The Depository Trust & Clearing Corporation’s Omgeo ALERT, its online global database for the maintenance and communication of account information and standing settlement instructions (SSIs), has surpassed the six million settlement instruction milestone.
“With the creation of the SSI Utility, market participants can consolidate SSI information across all counterparties, matching platforms and asset classes into one database, thereby reducing risks and costs,” said Paula Arthus, Managing Director and Head of Omgeo and Data Services, DTCC. “There is a move towards industry utilitisation in the post-trade space: build once, deploy many through leveraging scale, and implementing standardisation in processes.
“With efforts to move the U.S. to a T+2 settlement cycle underway and European regulators debating trade failure charges, the time for SSI automation is now.”
In addition to equity, fixed income, money market and derivatives (exchange traded and over-the-counter) support, DTCC’s Omgeo ALERT holds over 906,000 FX/cash settlement instructions, with a compliance rating of 99 percent.