[36026]February 19, 2025TO:Bank, Trust and Retirement Advisory Committee
Broker/Dealer Advisory Committee
CIT Administrative Subcommittee
Transfer Agent Advisory CommitteeRE:Intermediary Transparency DTCC Omni/SERV
BTRAC fund members identified in early 2020 that improved transparency from the bank, trust, custody, and retirement channel is needed to better manage responsibilities for fund investors.
Industry operation trends—including 1) centralizing operations through omnibus environments/providers, 2) banks/trusts/retirement providers expanding assets serviced, and 3) greater capabilities for other intermediaries including Registered Investment Advisors—all increase fund dependence on intermediaries to provide critical data/information. Intermediaries often register accounts with fund transfer agents in the bank/trust, nominee, and/or omnibus name. As these trends are expected to continue, the demand for timely and complete data will remain of paramount importance. As a result, funds ask intermediaries to provide transparency information in the form of data files. A lack of a consistent approach to data needs increases costs and inefficiency for intermediaries and funds. Recognizing the need to better align the data needs of funds and streamlining operations for intermediaries led to the formation of a BTRAC working group focused on intermediary transparency.
This paper provides a straightforward primer on using the DTCC Omni/SERV service to achieve scalable solutions where funds and intermediaries exchange critical data. These facilities allow the industry to continue to serve the end investor more effectively and efficiently. To view the entire paper please visit: https://www.ici.org/system/files/2025-02/25-ppr-intermediary-transparency.pdf
John Randall
Senior Director, Operations and Distribution