DTCC Releases Scorecard Report Enhancement to Mutual Fund Profile Service
Upgrade will encourage maintenance of accurate and reliable fund data.
"The biggest benefit that the Scorecard Report provides to the fund distribution community is an indication of whether a fund participant has reviewed and validated their data," Josephine Torelli, vice president, DTCC Wealth Management Services, tells Buy-Side Technology. "This provides distributors with a gauge for determining whether the fund's data is current, before leveraging the information in their trading systems."
The release of the Report comes after requests from those in the fund distribution community for a system that would encourage the maintenance of accurate and reliable fund data.
The Report, which took six months to develop, creates a personalized score using a weighted algorithm that calculates if funds have taken action to clear system edits and addressed variances derived from the data in public filings and on the Profile database. Every night the scores are recalculated and made available to DTCC fund and firm clients from their Profile application.
This allows funds to determine how reliable the data is and decrease the risk of data inaccuracies and misinterpretation. Industry average scores are also made available for benchmarking analysis.
"DTCC is engaged with fund companies and the fund distribution community to explore additional data elements and products that we might incorporate into the Mutual Fund Profile Service," Torelli tells Buy-Side Technology. "We are committed to continuing to enhance the service, helping our clients gain further operational and processing efficiencies."
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