Corporate actions data cleansing solution provider Fidelity ActionsXchange has bagged its first customer of the year with the signing of Knight Capital Group’s clearing subsidiary Knight Clearing Services. Laura Pollard, executive vice president and head of Fidelity ActionsXchange, explains that the vendor has been working with Knight, which is focused on the trade execution and clearing space for broker dealers, for around a year on the implementation. Although this is a win for the more traditional end of Fidelity ActionsXchange’s business, the vendor remains focused on deliverables related to the expansion of its remit, Pollard tells A-Team Insight.
Following its move into the corporate actions space in November last year (see our coverage 
Since its decision to mandate the XBRL tagging of financial reports for US firms, the Securities and Exchange Commission (SEC) has been doing its level best to keep the industry apprised of any possible compliance challenges. To this end, this month, the regulator announced yet another event, in the form of a public seminar on 23 March, to allow firms to pose pertinent questions around these details. The SEC has also this month taken the initiative with regards to educating investors about corporate actions events and has amended proxy rules to allow electronic access to some of this data.
After a difficult third quarter, Fiserv has indicated that its overall financial prospects picked up in the fourth quarter of 2009, with a 2% increase in net revenue on the previous year’s figures at US$1.01 billion. This means that the vendor’s total adjusted revenue for the year was down 1% on 2008, from US$3.89 billion in 2008 to US$3.87 billion in 2009. However, the payments segment of the business contributed the largest percentage of growth for the vendor overall, at 50%, and the Financial segment revenue declined overall for the year by 4%.
Many US firms are taking action to get ready early for the introduction of XBRL tags for financial statements later this year, according to a recent survey by the American Institute of Certified Public Accountants (AICPA) and standards body XBRL US. A total of 73% of the 215 respondents had already begun their testing for the XBRL format in November last year, when the survey was carried out. Moreover, the majority of respondents, at 93%, had at least a basic knowledge of XBRL.
A-Team Insight Exchange is a new event series for 2010, which will combine A-Team’s expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners.
Following a rather disappointing end of year quarter for its financial segment (see our coverage here) and a dearth of wins for its corporate actions solution eVent over the last 12 months, it seems Fiserv has suffered yet another blow this month with the departure of two of its key staff members: former vice president of its Investment Services business Geoff Harries and former global head of marketing Irene Mulkeen. Harries, who was with CheckFree for four years and then Fiserv for three, has resurfaced at DST Global Solutions, charged with focusing on OTC derivatives processing, among other things.
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