For investment managers who are interested in converting their SSI maintenance to the GCD workflow, the below diagram outlines a check-list of activities that should be performed in preparation for the conversion process.
With regards to the first step in the pre-conversion process, below is further information on the data that needs to be reviewed and standardized.
- Review and compare your current ALERT SSIs to the Country-Security-Method combinations supported by your GC. For details on this, see the ALERT GCD Custodian Capability table.
- GCs maintain SSIs at the highest/common level security type (see the Security Type matrix below). If a security trype SSI shares the same SSI detail across multiple security types, the GC will maintain a single SSI. For example, most GCs store SSIs for Government Fixed Income under the ALERT security type for Treasuries (TRY). In this way, the security type of Treasuries will encompass NSD, MNB, ITS, GNM, FRM and AGS. This methodology is followed across each of the main security type groups - Equity, Corporate Bonds, Government Bonds, Money Market, FX/Cash.
- If SSIs are duplicate across security type groups and SSI detail is the same, investment managers can delete surpluse SSIs leaving the highest/common security type SSI supported by their GC. Thsi will streamline the pre-conversion reconciliation process and expedite migration to GCD managed SSIs.
- The UNIVERSAL method is not supported by any GC therefore any SSIs using this method will be migrated to the correct Country-Method combination during the GC conversion process. Investment managers should check if downstream internal systems are impacted by moving SSIs away from the UNIVERSAL method.
- Some GCs may require investment managers to register for a TradeSuiteTM Institution ID to support US SSIs in ALERT. To register for an Institution ID, complete and return this e-form using DocuSign.
The pdf ALERT SSI Maintenance Reference Guide (210 KB) provides guidelines on a number of key data points to consider when looking to migrate your accounts to the ALERT GCD workflow to ensure that best practices are followed.