203 - Hero Blog

06.03.2024

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Market Data

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3 Min Read

Introducing New Corporate Actions Cloud API

Introducing New Corporate Actions Cloud API
4:08

QUODD has introduced a new advanced API, GlobalCorporateActions, which provides detailed corporate actions data for events such as stock splits, dividends, mergers, and spinoffs. Knowing when a company plans to offer a split or undertake an acquisition can often cause a sudden price increase or decrease and this is critical information for our investment app and buy-side and sell-side customers.

 

The industry is facing a ‘perfect storm. On one hand you have a massive wave of corporate actions, annual meetings canceled, dividend payouts suspended, and an increase of mergers and acquisitions, fueled by the pandemic and the rising markets, and on the other you have millions of new retail investors eyeballing their investment applications all day long. One bad corporate action could devastate a firm.

 

Corporate action processing is one of the “last frontiers of pain” for investment management, and one of the most manual and complex parts of back-office operations. The lack of uniformity and standards makes it difficult to identify and interpret information correctly. Obtaining accurate and timely information is challenging, and errors can result in painful financial losses. 

 

The GlobalCorporateActions is the first cloud-based REST API to eliminate the pains and complexity caused by legacy data feed and files. The API provides a single-source data stream with consistent information gathered from more than 190 exchanges and over 30,000 U.S. mutual funds.

 

The recent split of TSLA and AAPL stock on the same day illustrates the complex and far-reaching impact of corporate actions. If a firm does not do this correctly, it will show on historical charts, and their customers will notice. QUODD’s Data Quality team cross-validates our corporate actions data across sources and proactively detects and fixes any missing information. This prevents missing issues such as the TSLA and AAPL splits.

Read blog post What AAPL and TSLA Taught Us About Market Data Quality

APIs are cloud-native and offer a robust selection of used case-based endpoints. These endpoints are ready-to-use pieces of code that developers can easily integrate into their product or app, regardless of type, amount or frequency of data, without the need for any complex integration logic

GetDistributions - Returns cash and stock dividends as declared by the company for a requested security and date range, and full details about the distributions, including optional payments as declared by the issue.

GetDistributionsByExchange - Returns cash and stock dividends as declared by the company for a requested exchange and date, and makes batch processing of corporate actions easier for our institutional clients. 

 

GetEventSummaries - Provides a high-level overview of events for a requested security and date range.

 

GetMergers - Returns merger events for a given identifier and date range, in simple easy-to-use data objects.

 

GetSpinoffs - Returns spinoff events for a given identifier and date range in a non-complex format.

 

GetSplits - Returns the stock split history for a security for a specified date range.

 

GetTakeovers - Returns takeover events for a given identifier and date range.

We’ve included a wide range of available input identifiers, such as CUSIP, ISIN, SEDOL, FIGI, and CompositeFIGI. This allows users greater flexibility and accuracy in maintaining their databases and systems. 

 

With these identifiers, users have the ability to request data using inputs from a wide pool of identifiers from any point in the timeline. Our API service will be able to identify the correct record using older identifiers as well as current ones regardless of past changes or in activity. In GlobalCorporateActions we’ve also introduced the unique concept of EventIdentifier, which allows users to identify any one event down to the listing level. Users will be able to pinpoint exact events, extract granular listing level event data, and access event notes provided by companies all with a single identifier. 

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