If I am correct - and sometimes I am - When the pa
Post# of 41414
(Total Views: 470)
Posted On: 05/18/2017 2:33:57 PM
If I am correct - and sometimes I am - When the paperwork for the corporate action is submitted, the ticker moves over to a temporary ticker, which will be BLTA+ an extension. That happens overnight. The USGL ticker is set up and established through the networks. The trading moves to the USGL ticker after 3 or four days in an overnight process.
Need to keep in mind that trading is not the only system impacted. Custodial systems, trade matching engines, trade confirmation engines and other reference/records systems need to transfer data and other elements. Unfortunately, its not and clean cut as changing 4 letters. Plus these systems are not just SEC systems - Fidelity and all other companies systems all need revision. Partly why it is handled through a corporate action, gives time to filter through the market... Its actually more common than you think....
Need to keep in mind that trading is not the only system impacted. Custodial systems, trade matching engines, trade confirmation engines and other reference/records systems need to transfer data and other elements. Unfortunately, its not and clean cut as changing 4 letters. Plus these systems are not just SEC systems - Fidelity and all other companies systems all need revision. Partly why it is handled through a corporate action, gives time to filter through the market... Its actually more common than you think....
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