DOMESTIC CI
What are the 5 main fields to check when we are receiving a swift.
NEW/CANC ; CUSIP OR ISIN ; ACCOUNT NUMBER ; OPTION NUMBER ; QUANTITY ;DATE : expiration or not
What do we do to communicate how our day looks like in terms of offers and staffing?
We hold daily morning huddle.
What is the purpose of Announcement Capture ?
To receive and distribute corporate action event details to clients
What are the rules around accepting late instructions on expiration date?
The event must have been QA’d and balanced, then based on time and volume, we prioritize by highest risk.
WHAT DOES THE Global CI TEAM DO?
- receives client instructions and repairs them in case they have errors
- instructs MO to contact clients in case of a bad instruction or rejection
- manages the single items process
What is used to show daily volume for agent instructions?
The Diary
Who is our Executive Director of Global Asset Services?
James Creely
What does ORE stand for?
Operational Risk Event Form
What is the Menu to Disable the MCA Maker Checker ?
MCC
What does the Domestic AI team do each day?
Process and reconcile domestic voluntary corporate action events
What current event type cannot STEP into MCA ?
Bid tender/Dutch auction
Do we accept withdrawals on instructions that have previously been submitted?
Yes, however depends on offer terms (withdrawal Y) or agent (withdrawal N).
HOW DO CLIENT INSTRUCTIONS GET RECEIVED?
- Instructions can be received by fax through our GDT system and by swift (MT565, Mt599)
What process is used to bring positions current?
Holding update amendment
What are the main countries that WHEM Global AC covered?
We cover more than 30 countries but mainly USA, Canada, Brazil, Mexico, Columbia, Chile…
What does ERISA stand for?
Employee Retirement income Security Act of 1974
How many years experience does Nick Sblano have in Corporate Action
27
How do we keep internal parties informed about the upcoming complex events?
We hold weekly runbook calls/meetings to communicate updates to middle office/risk.
Why aren’t all events STPed?
Depending on event type (if has a Contra, a withdrawal, and other variables)
When does QA check an event folder?
Upon Set–up, Instructions, Expiration, Cover Protect
WHAT ARE THE MOST COMMON ERRORS OF THE INSTRUCTIONS?
- Missing event references, over-instructions and incorrect BIC codes are 3 of the most common mistakes
Who normally eats all department leftover food?
Medicia
What systems do Whem Global AC use the most?
CAMA, COSMIC, Bancs, Symphony
What does BCP stand for?
Business Continuity Plan
What are the 3 diffrent ways to receive a client voluntary instruction in JP MORGAN CUSTODY
SWIFT/CAI/FAX
How do we make sure the team is informed about any updates in procedures?
We hold a review session and send updated SOP to the team.
Why aren’t events extended/amended immediately upon receipt of the press release?
We wait for DTC updates (sometimes we make exceptions for extremely short fuse events)
What is the QA Smart Track Liability review?
Review at expiration to ensure trade and loan liabilities correctly processed.
WHAT ARE SINGLE ITEMS?
- Single items incorporate removal of worthless securities and client request conversions.
They basically consist in ad-hoc requests from clients.
What is the Option Trend report?
A report that shows all instructions that have not been actioned on.
Who is the team lead of Global Whem AC?
Jacquline Crammer
What two type of breaks do we have in COACS?
Cash and Asset
Which are the 2 main queues in MCA where SWIFT MT565 & CAI reject instruction fail STP.
RCREJ=CAI - RCRJT=MT565
How do we ensure we are aware of the offers that are expiring in the next 10 business days?
We review the 10 day expiration report or CSW
Why don’t we initially announce an event once the prospectus is released in the market?
We must receive a DTCC confirmed event
How does QA track that all expirations have been reviewed for the day?
The day’s expirations are downloaded and monitored as electronic folders are submitted.
WHAT ARE THE MAIN SYSTEMS ON WHICH Global CI CURRENTLY WORKS TO RECEIEVE INSTRUCTIONS?
- COSMIC MAINFRAME and BANCS to receive SWIFTS, and GDT to receive faxes, which requires ISearch (a database of signatures from each clients authorized persons to instruct).
What is VAI status?
Instructions already sent out of COSMIC to the agent
What are our main agents on Global WHEM events?
MCA (JPM), RBC, CIBC, DTVM Brazil, Citi Mexico
How many times a year do we need to go to our backup site in Iselin, NJ?
TWO
Who is in charge of portfolio services?
John Kirkpatrick
How old is Devam?
30
Why do we need to back out instructions on certain Conversions other Events?
Needed because the COAF changed / event is now a Full Call Conversion (Soon to be changed and announced as 2 separate events – awaiting product approval).
What are QA holdovers?
Events/Instructions that need further review or additional processing after JPM DL.
WHICH MARKETS DOES THE Global CI TEAM RECEIVE INSTRUCTIONS FOR?
- All of them, on the global side we are exposed to every market.
What are the Downstream systems used by Bancs for posting cash entitlement
Paddle, Cside and MXI
How many team members are in Whem Global AC?
Currently 5 (including Ron )
What day of the week do we have our Weekly runbook call?
WEDNESDAY
Which current swift instruction received by JPM is not a standard INSTRUCTION in the market?
MT 568 is a COAC notification Swift message, not an instruction message.
What do we do to understand the team member’s performance?
We hold regularly 1 to 1 meetings
Where do we get our cutoffs
Based on when event expires and how complex the event is. For complex events we coordinate with Processing.
How does QA prepare for the Runbook Call?
All non-BAU offers (high risk / paperwork, etc.) that are expiring in the next 10 days are reviewed and comments are saved to be reviewed on weekly call.
IS Global CI PAPERLESS?
- Yes, as of now we have a UDT that downloads every single instruction from COSMIC and injects it on GDT.
What are the Daily reports done by the Global AI team and their significance
Ø Record date Check – Record date checks is done in Canada market wherein the AI date is before record date. Amendment is done on Rd+1 to amend the holding in the file with positive instructions as of record date
Ø Late Trade Check – Late trade report captures any trading happened on Ex-1
Ø E.ins and negs – Items that fall in E.ins repair queue are not reflected on the file. It’s important to repair them as there are chances that a positive instruction is not being reflected. Negs queue reflects all the Client instructions that are over instructed on the file.
Where do we go for recovery site if Brooklyn office has shut down?
Islin, NJ
What does DHC stand for?
Daily Health Check template
What is the name of Lanie's dog
Chucky
What is the cash in lieu on a 1 for 1 exchange
zero
How are our non-DTC events received?
Non DTC events are received directly from Agent.
Who can sign the medallion?
Any certified Medallion STAMP Program person. Must have taken STAMP EXAM.
HOW MANY CLIENT INSTRUCTION TEAMS EXIST ON THE GLOBAL SIDE?
3
Applications used by the Agent instruction Team
CCREM, OTM, Irecs, Cside, Paddle, Bancs, Swiftbus, Ferret, Conquest, COSMIC, TITAN
How do we handle short fuses events?
1. Communicate with the CI/AI team so that we are all aware of it 2. Set up and release the offer ASAP 3. Send out EPRM with the file # & mention the deadline on Symphony 4. contact MO (release CSW through OTM)
What does GLRS stand for and how many times a year do GL accounts need to be attested?
General Ledger Reconciliation and Substantiation 12 times. It is a monthly process
What are the differences between bonds and stocks
Stocks Are Ownership Stakes; Bonds are Debt. Stocks and bonds represent two different ways for an entity to raise money to fund or expand their operations. ... When an entity issues a bond, it is issuing debt with the agreement to pay interest for the use of the money. Stocks are simply shares of individual companies.
what is the JPM deadline on a DTC ATOP I event
1:00 PM
How do we notify on Short Fuses?
We send Symphony for events 5 days and less. Additionally for events 2 days or less we send a CSW.
What additional check ensures that all instructions have been process for the day?
RCIAL – reviewed daily at 3:30 to ensure no unprocessed elections are pending being sent to depository or agent.
WHAT DOES MEDICIA EAT EVERYDAY?
QUINOA
Name a source that are used for Reconciliations of Custody balances with the agent – other than US
Canada market - RBC - Broadcasting spreadsheet sent daily CIBC – Position reconcile with MT564
Brazil – Reconciliation spreadsheet sent by DCC Brazil CA
How many new offers do we set up daily?
Avg 10 -15 new files on a regular day. Peak season with DRIP: Avg (30+)
Wat does COE stand for?
Center Of Excellence (Robotics team)
What is the difference between DTC and Euroclear
DTC : Depositary Tust Company is a US Central Securities Depositary whereas Euroclear is an INTERNATIONAL Central Securities Depositary .
How do we transmit broker liability letters.
via DTC SmartTrack
Why aren’t announcements always released though it says Conditionally Approved/Approved on CAWEB or Active on PBS.
Sometimes DTC shows an event with approval status but the comments are incomplete, or other relevant information not ready yet
What additional QA check is done to ensure that we have captured all DTC events for the day’s expiration?
A Daily comparison of DTC vs MCA is completed to ensure that all voluntary offers expiring are captured on 10 day expiration report.
TO WHAT MIDDLE OFFICE DID MR FREIFELD Go?
MO GREEN
How does Bancs reconcile Agent Instructions
REPE/RMDR messages are sent by the agent before the depot deadline which are automatically routed into Bancs through migration switch and gets linked with the event. Bancs compares the Corp reference, safekeeping account and the eligible position
What is the most challenging task of our team?
Interpreting a Complex Offer correctly and setting up the file within our SLA, also understanding with the technical issues on Bancs
What does STP mean?
Straight thru Processing?