Corporate actions are costing much more than we think and often hidden amongst back office (or middle office) costs in many firms. That a custodian spends up to USD 5 million on a regional custodian business is perhaps not surprising - given that they are the 'engine rooms' to the asset servicing industry today. But the fact that brokers and then investors are also spending over USD 3 million each on average raises some concerns. The heavily manual processes that the industry has relied on for decades simply are not scalable today.

In June 2022 we launched an industry wide benchmarking campaign in association with the ValueExchange and ISSA (the International Securities Services Association) to map out how the corporate actions operating model is evolving. We found that faced with record volumes in their holdings, market participants across the spectrum are beginning to face continued challenges in their back offices. This industry report not only highlights the gravity of the current situation but it also explains the benefits of new solutions that are increasingly accessible - notably ISO 20022 data feeds and corporate action event outsourcing.

In compiling this research - leveraging as it does the views of 114 leading organizations around the world - we can help to make a new business case for transformation across the industry.

This report can help you to forge a path towards scale in your back offices and is intended as a core tool in helping you to plan and prioritize your next transformation. This report covers:

• Key corporate actions challenges face by the industry today
• How much it costs to run a corporate actions business today
• The effect of corporate actions errors and volume vs cost growth

• The impact of outsourcing and automation - highlighting the key business benefits that each solution provides

• The right target operating model for the next generation of corporate events

and more!