コーポレート・アクション(CA)ガイド<br>Corporate Actions : A Guide to Securities Event Management (Wiley Finance)

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コーポレート・アクション(CA)ガイド
Corporate Actions : A Guide to Securities Event Management (Wiley Finance)

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  • 製本 Hardcover:ハードカバー版/ページ数 403 p.
  • 言語 ENG
  • 商品コード 9780470870662
  • DDC分類 658.15224

基本説明

About corporate actions - events such as splits, mergers and acquisitions, which bring material changes to a stock.

Table of Contents

Introduction                                       xvii
Acknowledgements xxi
About the Authors xxiii
PART I INTRODUCTORY ELEMENTS 1 (56)
Basic Corporate Action Concepts 3 (6)
Introduction 3 (1)
Definition of Corporate Actions 3 (1)
Purpose of Corporate Actions 3 (2)
Impact of Corporate Actions 5 (1)
Impact from the Position Holder's 5 (1)
Perspective
Impact on the Price of the Underlying 6 (1)
Security
The Lifecycle of a Corporate Action 6 (2)
Mandatory (Generic) Lifecycle 7 (1)
Mandatory with Options Lifecycle 7 (1)
Voluntary Lifecycle 7 (1)
Multi-Stage Lifecycle 7 (1)
Issuer Notices Lifecycle 7 (1)
Summary 8 (1)
Event Description and Classification 9 (14)
Introduction 9 (1)
Event Descriptions 9 (10)
Payment of Interest Due 10 (1)
Payment of Income Earned 10 (1)
Distribution of Capital Reserves 11 (1)
Equity Restructure 12 (2)
Debt Restructure against Equity (Issued 14 (1)
Capital)
Debt Redemption 15 (1)
Raising of Capital 15 (2)
Re-organization of Company Structure 17 (2)
Issuer Notices 19 (1)
Event Classification 19 (1)
Impact 20 (1)
Lifecycle 20 (1)
Event Combinations 20 (2)
Event Variations and Terminology 22 (1)
Summary 22 (1)
The Securities (and Corporate Actions) 23 (14)
Market Place
Introduction 23 (1)
The Securities Market Place -- Overview 23 (8)
The Trading Environment 23 (2)
Issuers 25 (1)
Securities 25 (2)
Investors 27 (1)
Agents for Investors 28 (1)
Securities Trading Organizations (STOs) 28 (2)
CSDs, ICSDs and Custodians 30 (1)
Participants -- The Corporate Actions 31 (5)
Perspective
Issuers 32 (1)
CSDs and ICSDs 32 (1)
Custodians 33 (1)
Position Holders 33 (1)
Individuals 34 (1)
Institutional Investors 34 (1)
Securities Trading Organizations (STOs) 34 (2)
Summary 36 (1)
Static Data 37 (12)
Introduction 37 (1)
Securities Static Data 37 (4)
Common Attributes of Securities Static 37 (1)
Data
Detailed Attributes of Securities 38 (2)
Static Data
Changeable Detailed Attributes of 40 (1)
Securities Static Data
Additional Corporate Actions Securities 41 (1)
Static Data
Participant Static Data 41 (4)
Common Attributes of Participant Static 42 (1)
Data
Detailed Attributes of Participant 43 (1)
Static Data
Changeable Detailed Attributes of 44 (1)
Participant Static Data
Additional Corporate Actions 45 (1)
Participant Static Data
Sources and Maintenance of Static Data 45 (2)
Securities 45 (1)
Participants 46 (1)
Summary 47 (2)
Securities Position Management 49 (8)
Introduction 49 (1)
The STO'S Risk 49 (1)
Fundamentals of Securities Position 50 (2)
Management
Generic Securities Accounting Principles 52 (1)
Extended Securities Position Management 53 (1)
Disparate Trade and Position Records 54 (1)
Reconciliation 54 (1)
Summary 55 (2)
PART II MANDATORY EVENTS 57 (128)
Overview of the Generic Corporate Action 59 (4)
Lifecycle
Introduction 59 (1)
Issuer Communicates Event Data 60 (1)
Event Terms Capture and Cleansing 60 (1)
Determining Entitlement 60 (1)
Communication of Event Information 60 (1)
Calculation of Resultant Entitlements 60 (1)
Passing of Internal Entries 61 (1)
Collection and Disbursement of Resultant 61 (1)
Entitlements
Updating of Internal Entries 61 (2)
Straight Through Processing 63 (4)
Introduction 63 (1)
STP and Corporate Actions 64 (3)
Event Terms Capture and Cleansing 67 (12)
Introduction 67 (1)
Event Terms 68 (4)
Underlying Security 68 (1)
Event Dates 68 (1)
Entitlement Security and/or Currency 69 (1)
Ratios and Rates 69 (1)
Treatment of Fractions 70 (1)
Exchange Rates 71 (1)
Options Available 71 (1)
Additional Event Conditions and 71 (1)
Information
Sources of Event Terms 72 (1)
Availability of Event Terms 73 (1)
Upon Issue of the Security 73 (1)
During the Life of the Security 73 (1)
Cleansing of Event Terms 74 (2)
The Importance of `Clean' Event Terms 74 (1)
Approaches to `Clean' Event Terms 75 (1)
Timing of Event Terms Cleansing 76 (1)
When to Apply Event Terms 76 (1)
Managing Changes to Event Terms 76 (1)
Throughout the Lifecycle
Summary 77 (2)
Determining Entitlement 79 (34)
Introduction 79 (1)
The STO's Risk 80 (1)
Types of Entitled Positions (Including 80 (4)
Unsettled Trades)
Ownership Positions 81 (1)
Location 81 (3)
Links Between Ownership Positions and 84 (1)
Location Positions
Equity Event Entitlement Business 84 (8)
Principles
Entitlement Date 85 (1)
Record Date 86 (1)
Normal Cum and Normal Ex Trading 86 (1)
Special-Cum and Special-Ex Trading 87 (1)
Special Value Date 88 (3)
Depot Adjustment Date/Compensation Date 91 (1)
Equity Event -- Itemized Trading and 92 (2)
Settlement Scenarios
Bonds Event Entitlement Business 94 (3)
Principles
Determining Entitlement 94 (2)
Record Date 96 (1)
Applying the Business Principles in 97 (8)
Practice
When to Determine Entitlement 98 (2)
Identification of Ownership Positions 100 (3)
Identification of Settled Custodian 103 (1)
Positions
Identification of Potential Claims 104 (1)
Balancing of Positions and Unsettled 105 (4)
Trades
Reconciliation of Positions and Unsettled 109 (2)
Trades
Reconciliation of Ownership Positions 109 (1)
Reconciliation of Settled Custodian 109 (1)
Positions
Reconciliation of Unsettled Trades 110 (1)
Summary 111 (2)
Communication of Event Information 113 (10)
Introduction 113 (1)
The STO's Risk 114 (1)
Communicating with Position Holders 114 (6)
Characteristics of Communication Types 114 (1)
Generic Communication Types 115 (2)
Communication Features 117 (2)
Preferences of the Position Holder 119 (1)
Communicating with Interested Parties 120 (1)
Summary 121 (2)
Calculation of Resultant Entitlements 123 (16)
Introduction 123 (1)
The STO's Risk 124 (1)
Calculation of Resultant Cash Entitlements 125 (1)
Cash Rates Per Share 125 (1)
Percentage Relevant to Face Value 125 (1)
Calculation of Resultant Securities 126 (4)
Entitlements
The Securities Ratio 126 (1)
The Treatment of Fractions 127 (1)
Securities Ratio Calculation Sequence 128 (1)
Calculation of Removal of Underlying 129 (1)
Securities Holdings
Calculation of Cash Payable to the 129 (1)
Issuer
Calculation of Resultant Entitlements 130 (2)
Against Ownership Positions
Benefit Events 130 (1)
Re-organization Events 130 (2)
Balancing Resultant Entitlements 132 (2)
Reconciliation of Resultant Entitlements 134 (2)
Reconciliation of Location Resultant 134 (1)
Entitlements
Reconciliation of Ownership Resultant 135 (1)
Entitlements
Reconciliation of Claims 135 (1)
Determination of Collectible and 136 (1)
Disbursable Accounts
Summary 136 (3)
Passing of Internal Entries 139 (12)
Introduction 139 (1)
The STO's Risk 139 (1)
Mechanisms for Passing Internal Entries 140 (1)
Types of Internal Entries 141 (8)
Entitlement Date Entries 142 (4)
Record Date Entries 146 (3)
Review of Required Internal Entries 149 (1)
Summary 150 (1)
Collection/Disbursement of Resultant 151 (10)
Entitlements
Introduction 151 (1)
The STO's Risk 152 (1)
Collection of Resultant Entitlements from 153 (1)
the Custodian
Physical Collection 153 (1)
Electronic Collection 154 (1)
Disbursement of Resultant Entitlements to 154 (3)
Position Holders
Contractual Settlement 155 (1)
Actual Settlement 156 (1)
Settlement of Claims 157 (3)
Individual Settlement 157 (1)
Compensation 158 (1)
Transformation 158 (2)
Write-Offs 160 (1)
Summary 160 (1)
Updating of Internal Entries 161 (6)
Introduction 161 (1)
The STO's Risk 161 (1)
Mechanism for Passing Internal Entries 162 (1)
Settlement Date Entries 162 (4)
`Contractual' Settlement of Custody 163 (1)
Client On Payment Date
Settlement of Custodian Position on 164 (1)
Payment Date
`Actual' Settlement of Custody Client 164 (2)
as a Result of Custodian Settlement
(incl. late claim settlement)
Settlement of Claims and Transformations 166 (1)
Summary 166 (1)
Examples of Mandatory Events 167 (18)
Introduction 167 (1)
Bonus Issue 167 (7)
Purpose of Example 167 (1)
Event Terms 167 (1)
Determining Entitlement 167 (2)
Communication of Event Information 169 (1)
(Event Terms Announcement)
Calculation of Resultant Entitlements 170 (1)
Entitlement Date Entries 170 (1)
Record Date Entries 171 (1)
Communication of Event Information 171 (1)
(Final Claim Notice)
Settlement Details 172 (1)
Settlement Date Entries 173 (1)
Share Split 174 (5)
Purpose of Example 174 (1)
Event Terms 174 (1)
Determining Entitlement 174 (1)
Communication of Event Information 175 (1)
(Event Terms Announcement)
Calculation of Resultant Entitlements 175 (1)
Entitlement Date Entries 176 (1)
Record Date Entries 176 (1)
Settlement Details 177 (1)
Settlement Date Entries 178 (1)
Bond Maturity 179 (6)
Purpose of Example 179 (1)
Event Terms 179 (1)
Determining Entitlement 179 (1)
Communication of Event Information 180 (1)
(Event Terms Announcement)
Calculation of Resultant Entitlements 180 (1)
Entitlement Date Entries 181 (1)
Record Date Entries 181 (1)
Settlement Details 182 (1)
Settlement Date Entries 182 (3)
PART III EVENTS WITH ELECTIONS 185 (48)
Concepts of Events with Elections 187 (6)
Introduction 187 (1)
The STO's Risk 188 (1)
Impact of Events with Elections 188 (2)
Impact from the Issuer's Perspective 189 (1)
Impact from the Position Holder's 189 (1)
Perspective
Impact on the Price of the Underlying 189 (1)
Security
Events with Elections Lifecycle 190 (1)
Summary 191 (2)
Management of Mandatory with Options Events 193 (26)
Introduction 193 (1)
Mandatory with Options Event Terms 194 (2)
Options Available 194 (1)
Election Decision Deadlines 195 (1)
Determining Entitlement to Mandatory with 196 (1)
Options Events
Communication of Mandatory with Options 196 (2)
Event Information
Receipt of Election Decisions 198 (2)
Position Holder Election Decisions 198 (2)
Claiming Counterparty Election Decisions 200 (1)
Recording and Validating Received 200 (2)
Election Decisions
Recording Election Decision Quantities 201 (1)
Validating Received Election Decisions 202 (1)
Managing Overdue Election Decisions 202 (1)
Issue of Election Decisions 203 (6)
Calculating Election Decisions to be 204 (1)
Issued
Identifying the Location Component 205 (2)
Balancing Election Decisions 207 (1)
Communication of Election Decisions 208 (1)
Over-Elections 209 (2)
Calculation of Resultant Entitlements 211 (3)
Calculations Based upon a Re-investment 213 (1)
Price
Passing of Internal Entries 214 (3)
Mandatory with Options Benefit Events 214 (2)
Mandatory with Options Re-organization 216 (1)
Events
Collection and Disbursement of Resultant 217 (1)
Entitlements
Updating of Internal Entries 217 (1)
Summary 217 (2)
Management of Voluntary Events 219 (14)
Introduction 219 (1)
Voluntary Event Terms 220 (1)
Options Available 220 (1)
Election Decision Deadlines 221 (1)
Shareholder Eligibility 221 (1)
Determining Entitlement to Voluntary 221 (1)
Events
Communication of Voluntary Event 222 (1)
Information
Receipt of Election Decisions 222 (1)
Recording and Validating Received 223 (1)
Election Decisions
Managing Overdue Election Decisions 224 (1)
Issue of Election Decisions 225 (1)
Over-elections 225 (1)
Calculation of Resultant Entitlements 225 (2)
Passing of Internal Entries 227 (4)
Election Decision Date Entries 227 (1)
Record Date Entries 228 (1)
Over-Election Adjustment Entries 229 (2)
Collection and Disbursement of Resultant 231 (1)
Entitlements
Updating of Internal Entries 231 (1)
Summary 231 (2)
PART IV MULTI-STAGE EVENTS 233 (66)
Concepts of Multi-Stage Events 235 (12)
Introduction 235 (1)
The Life of a Multi-stage Event 235 (4)
The Life of a Rights Issue 236 (2)
Comparison of Multi-stage Events 238 (1)
The STO's Risk 239 (1)
Impact of Multi-stage Events 239 (2)
Impact from the Issuer's Perspective 239 (1)
Impact from the Position Holder's 240 (1)
Perspective
Impact on the Price of the Underlying 240 (1)
Security
Lifecycle Elements of the Multi-stage 241 (5)
Event
Multi-Stage Event Terms 241 (1)
Determining Entitlement at Each Stage 242 (1)
Communication of Event Information 243 (1)
Receipt and Issue of Election Decisions 244 (1)
Calculation of Resultant Entitlements 244 (1)
Passing of Internal Entries 245 (1)
Collection/Disbursement of Resultant 246 (1)
Entitlements
Updating of Internal Entries 246 (1)
Summary 246 (1)
Management of a Rights Issue 247 (14)
Introduction 247 (1)
The Operational Life of a Rights Issue 247 (1)
Rights Issue Event Terms 248 (2)
Nil Paid Rights Distribution 250 (3)
Determination of Entitled Holdings 250 (1)
Communication of Event Information 251 (1)
Calculation of Resultant Entitlements 251 (1)
Passing of Internal Entries 252 (1)
Collection and Disbursement of 252 (1)
Resultant Entitlements
Updating of Internal Entries 253 (1)
Nil Paid Rights Subscription 253 (5)
Determine Entitled Holdings 254 (1)
Communication of Event Information 255 (1)
Receive and Issue Election Decisions 255 (1)
Calculate Resultant Entitlements 256 (1)
Passing of Internal Entries 257 (1)
Collection and Disbursement of 257 (1)
Resultant Entitlements
Updating of Internal Entries 257 (1)
Un-subscribed Nil Paid Rights Expiry 258 (1)
Determine Entitled Holdings 258 (1)
Calculate Resultant Entitlements 258 (1)
Passing of Internal Entries 258 (1)
Distribution of Sale Proceeds from 258 (1)
Un-Subscribed Nil Paid Rights
Summary 259 (2)
Example of a Rights Issue 261 (14)
Introduction 261 (1)
Event Terms 261 (1)
Nil Paid Rights Distribution 262 (4)
Determining Entitlement in the Event 262 (1)
Underlying Security
Communication of Event Information 263 (1)
Calculation of Resultant Entitlement in 263 (1)
Nil Paid Rights
Communication of Resultant Entitlement 263 (2)
in Nil Paid Rights
Passing of Internal Entries re Nil Paid 265 (1)
Rights
Collection and Disbursement of 265 (1)
Resultant Entitlement in Nil Paid Rights
Nil Paid Rights Trading 266 (1)
Nil Paid Rights Subscription 266 (6)
Determining Entitlement in Nil Paid 267 (1)
Rights
Receiving and Issuing Subscription 267 (1)
Decisions
Passing of Subscription Decision Date 268 (1)
Entries
Calculation of Resultant Entitlement in 269 (1)
the New Security(s) and Subscription
Cash
Communication of Resultant Entitlement 269 (1)
in the New Security
Passing of Internal Entries to Reflect 270 (2)
Subscriptions
Collection and Disbursement of New 272 (1)
Securities
Unsubscribed Nil Paid Rights Expiry 272 (1)
Determining Remaining (Unsubscribed) 273 (1)
Positions in Nil Paid Rights
Calculation of Nil Paid Rights to be 273 (1)
Reduced
Passing of Internal Entries to Zeroize 273 (1)
Remaining Nil Paid Rights Positions
Final Securities Positions 273 (2)
Concepts of Takeover Events 275 (10)
Introduction 275 (1)
The STO's Risk 276 (1)
Features of Takeovers 276 (5)
Market and Off-Market Offers 277 (1)
Partial and Full Offers 278 (1)
Competing Offers 279 (1)
Offer Consideration 279 (1)
Conditional and Unconditional Status 280 (1)
Impact of Takeover Events 281 (3)
Impact from the Offeror's Perspective 281 (1)
Impact from the Offeree's Perspective 282 (1)
Impact from the Position Holder's 282 (1)
Perspective
Impact on the Price of the Underlying 282 (1)
Security
Impact on the Price of the Offeror's 283 (1)
Security
Takeover Event Lifecycle 284 (1)
Summary 284 (1)
Management of Takeover Events 285 (14)
Takeover Event Terms 285 (3)
Percentage to be Acquired 285 (1)
Offer Period 286 (1)
Offer Consideration 286 (1)
Conditional/Unconditional Status of the 287 (1)
Offer
Compulsory Acquisition 288 (1)
Determining Entitlement to Takeover Events 288 (1)
Communication of Event Information 289 (1)
Management of Election Decisions 290 (1)
Managing Unsuccessful Takeovers 291 (1)
Over-Acceptances 291 (2)
Over-Acceptance of a Specific Option 291 (1)
Over-Acceptance of a Partial Offer 292 (1)
Calculation of Resultant Entitlements 293 (3)
Voluntary Stage 293 (3)
Mandatory Compulsory Acquisition Stage 296 (1)
Passing of Internal Entries 296 (1)
Voluntary Stage 296 (1)
Compulsory Acquisition Stage 297 (1)
Collection and Disbursement of Resultant 297 (1)
Entitlements
Updating of Internal Entries 298 (1)
Summary 298 (1)
PART V TAXATION 299 (32)
Concepts and Management of Taxation 301 (6)
Introduction 301 (1)
Taxable and Non-Taxable Events 301 (1)
Taxable Events 302 (1)
Non-Taxable Events 302 (1)
Introduction to Capital Gains Tax and 302 (3)
Income Tax
Capital Gains Tax 303 (1)
Income Tax 304 (1)
The STO's Risk 305 (1)
Summary 305 (2)
Management of Income Tax 307 (24)
Introduction 307 (1)
Gross Income 308 (1)
Foreign Witholding Tax 309 (1)
Net Income After Deduction of Foreign 310 (1)
Withholding Tax
Position Holder's Domestic Income Tax 310 (3)
Applicability of Position Holder's 311 (1)
Domestic Income Tax
Calculation of Position Holder's 311 (1)
Domestic Income Tax
Offsetting Foreign Withholding Tax 312 (1)
Net Income After Deduction of Foreign 313 (5)
Withholding Tax and Position Holder's
Domestic Income Tax
Position Holders Resident Within the 314 (1)
STO's Country of Residence
Position Holders Resident Outside the 315 (1)
STO's Country of Residence
Calculation of Position Holder's Net 315 (3)
Income
Determining Tax Rates for Position Holders 318 (3)
Position Holder and Security Tax 319 (2)
Attributes
Maintaining Tax Rate Information 321 (1)
Ensuring Correct Withholding Tax is 321 (1)
Deducted by the Location
The STO as Collector of Taxes 322 (1)
Tax Reclaims and Tax Rebates 323 (3)
Tax Reclaims 323 (2)
Rebateable Tax 325 (1)
Communicating Income and Tax Details 326 (3)
Summary 329 (2)
PART VI ISSUER NOTICES 331 (10)
Concepts and Management of Issuer Notices 333 (8)
Introduction 333 (1)
The STO's Risk 333 (1)
Information Only Events 334 (1)
Event Terms Capture and Cleansing 334 (1)
Determining Relevant Position Holders 335 (1)
Communication of Event Information 335 (1)
Issuer Meetings with Proxy Voting Events 335 (4)
Event Terms Capture and Cleansing 336 (1)
Determination of Relevant Position 337 (1)
Holders
Communication of Event Information 337 (1)
Management of Proxy Voting 337 (2)
Summary 339 (2)
PART VII OBJECTIVES AND INITIATIVES 341 (12)
Objectives and Initiatives 343 (10)
Introduction 343 (1)
Objectives 343 (2)
Initiatives to Achieve the Stated 345 (6)
Objectives
Internal Initiatives 345 (4)
External Initiatives 349 (2)
Challenges in Achieving the Stated 351 (2)
Objectives
Glossary of Terms 353 (30)
Index 383