S&P Global Market Intelligence announced plans to collaborate with DTCC to deliver a joint solution to support clients impacted by upcoming US T+1 settlement requirements. The organizations plan to link S&P Global Market Intelligence’s Onboarding Accelerator platform with DTCC’s ALERT to increase transparency, efficiency and straight-through processing in the institutional trading industry.
By linking the services, Onboarding Accelerator users will be able to query the status of critical standing settlement instructions (SSI) reference data for a particular account and market directly within the S&P Global Market Intelligence platform. The SSI status query can be done at the point of account opening or at any time during the trade lifecycle, resulting in less trade breaks and settlement fails and increased efficiency in support of a T+1 settlement cycle. The SSI status information for trade permissions will be available via an ALERT API.
“Linking Onboarding Accelerator with the industry standard ALERT service will bring increased transparency to buy side clients, custodians and brokers. It will streamline a manual, antiquated process, maximizing efficiency and minimizing trade settlement failures,” said Brittany Garland, head of Regulatory & Compliance for Enterprise Solutions for S&P Global Market Intelligence, in a statement. “S&P Global Market Intelligence and DTCC are committed to increasing efficiency and transparency and supporting our clients as they navigate the challenges posed by upcoming tightened settlement requirements in the U.S.”
“Connecting client reference data with SSI instruction statuses helps market participants to address discrepancies that could impede or delay settlement,” said Bob Stewart, DTCC executive director for Institutional Trade Processing, in a statement. “We are pleased to collaborate with S&P Global Market Intelligence in bringing this innovative joint solution to market participants around the world and further supporting our mutual clients as they look to improve post-trade processes as they work towards a T+1 settlement cycle in the US”
Onboarding Accelerator is S&P Global Market Intelligence’s automated onboarding solution utilized by brokers, custodians, corporates, fund admins, managers and service providers. The solution integrates entity data, document collection, KYC and tax profile validation, regulatory protocols and self-declarations, legal and credit agreements and operational set up, enabling a user to minimize operational risk, standardize and automate processes and provide transparency to counterparties.
With a global community of over 3500 organizations, DTCC’s ALERT is an online global database for the maintenance and communication of account and standing settlement instructions (SSIs). ALERT brings consistency and risk reduction to its community of users, providing access to a growing database with over 15 million SSIs, of which 53% are managed directly by source providers such as global custodians and prime brokers. Through ALERT’s custodian workflows, custodian banks and prime brokers maintain SSIs on behalf of their clients, further automating the maintenance of timely and reliable SSIs from source providers.