SS&C Technologies Holdings, announced the rollout of its comprehensive T+1 preparedness scorecard. Leveraging data from top industry utilities, SS&C’s tool enables clients to assess whether their post-trade settlement processes align with current market practices. The in-depth scorecard delivers insight into possible bottlenecks and post-trade areas clients may need to improve for T+1 compliance in May 2024.
“SS&C’s T+1 scorecard helped us assess our processes and come up with ways to improve them,” said Jason Roslin, Head of Operations at Taconic Capital. “We look forward to relying on this tool to continuously assess our counterparties and delivery rates to ensure our workflows are always in the best shape.”
The new Securities and Exchange Commission requirements to shorten the settlement cycle for U.S. equity and corporate markets to the end of the business day requires market participants to adopt faster straight-through post-trade processes. SS&C’s scorecard analyzes the client’s current post-trade execution workflow, including trade capture timing, matching and affirmation data, as well as a trade communication review.
The review helps the client:
- Identify anomalies within the post-trade process impacting T+1 readiness;
- Assess trade delivery timing to ensure timely matching with executing counterparties;
- Analyze confirmation and affirmation STP rates of counterparties;
- Examine the flow of downstream custodian and prime broker trade communication to determine any required enhancements;
- Evaluate custodial relationships lacking self-affirming workflow to enable auto-affirmation flow
“The industry is working hard on preparing for the implementation of a shorter T+1 trade settlement cycle, and our comprehensive scorecard allows them to quickly assess where they stand as well as any remediation steps they may need to take,” said Parthiv Patel, Managing Director, SS&C Technologies. “As part of SS&C’s Trade Matching and Settlement Solution, the T+1 scorecard offers clients a useful way to benchmark their post-trade processes against the industry. We are committed to working with all of our clients on a consultative basis to help them make their trade processes more efficient.”
SS&C’s Trade Matching & Settlements Service fully supports post-trade execution functions such as trade matching/affirmation, trade communication and settlements/fails management for more than 150 clients. Available as a stand-alone service or in conjunction with other SS&C fund services, SS&C’s solution automatically integrates with numerous matching platforms, supports multiple formats of trade instructions delivery and captures real-time settlement statuses from custodians and prime brokers. The solution is backed by SS&C’s global staffing model, allowing international clients trading in the U.S. market to address booking issues on the trade date.
Learn more about SS&C Trade Management & Settlements Service here.
Source: SS&C
