Information gathering exists so the firm hears about an event early enough for someone to make an investment decision. The trouble is that the same event arrives from several places, in several formats, and not always with the same dates.
Issuers talk to exchanges, vendors, CSDs, ICSDs, registrars, and registered holders. Those parties talk to member firms. By the time the desk sees the file, it may already have duplicates, gaps, or a PDF that does not match the SWIFT. Data scrubbing is the work of turning that mess into one record.
Atlantic Horizon UCITS ICAV hears Nippon Industrials KK’s split from Tokyo, from State Street’s Japanese sub-custodian, from an MT564, and from the vendor file the Dublin administrator uses to enrich the security master. If those four copies disagree on ex-date, Dublin cannot rewrite the position and still release NAV.
Events also cluster. Dividends bunch after year-ends, mergers follow market cycles, IPOs wait for issuance windows, and rights issues appear when balance sheets need equity. IPOs are usually described in a prospectus rather than a corporate-action notice. A stock situation notice (SSN), produced by the relevant market infrastructure, is the formal description of a more complex event.
The Cayman sleeve of the same house is not a second listening post. It is the same State Street network, the same vendor contract, and the same Dublin operations people. One missed feed still misses both products. A PDF from Tokyo that never made it into the golden copy will not be saved by an Irish prospectus.
Scrubbing is the daily work: drop notices for names the ICAV does not hold, merge the State Street 564 with the vendor file, and reopen an event you ignored if the manager has since bought Nippon Industrials. Finding the event in time is useless if you find it twice with two ex-dates.
A practical morning file for Atlantic Horizon: forty vendor lines, twelve State Street 564s, three Japanese PDFs, one CREST SSN. Maybe six are real events on names the ICAV or the Cayman fund holds. The rest are noise, duplicates, or securities the house sold last month. The golden copy is the six, not the forty.