Saphyre Collaborates with DTCC on T+1 Solution

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May 01, 2024, 11:35 ET

Saphyre plans to link its Ready-To-Trade solution with data from DTCC's ALERT with aim of delivering increased transparency to broker trades and reducing settlement failures

HOBOKEN, N.J., May 1, 2024 /PRNewswire/ -- Saphyre, Inc., a fintech company using patented technology to solve pre-trade activities and post-trade issues, today announced plans to collaborate with DTCC, the premier post-trade market infrastructure for the global financial services industry, to deliver a solution to support clients with U.S. T+1 settlement requirements. Saphyre plans to link Saphyre's Ready-To-Trade solution with data from DTCC's ALERT to increase transparency, efficiency, and straight-through processing across the institutional trading industry.

Ready-To-Trade subscribers will be able to query the status of critical standing settlement instructions (SSIs) reference data for all accounts, across all parties and across electronic systems directly from the Saphyre 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 DTCC's ALERT API.

Today Saphyre's patented platform enables buy-sides, sell-sides, custodians, fund administrators, asset owners, electronic trading platforms, and order management systems to efficiently onboard, as well as maintain the updates to their client accounts before trading and throughout their lifecycle – all in real-time.

Gabino Roche Jr., CEO & Founder at Saphyre said: "This collaboration between Saphyre and DTCC is another example of how Saphyre is leveraging pre-trade data to manage Ready-To-Trade capabilities for the front office while proactively streamlining post-trade settlement activities. These are the types of real-time solutions needed for T+1 operational readiness and management."

"With the U.S.'s move to T+1 settlement fast approaching, we are pleased to collaborate with Saphyre to bring solutions to the global financial industry," said Bob Stewart, DTCC Executive Director of Institutional Trade Processing. "Connecting client reference data through a link between Saphyre's Ready-To-Trade solution and data from DTCC's ALERT provides users with an end-to-end approach as they work toward creating operational efficiencies to successfully achieve accelerated settlement, enabling them to solve discrepancies that could potentially delay settlement."

For more information and to speak to one of the specialists, please visit: www.saphyre.com or email [email protected].

About Saphyre
Saphyre leverages patented technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre's platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster, but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.

About DTCC ALERT
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.

SOURCE Saphyre