DTCC is working with Taskize so that market participants can publish, manage and communicate exceptions throughout the trade lifecycle. Taskize describes itself as an inter-bank problem-solving network for financial services operations.
DTCC’s product, Exception Manager, is solving a major challenge for financial firms by establishing a central online industry platform that provides a single view of all post-trade exceptions, analytics to help identify the root cause of operational breaks and the ability to solve problems at source. Taskize routes issues to the right operations staff in the right bank, quickly bringing counterparties together in a secure environment to resolve the problem. Operations users can reduce time and costs associated with resolving exceptions by using Taskize instead of old-fashioned and time-consuming methods.
Post-trade issue resolution has traditionally been costly and inefficient for banks. In a recent survey, around half of the respondents mentioned their organization incurred ‘very high’ to ‘moderate’ costs for fixing trade exceptions, with labour (32%) and time (29%) being the most important costs driven by trade failure or trade exceptions.