They come by the thousands every day, bombarding custodians with news of reorganizations, stock splits, name changes and bankruptcies. They come from multiple venues, including vendors, the Depository Trust Company and the companies themselves. The problem with these tidbits of information, called corporate actions, is that their verification and reconciliation is often manual. As anyone listening to the straight-through-processing dialogue in the securities industry knows, anything manual is bad. That's because manual means human intervention and humans, occasionally, make mistakes.
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