Pre-trade and post-trade fintech Saphyre is to work with DTCC to deliver a T+1 settlement solution.
Saphyre plans to link its Ready-To-Trade solution with data from DTCC’s ALERT to help increase transparency, efficiency, and straight-through processing across the institutional trading industry.
Bob Stewart, DTCC executive director of institutional trade processing, said: “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.
“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.”
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. The SSI status information for trade permissions will be available via DTCC’s ALERT API.
Saphyre’s platform enables buy-sides, sell-sides, custodians, fund administrators, asset owners, electronic trading platforms, and order management systems to onboard, and update, their client accounts before trading and throughout their lifecycle.
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