S&P Global Market Intelligence to Collaborate with DTCC on T+1 Offering
Organizations plan to link S&P Global Market Intelligence's Onboarding Accelerator with DTCC's ALERT with aim of delivering increased transparency to broker trades and reducing settlement failures
NEW YORK, March 13, 2024 /PRNewswire/ -- S&P Global Market Intelligence, a division of S&P Global (NYSE: SPGI) today announced plans to collaborate with DTCC, the premier post-trade market infrastructure for the global financial services industry, to deliver a joint solution to support clients impacted by upcoming U.S. 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, S&P Global Market Intelligence. "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, Institutional Trade Processing. "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 U.S."
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 percent 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.
For more information and to speak to one of the specialists, please visit Onboarding Accelerator: Designed to revolutionize.
The integration is projected to go live in H1 this year.
S&P Global Market Intelligence's opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.
About DTCC
With 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes and bringing increased security, enhanced resilience and soundness to financial markets. In 2022, DTCC's subsidiaries processed securities transactions valued at U.S. $2.5 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $72 trillion. DTCC's Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 17.5 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook, and Instagram
© 2023 DTCC. All rights reserved. DTCC and DTCC (Stylized) are registered and unregistered trademarks of The Depository Trust & Clearing Corporation.
The services described above are provided under the "DTCC" brand name by certain affiliates of The Depository Trust & Clearing Corporation ("DTCC"). DTCC itself does not provide such services. Each of these affiliates is a separate legal entity, subject to the laws and regulations of the particular country or countries in which such entity operates. See www.dtcc.com for a detailed description of DTCC, its affiliates and the services they offer.
Media Contact
Amanda Oey
S&P Global Market Intelligence
+1 212 438-1904
[email protected]
DTCC Media Contact
Madiha Arsalan
The Depository Trust and Clearing Corporation
+1 813 470 2217
[email protected]
SOURCE S&P Global Market Intelligence
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