存 continues its journey to provide an integrated 帖子-trade infrastructure, including a no-touch workflow for the entire trade lifecycle, from initial match to settlement finality. During 存’s Fixed Income Forum, 鲍勃·斯图尔特, 存执行董事, ITP Product Management and David Kirby, 存执行董事, Head of Americas Relationship Management, outlined three key Institutional Trade Processing (ITP) updates.
Related: CSDR and UMR: Are US Firms Prepared?
1. Helping our clients prepare for CSDR
- To assist clients with the upcoming implementation of CSDR’s 结算 Discipline Regime, we are expanding the 存 Exception Manager service to include a new CSDR add-on module. This module will identify in scope CSDR transactions, calculate a predictive penalty associated with a given trade and drive workflow through exception prioritization functionality which allows for customizable priority weighting logic to transactions to effectively manage failed trade risk.
- Given that inaccurate or incomplete standing settlement instructions (SSIs) are one of the biggest sources of trade failure we have been helping our clients prepare for CSDR by focusing our efforts on growing the adoption of 警报, the industry’s largest SSI data base with 11.500万ssi. / 4.4 million of those are managed directly by Global Custodians and Prime Brokers – and we are working on growing that coverage.
- Further investments are being made into 警报’s Global Custodian Direct (GC Direct) workflow to streamline the onboarding process for custodians, in addition to developing tools such as 警报 Global Custodian Web (GC Web) to assist the smaller custodians that are not able to build out SWIFT messaging. 为此目的, GC Web functionality allows smaller custodians to take part in the custodian managed SSI model by maintaining SSI data directly on a web-based platform, eliminating the need for the high cost of direct integration and a technology build.
- 另外, 警报 clients can automatically enrich their trades with the most up to date SSIs by leveraging our 警报 Key Auto Select (AKAS) functionality – a free rules-based service that eliminates the need to provide 警报 Keys as part of the trade information.
2. Expanding ITPs 结算s Management Capabilities
- Key to the overall ITP strategy is our ability to provide an end-to-end workflow via a single integrated platform. An important step to making this a reality is the work we have been doing to expand our 结算s Management capabilities within ITP, this begins with upgrading 中医s current 结算 Notification and Third-Party Notification services and migrating users to a new and improved Notification user interface that provides enhanced capabilities and will be fully integrated with the suite of ITP services.
- 一项新倡议, in partnership with the Hong Kong Stock Exchange (HKEX), will soon leverage ITP’s expanded 结算s Management capabilities to facilitate an optimal no touch workflow from trades matched in 中医 through to settlement finality at the HKEX. By leveraging Unique Transaction Identifiers (UTIs) via ITP’s suite of solutions, clients will be able to easily track specific transactions through the entire trade lifecycle.
3. OASYS到中医迁移
- The migration of OASYS US trade volume to 中医, 从2019年开始, is pivotal to overall ITP modernization efforts. Currently 99% of overall OASYS volume is accounted for in the form of a project/agreement to migrate or has completed migration to 中医 (based on 2020 volume).
- If a firm has not signed up for 中医 by November 1, 2021, an OASYS termination notice will be sent out. As of January 1, 2022, a 50% surcharge will be applied to all trades processed on OASYS.