This website sets cookies on your device. By continuing to use our site, you consent to our use of cookies in accordance with our Privacy Policy.
Menu Learning Center
0.00 ( 0 votes )

Below is an outline of the steps required to convert your accounts to a GCD model. More detailed information on how to perform each of these steps can be found in the ALERT: Understanding the Global Custodian Direct Conversion Process for Investment Managers video.

 

1. Before you begin the conversion process and assign control of an account to your global custodian (GC), there are a number of pre-conversion steps to be completed. See Pre-GCD Conversion Process for further details.

2. You can change the SI Controller to the GC Direct (GCD) acronym, either manually or using ALERT Plus functionality. Once this step is complete, a conversion request will be sent to the GCD acronym enabling them to accept the request and provide corresponding SSIs for the account.

3. You can monitor the conversion status of your accounts from the GC Direct widget on the ALERT Home Page, indicating if the account is in one of the following statuses:

  • In retrieval - the GC has not yet retrieved the conversion request
  • Pending - the GC has retrieved the conversion request but has not yet provided SSIs
  • Rejected - the GC has rejected the conversion request

4. If there are any SSIs that your GCD does not support, you should add them as account specific instructions. These can either be added manually or using the ALERT Plus functionality.

5. Since the GCD owns the SSI, you cannot override any of the fields that they populate. However, you can add data to non-settlement fields e.g. Interested Party for DTC SSIs and Receiver Agent BIC for CTM Settlement Notification accounts. This data can be added to the GCD-owned SSIs either manually or using the ALERT Plus functionality.

6. The final step in the conversion process is to compare your ALERT data post-conversion to the pre-conversion version. In order to do this you will need to use the Data Search-Utilities functionality to extract a report of your GCD-owned SSIs and compare this to the pre-conversion extract that you saved as part of the Pre-GCD Conversion Process.

 

 

Recommended for You