|In May, CDS Clearing launched CDS Securities Management Solutions Inc. (CDS Solutions), a subsidiary aimed at delivering services to issuers and their agents. More information on its services, including the new online ISIN Issuance service, can be found on the CDS Solutions website.
The new Book-entry-only (BEO) Securities Services Agreement came into effect. Use of the agreement is required to make BEO issues eligible for deposit at CDS and to maintain the eligibility of securities for BEO services.
CDS has retained its 'AA' rating from Thomas Murray, the specialist custody rating, risk management and research firm. The ‘AA’ rating as assigned by Thomas Murray recognizes CDS Clearing’s ongoing commitment to minimize risk for market participants and the demonstrated robustness of its settlement process during financial instability. The outlook has been assigned as ‘Stable’ which suggests that there are no imminent developments that may change the rating at this stage.
Service level standards - Status as at July 31, 2009
*Excluding customer extensions.
|Network availability||³ 99.8% annual average||99.9%|
|Operational reliability ||³ 99.4% annual average||99.7%|
|Payment exchange||³ 99.6% annual average* ||100%|
|Days of disruption||One day or less per year||None|
|Disaster recovery plan||100% successful test||Completed in November 2008|
|Customer service measures|
|Claims||Claims submitted by customers will be processed within 20 business days. Management's decision will be presented to the Audit/Risk Committee at its next meeting for information purposes. The target is to keep claims approved by management to less than $50,000 in any fiscal year. ||None|
|Entitlement processing measures|
|Payments on payable date – entitlement payments (in dollars) will be paid as follows:|
|1. ³ 99.9% of income entitlements (interest and dividends) on payable date||99.9%|
|2. ³ 99.9% of all corporate actions (reorganizations) on payable date where pre-determined**||99.9%|
|3. Where funds have been released to CDS after established time frames, funds will be paid the following business day 100% of the time.||100%|
|Published Information||99.0% of entitlement information bulletins will be published within 24 hours of receipt of information.||100%|
**Where not pre-determined, deemed to be date on which funds are released to CDS.