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S&P Global Market Intelligence will collaborate with the Depository Trust & Clearing Corporation (DTCC) to deliver a joint solution to support clients impacted by the upcoming US T+1 settlement requirements.
The organisations plan to link S&P’s Onboarding Accelerator platform with DTCC's ALERT to increase transparency, efficiency and straight-through processing (STP) in the trading industry.
By linking the services, the firms say users will be able to query the status of critical standing settlement instructions (SSI) reference data 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.
Brittany Garland, head of regulatory and compliance for Enterprise Solutions, S&P Global Market Intelligence, says: "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, maximising efficiency and minimising trade settlement failures.”
"Connecting client reference data with SSI instruction statuses helps market participants to address discrepancies that could impede or delay settlement," adds Bob Stewart, DTCC executive director of institutional trade processing.
