Post-trade services giant Depository Trust and Clearing Corporation (DTCC) has collaborated with S&P Global Market Intelligence, division of S&P Global, to offer a joint solution aimed at aiding clients impacted by the US regulator’s impending T+1 settlement requirements.
This partnership supports the integration of S&P Global Market Intelligence’s onboarding accelerator platform with DTCC’s ALERT system, with the aim to improve transparency, efficiency, and straight-through processing in institutional trading.
Brittany Garland, head of regulatory & compliance for enterprise solutions at S&P Global Market Intelligence, said: “Connecting Onboarding Accelerator with the industry standard ALERT service will enhance transparency for buy side clients, custodians, and brokers. It will modernise a manual, outdated process, optimising efficiency and minimising trade settlement failures. S&P Global Market Intelligence and DTCC are dedicated to improving efficiency and transparency, assisting our clients as they tackle the challenges posed by upcoming stricter settlement requirements in the US.”
S&P Global Market Intelligence said its Onboarding Accelerator is an automated solution, utilised by a range of entities including brokers, custodians, corporates, fund administrators, managers, and service providers.
This tool simplifies the integration of entity data, document collection, KYC and tax profile validation, regulatory compliance, legal agreements, and operational setup. The firm said the aim is to minimise operational risk, standardise processes, and offer transparency to counterparties.
Bob Stewart, DTCC executive director of institutional trade processing, added: “This integration helps market participants identify and address discrepancies that could hinder or delay settlement. We are delighted to collaborate with S&P Global Market Intelligence in offering this innovative joint solution to market participants worldwide, further supporting our mutual clients as they seek to enhance post-trade processes in line with a T+1 settlement cycle in the US.”
With this integration, S&P Global said that its users of the tool can easily verify the status of important standing settlement instructions (SSI) reference data for accounts and markets directly within the S&P Global Market Intelligence platform.
S&P stated that this feature, accessible during account setup or at any stage of trading, aims to decrease trade breaks and settlement failures, supporting smoother operations for T+1 settlement. The SSI status for trade permissions will be available through an ALERT API.
DTCC’s ALERT is an online global database for maintaining and sharing account and SSIs, providing consistency and risk reduction. The post-trade firm said that custodian banks and prime brokers handle SSIs on behalf of their clients through ALERT’s custodian workflows, automating the maintenance of reliable SSIs from source providers.