Depository Trust & Clearing Corp. has launched a new service that helps fund companies meet the Oct. 16 deadline for Rule 22c-2, whereby they must track shareholder data in omnibus accounts to monitor for frequent trading.

Called Networking for Standardized Data Reporting, it provides account numbers, dollar amounts and the number of buy and sell transactions--and can transfer the information through any number of intermediaries that subscribe to the service.

"With close collaboration from a working group of the Investment Company Institute, we've been able to deliver a solution two months ahead of schedule and provide the industry with ample time to program and test prior to the SEC's Oct. 16 deadline," said Barbara Simon, vice president, relationship management, at DTCC.

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