This type of corporate action generally relates to when two or more SYMBOLS are merged into a single SYMBOL. While this type of corporate action could take several forms, there are fundamentally 3 or 4 events triggered, depending on the complexity of the CA.
- Instrument Updated Event: Instrument Status Update - “Active” to “Inactive”
- Instrument Updated Event: Instrument Symbol Update – “Old” symbol to “New” symbol
- If a share conversion; there will be TWO Events, one to remove the prior shares, and another to add the new shares at the converted rate.
- There can also be a straight Symbol change (e.g. BBT to TFC) as part of the Corporate Action, if one symbol is being retired in favor of a new symbol at a 1:1 conversion.
- OPERATIONS to determine the nature of the CA, if there is a conversion of shares, from the prior symbol(s) into the new symbol.
- AFTER MARKET CLOSE: on the last day of trading for the PRIOR symbol(s) (and the day prior to the effective date of trading of the new symbol) set the prior symbols in DriveWealth’s system to “INACTIVE”, followed by a symbol update event changing the old symbol to the new symbol.
- If the corporate action has a conversion of shares from prior symbol to new symbol; DW operations will process the conversion from the Old symbol to New Symbol at the conversion rate.
2. Event API
- If the corporate action also has a 1:1 SYMBOL conversion (e.g. where one of the prior symbols is subject to a symbol change, without conversion) (e.g. BBT -> TFC). DW will process a SYMBOL change.
3. Event API
Updated 2 months ago