With representative and branch information changing constantly, Global Update facilitates the exchange of this information between distributors and fund companies.  Distributors can provide mutual funds with global and individual update information that affects single and multiple accounts to accommodate changes in branch address, branch number or representative.

Benefits
Global Update provides a standard process for updating accounts.  By utilizing the service, participants can:

• Streamline Updates
  Simplify the process of updating account representative or branch information changes.  Distributors can provide updated information for multiple accounts with one transmission and mutual fund companies can globally update their records.
    
• Reduce Costs and Increase Efficiency
  Automate the exchange of representative and branch information and reduce the number of faxes, phone calls, e-mails, letters, and any other costly manual delivery methods.

Features
Using Global Update will significantly increase the ease and speed of processing account information changes.  Features include:

• Flexible Access
  Distributors have flexibility in submitting data to DTCC.  While the service accommodates single-batch or multiple-batch processing for data entry, fund companies receive the consolidated data once a day from DTCC.
       
• Supports Updates, Changes & Deletions
  Using Global Update, a distributor can submit the following information either globally or individually:
  • Branch changes of address, branch openings and closing, and branch number changes;
  • Additions or deletions of representatives' names; and
  • Account rep transfers, account rep name changes and account-level rep information.

How Global Update Works
Distributors send global branch and representative update information to DTCC through single-batch processing.  DTCC then sends output to the fund companies based on pre-determined trading relationships.

Participants can use Global Update through a mainframe or Internet connection.

Who Can Use Global Update Service
Mutual fund companies and other product issuers, distributors including broker/dealers, independent broker/dealers, banks and trust companies, third-party administrators, insurance carriers and other financial intermediaries can use Global Update.  Participants must be current users of Networking in order to access Global Update.  Participants must also become members of National Securities Clearing Corporation in order to utilize these services.