Post by sandi66 on Oct 4, 2010 15:34:36 GMT -5
DTCC Enhances Mutual Fund Profile Service To Improve Integrity of Data for the Fund Industry
October 4, 2010
NEW YORK--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC) announced today enhancements to its Mutual Fund Profile Service (Profile) that will further improve the value of the system’s data, expand the service’s technological capabilities for the fund industry, and help firms remain in regulatory compliance.
Profile is a comprehensive repository of three databases that allows funds, broker/dealers and other distribution firms to automate and streamline the exchange of accurate and timely information on securities, participants and distributions. Profile helps firms remain in compliance with rules in a fund’s prospectus and distribution policies by serving as the central data source for comprehensive fund prospectus and operational rules.
“Profile’s security issue database is recognized as the industry standard for access to information critical to the intermediaries who market and distribute mutual funds,” said Ann Bergin, managing director, DTCC Wealth Management Services. “Our recent enhancements and continued focus on improvement underscore our commitment to reduce operational risk through automation and centralization while providing the fund industry with affordable access to reliable data.”
DTCC completed the service enhancements in cooperation with Delta Data Software, Inc., a firm that provides DTCC with technical support for the Profile database, and the Investment Company Institute’s (ICI) Profile Steering Committee.
“We are very pleased to play a role in the ongoing enhancements of DTCC’s Profile service,” said Don Beck, chief executive officer, Delta Data. “Today, Profile delivers the most accurate and cost-effective source of fund information and we applaud the DTCC and all those who participated in its transformation.”
Data integrity
The enhancements to Profile’s security issue database and web interface improve the overall data quality available to the fund industry by enabling users to more easily enter and maintain fund information. Profile’s improved functionality provides front-end edits to data entry via upgraded web pages that feature new tools such as a data dictionary function, which provides definitions and examples for the approximately 250 data points in the database.
In addition, the upgraded database incorporates a “hierarchical relational” design that takes the entered fund data and uses it as the default information for the Profile application, eliminating the need for redundant input. Other enhancements include consolidating all data entry, inquiry and reporting within a single application and adding built-in features to help ensure that the data entered by users is complete.
User confidence
To date, more than 140 fund companies have populated their data, encompassing slightly more than 19,000 security issue IDs. In addition, more than 125 distributors are set up to automatically receive Profile’s output files. Furthermore, fund companies and broker/dealers are not required to perform any additional data coding to benefit from Profile’s new enhancements.
“Data integrity is critical to us as well as to the broker-dealer community,” said Jennifer Craig, assistant vice president of Operations, Delaware Investments. “The enhancements to Profile have made it easier to ensure that our data are both current and accurate. And it has proven to be a strong resource for us as well to ensure timely completion of broker-dealer specification packages.”
“Profile is our go-to solution for checking fund minimums, linkage rules, breakpoint schedules and other fundamental processing functions,” said Christopher Rhodes, group leader, Mutual Funds Operations, Edward Jones. “We’ve been using Profile for several years and find that the data has greatly improved and is highly accurate. In fact, we’ve had great success in using the data for our internal auditing processes related to fund set-ups.”
About Profile
The Profile database is a repository for information that broker/dealers and other third-party distribution firms need to make informed investment decisions for their customers and to process transactions. It offers an efficient, automated alternative to finding information in dense prospectuses, other legal documents, or in complex “spec packs” that many firms send to their fund partners to complete. This information includes blue-sky data, contingent deferred sales charges, breakpoint discount schedules and linkage rules, short-term redemption fees, and more. Data distribution inefficiencies are eliminated through a streamlined process of entering, maintaining and retrieving this information. The Profile service is provided by National Securities Clearing Corporation (NSCC), a subsidiary of DTCC.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas.
Contacts
The Depository Trust & Clearing Corporation
Richard Marulanda, 813-470-2150
rmarulanda@dtcc.com
www.businesswire.com/news/home/20101004006324/en/DTCC-Enhances-Mutual-Fund-Profile-Service-Improve
October 4, 2010
NEW YORK--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC) announced today enhancements to its Mutual Fund Profile Service (Profile) that will further improve the value of the system’s data, expand the service’s technological capabilities for the fund industry, and help firms remain in regulatory compliance.
Profile is a comprehensive repository of three databases that allows funds, broker/dealers and other distribution firms to automate and streamline the exchange of accurate and timely information on securities, participants and distributions. Profile helps firms remain in compliance with rules in a fund’s prospectus and distribution policies by serving as the central data source for comprehensive fund prospectus and operational rules.
“Profile’s security issue database is recognized as the industry standard for access to information critical to the intermediaries who market and distribute mutual funds,” said Ann Bergin, managing director, DTCC Wealth Management Services. “Our recent enhancements and continued focus on improvement underscore our commitment to reduce operational risk through automation and centralization while providing the fund industry with affordable access to reliable data.”
DTCC completed the service enhancements in cooperation with Delta Data Software, Inc., a firm that provides DTCC with technical support for the Profile database, and the Investment Company Institute’s (ICI) Profile Steering Committee.
“We are very pleased to play a role in the ongoing enhancements of DTCC’s Profile service,” said Don Beck, chief executive officer, Delta Data. “Today, Profile delivers the most accurate and cost-effective source of fund information and we applaud the DTCC and all those who participated in its transformation.”
Data integrity
The enhancements to Profile’s security issue database and web interface improve the overall data quality available to the fund industry by enabling users to more easily enter and maintain fund information. Profile’s improved functionality provides front-end edits to data entry via upgraded web pages that feature new tools such as a data dictionary function, which provides definitions and examples for the approximately 250 data points in the database.
In addition, the upgraded database incorporates a “hierarchical relational” design that takes the entered fund data and uses it as the default information for the Profile application, eliminating the need for redundant input. Other enhancements include consolidating all data entry, inquiry and reporting within a single application and adding built-in features to help ensure that the data entered by users is complete.
User confidence
To date, more than 140 fund companies have populated their data, encompassing slightly more than 19,000 security issue IDs. In addition, more than 125 distributors are set up to automatically receive Profile’s output files. Furthermore, fund companies and broker/dealers are not required to perform any additional data coding to benefit from Profile’s new enhancements.
“Data integrity is critical to us as well as to the broker-dealer community,” said Jennifer Craig, assistant vice president of Operations, Delaware Investments. “The enhancements to Profile have made it easier to ensure that our data are both current and accurate. And it has proven to be a strong resource for us as well to ensure timely completion of broker-dealer specification packages.”
“Profile is our go-to solution for checking fund minimums, linkage rules, breakpoint schedules and other fundamental processing functions,” said Christopher Rhodes, group leader, Mutual Funds Operations, Edward Jones. “We’ve been using Profile for several years and find that the data has greatly improved and is highly accurate. In fact, we’ve had great success in using the data for our internal auditing processes related to fund set-ups.”
About Profile
The Profile database is a repository for information that broker/dealers and other third-party distribution firms need to make informed investment decisions for their customers and to process transactions. It offers an efficient, automated alternative to finding information in dense prospectuses, other legal documents, or in complex “spec packs” that many firms send to their fund partners to complete. This information includes blue-sky data, contingent deferred sales charges, breakpoint discount schedules and linkage rules, short-term redemption fees, and more. Data distribution inefficiencies are eliminated through a streamlined process of entering, maintaining and retrieving this information. The Profile service is provided by National Securities Clearing Corporation (NSCC), a subsidiary of DTCC.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas.
Contacts
The Depository Trust & Clearing Corporation
Richard Marulanda, 813-470-2150
rmarulanda@dtcc.com
www.businesswire.com/news/home/20101004006324/en/DTCC-Enhances-Mutual-Fund-Profile-Service-Improve