The Depository Trust and Clearing Corporation (DTCC) is collaborating with Saphyre to provide a combined solution to support clients with the T+1 settlement requirements.
Gabino Roche
As part of the tie-up, Saphyre’s Ready-To-Trade solution will be linked with data from DTCC’s ALERT with a view to increasing transparency and efficiency in the institutional trading market.
Ready-To-Trade subscribers will be able to query the status of critical standing settlement instructions (SSIs) reference data for all accounts, across all parties and across electronic systems directly from the Saphyre platform. The SSI status query can be done at the point of account opening or at any time during the trade lifecycle, with SSI status information for trade permissions available via DTCC’s ALERT API.
Gabino Roche, chief executive and co-founder of Saphyre, said: “This collaboration between Saphyre and DTCC is another example of how Saphyre is leveraging pre-trade data to manage Ready-To-Trade capabilities for the front office while proactively streamlining post-trade settlement activities. These are the types of real-time solutions needed for T+1 operational readiness and management.”
There is now less than a month to go before T+1 goes live in the US, with the DTCC announcing a number of initiatives to help market participants ensure readiness for 28 May. Last month, the market infrastructure provider partnered with S&P Global Market Intelligence, division of S&P Global, to offer a joint solution aimed at aiding clients impacted by the US regulator’s impending T+1 settlement requirements.
Commenting on the deal with Saphyre, Bob Stewart, DTCC executive director of institutional trade processing, said: “With the US’ move to T+1 settlement fast approaching, we are pleased to collaborate with Saphyre to bring solutions to the global financial industry.
“Connecting client reference data through a link between Saphyre’s Ready-To-Trade solution and data from DTCC’s ALERT provides users with an end-to-end approach as they work toward creating operational efficiencies to successfully achieve accelerated settlement, enabling them to solve discrepancies that could potentially delay settlement.”