The Depository Trust and Clearing Corporation announced it has signed an agreement with Symphony that expands communication and collaboration capabilities within the DTCC Exception Manager (DXM) service. The integration with Symphony chat is expected to be available in early 2019.
Symphony is a messaging and collaboration platform used by many financial services companies for both internal and external communications. DTCC has signed agreements to become both a Symphony partner and client, which means users of DXM who are also users of Symphony can securely use exception information displayed in the DXM platform and post it into a Symphony chat room.
DXM was launched early this year to provide a central industry platform to publish, manage, and communicate exceptions throughout the trade settlement lifecycle process. DXM supports all securities transactions globally, capturing exception details from custodians, broker-dealers, prime brokers and CSDs and standardizing exception processing for faster issue resolution. Effective collaboration and communication using the data within the DXM platform translate to faster issue identification, resource allocation, and timely exception resolution of trade issues.
“With the Symphony and DXM integration, buy-side users will be able to securely exchange exception information and collaborate with their broker-dealer and custodian counterparts to address trade issues and accelerate their resolution,” said Matthew Stauffer, managing director and head of Institutional Trade Processing at DTCC. “This secure, integrated and efficient communication link between parties greatly reduces the operational risk associated with today’s manual and cumbersome processes.”
“We have taken a platform-centric approach to the DXM platform where we seek out these types of partnerships to provide our clients with the benefit of a fully integrated service for viewing exceptions and a collaboration workflow capability to accelerate resolution,” said Marisol Collazo, Managing Director, Business Development and Global Head of Strategic Partnerships at DTCC.