003cp\u003e19.3 The STO’s Risk 239\u003c\/p\u003e \u003cp\u003e19.4 Impact of Multi-stage Events 239\u003c\/p\u003e \u003cp\u003e19.5 Lifecycle Elements of the Multi-stage Event 241\u003c\/p\u003e \u003cp\u003e19.6 Summary 246\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Management of a Rights Issue 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20.1 Introduction 247\u003c\/p\u003e \u003cp\u003e20.2 The Operational Life of a Rights Issue 247\u003c\/p\u003e \u003cp\u003e20.3 Rights Issue Event Terms 248\u003c\/p\u003e \u003cp\u003e20.4 Nil Paid Rights Distribution 250\u003c\/p\u003e \u003cp\u003e20.5 Nil Paid Rights Subscription 253\u003c\/p\u003e \u003cp\u003e20.6 Un-subscribed Nil Paid Rights Expiry 258\u003c\/p\u003e \u003cp\u003e20.7 Summary 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 Example of a Rights Issue 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e21.1 Introduction 261\u003c\/p\u003e \u003cp\u003e21.2 Event Terms 261\u003c\/p\u003e \u003cp\u003e21.3 Nil Paid Rights Distribution 262\u003c\/p\u003e \u003cp\u003e21.4 Nil Paid Rights Trading 266\u003c\/p\u003e \u003cp\u003e21.5 Nil Paid Rights Subscription 266\u003c\/p\u003e \u003cp\u003e21.6 Unsubscribed Nil Paid Rights Expiry 272\u003c\/p\u003e \u003cp\u003e21.7 Final Securities Positions 273\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Concepts of Takeover Events 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22.1 Introduction 275\u003c\/p\u003e \u003cp\u003e22.2 The STO’s Risk 276\u003c\/p\u003e \u003cp\u003e22.3 Features of Takeovers 276\u003c\/p\u003e \u003cp\u003e22.4 Impact of Takeover Events 281\u003c\/p\u003e \u003cp\u003e22.5 Takeover Event Lifecycle 284\u003c\/p\u003e \u003cp\u003e22.6 Summary 284\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Management of Takeover Events 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e23.1 Takeover Event Terms 285\u003c\/p\u003e \u003cp\u003e23.2 Determining Entitlement to Takeover Events 288\u003c\/p\u003e \u003cp\u003e23.3 Communication of Event Information 289\u003c\/p\u003e \u003cp\u003e23.4 Management of Election Decisions 290\u003c\/p\u003e \u003cp\u003e23.5 Managing Unsuccessful Takeovers 291\u003c\/p\u003e \u003cp\u003e23.6 Over-Acceptances 291\u003c\/p\u003e \u003cp\u003e23.7 Calculation of Resultant Entitlements 293\u003c\/p\u003e \u003cp\u003e23.8 Passing of Internal Entries 296\u003c\/p\u003e \u003cp\u003e23.9 Collection and Disbursement of Resultant Entitlements 297\u003c\/p\u003e \u003cp\u003e23.10 Updating of Internal Entries 298\u003c\/p\u003e \u003cp\u003e23.11 Summary 298\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V Taxation 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e24 Concepts and Management of Taxation 301\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e24.1 Introduction 301\u003c\/p\u003e \u003cp\u003e24.2 Taxable and Non-Taxable Events 301\u003c\/p\u003e \u003cp\u003e24.3 Introduction to Capital Gains Tax and Income Tax 302\u003c\/p\u003e \u003cp\u003e24.4 The STO’s Risk 305\u003c\/p\u003e \u003cp\u003e24.5 Summary 305\u003c\/p\u003e \u003cp\u003e\u003cb\u003e25 Management of Income Tax 307\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e25.1 Introduction 307\u003c\/p\u003e \u003cp\u003e25.2 Gross Income 308\u003c\/p\u003e \u003cp\u003e25.3 Foreign Witholding Tax 309\u003c\/p\u003e \u003cp\u003e25.4 Net Income After Deduction of Foreign Withholding Tax 310\u003c\/p\u003e \u003cp\u003e25.5 Position Holder’s Domestic Income Tax 310\u003c\/p\u003e \u003cp\u003e25.6 Net Income After Deduction of Foreign Withholding Tax and Position Holder’s Domestic Income Tax 313\u003c\/p\u003e \u003cp\u003e25.7 Determining Tax Rates for Position Holders 318\u003c\/p\u003e \u003cp\u003e25.8 Ensuring Correct Withholding Tax is Deducted by the Location 321\u003c\/p\u003e \u003cp\u003e25.9 The STO as Collector of Taxes 322\u003c\/p\u003e \u003cp\u003e25.10 Tax Reclaims and Tax Rebates 323\u003c\/p\u003e \u003cp\u003e25.11 Communicating Income and Tax Details 326\u003c\/p\u003e \u003cp\u003e25.12 Summary 329\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI Issuer Notices 331\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e26 Concepts and Management of Issuer Notices 333\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e26.1 Introduction 333\u003c\/p\u003e \u003cp\u003e26.2 The STO’s Risk 333\u003c\/p\u003e \u003cp\u003e26.3 Information Only Events 334\u003c\/p\u003e \u003cp\u003e26.4 Issuer Meetings with Proxy Voting Events 335\u003c\/p\u003e \u003cp\u003e26.5 Summary 339\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VII Objectives and Initiatives 341\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e27 Objectives and Initiatives 343\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e27.1 Introduction 343\u003c\/p\u003e \u003cp\u003e27.2 Objectives 343\u003c\/p\u003e \u003cp\u003e27.3 Initiatives to Achieve the Stated Objectives 345\u003c\/p\u003e \u003cp\u003e27.4 Challenges in Achieving the Stated Objectives 351\u003c\/p\u003e \u003cp\u003eGlossary of Terms 353\u003c\/p\u003e \u003cp\u003eIndex 383\u003c\/p\u003e  \u003cb\u003eMICHAEL SIMMONS\u003c\/b\u003e has spent the majority of his working life within the operational areas of international investment banks, most notably within the S.G. Warburg group in London. Having gained a detailed understanding of various back office tasks through many years of hands-on experience, he assumed managerial responsibility for a number of operational areas.\u003cbr\u003e In recent years, Michael has worked as head of business consultancy within a global computing services firm, and is now an independent analyst and trainer. Michael’s areas of expertise include all aspects of the fixed income and equity trade lifecycle and related activities, including operational risks and controls. Recent assignments include the offshoring of operational activities to India and operational risk analysis (the Sarbanes Oxley act). In addition, he creates and delivers training courses on the workings of the securities industry and associated operational aspects to audiences around the world.\u003cbr\u003e Michael is author of Securities Operations: A Guide to Trade and Position Management published by John Wiley \u0026amp; Sons, which describes the fundamental components of operational activities from a first-principles perspective.  \u003cp\u003e\u003cb\u003eELAINE DALGLEISH\u003c\/b\u003e has spent her working life within the operational areas of investment banking and stock broking, working directly for international banking firms and financial software providers. Elaine’s hands-on experience spans various middle and back office operational disciplines in multiple markets. Whilst working directly in investment banking and stock broking, this has ultimately included the managerial responsibility for a number of operational areas.\u003cbr\u003e The focal point of Elaine’s working history is the consistent involvement with Corporate Actions operations, initially with the manual processing of events as a custodian, and subsequently working as a Senior Business Analyst, specialising in Corporate Actions, analysing client requirements, and consulting in process re-engineering for Tier 1 and 2 investment banks.\u003cbr\u003e As a consequence, Elaine has both observed and been directly involved in the evolution of global market practices of Corporate Actions operations and the move to automation. \u003c\/p\u003e  \"An excellent introduction to corporate action processing and workflow. I wouldn't be surprised to see this guide become a de facto standard toward the training of new recruits in the corporate action processing arena.\"\u003cbr\u003e —\u003cb\u003eHarvey Colborne, Principal Business Consultant, Mondas plc\u003c\/b\u003e  \u003cp\u003e\"At last, a perceptive piece of work that demystifies the one operational area securities professionals have long associated with high risk and which has few market or product boundaries. Although considered a specialist area, Mike and Elaine’s book takes the reader along a generic process path, explains complexities, highlights key stages and identifies the controls to eliminate risk. A brilliant insight into one of the least known about areas within the global securities industry - it should be available in every Operational Control library.\"\u003cbr\u003e —\u003cb\u003eGraham McCormack, WestLB AG\u003c\/b\u003e\u003c\/p\u003e  Corporate actions are events that affect large corporations through to the individual investor - even those that own a single-share! All organizations that hold equity and debt securities for themselves and\/or on behalf of others are affected when the issuer of a security announces an income or corporate action event. The successful management of the array of different event types requires understanding of the inherent risks, and tight controls at critical points in the event lifecycle. The management of income and corporate action events are important and essential parts of the securities industry business. Written by authors with many years experience within this sector, \u003ci\u003eCorporate Actions: A Guide to Securities Event Management\u003c\/i\u003e sets out to demystify the subject and provides a thorough, step-by-step introduction to corporate actions and income events.  \u003cp\u003e\u003ci\u003eCorporate Actions\u003c\/i\u003e is a comprehensive source for understanding a major component of operational processing. The individual components and their relation to each other within the corporate actions lifecycle are explained in detail, through which the reader will gain a clear and thorough understanding of the lifecycle together with potential processing risks and the strategies to mitigate\u003c\/p\u003e \u003cp\u003e\u003ci\u003eCorporate Actions\u003c\/i\u003e is essential reading for all those involved in the securities industry, from new recruits to those involved in both the day-to-day operations process and those within executive management. It will also prove invaluable to those providing consultancy and software solutions to the securities industry.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eCorporate Actions\u003c\/i\u003e is the first major work on this subject. Many people within the securities industry have heard of corporate actions - many people know they can be highly risky - many organizations have lost vast sums of cash in attempting to process them - very few understand them!\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988992999653,"sku":"NP9780470870662","price":153.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470870662.jpg?v=1761782348","url":"https:\/\/k12savings.com\/es\/products\/corporate-actions-isbn-9780470870662","provider":"K12savings","version":"1.0","type":"link"}