Tim Keady, DTCC Managing Director and Head of DTCC Solutions
Years from now, we’re going to look back on the last few weeks as some of our finest in DTCC’s history. In this challenging time of unprecedented volatility and market uncertainty, I couldn’t be prouder of how our teams have rallied together to rise to the occasion and protect the financial markets and our clients.
Our relationship managers, sales people, product managers and many others have been on the phones non-stop, calling clients to check-in on how they’re doing and if they’re running into any operational issues that we can help with. The feedback has been excellent. In fact, in the words of one client… “You guys definitely win the prize for outreach, which continues to reinforce our great partnership and one of the qualities that we most admire about your organization.” This cuts to the core of who we are as a company, and I feel proud to be a part of such a fantastic organization.
With nearly all our global staff working remotely (often alongside spouses, partners, children and pets), we’re seamlessly processing record volumes across all our business. For instance:
- Institutional Trade Processing (ITP) volumes have nearly doubled compared to 2019 daily averages, and on three recent days, we hit record levels for U.S. and cross-border equity and fixed income trades. Through it all, ITP’s high match agree rates stayed constant, proving the value of our automated tools during volatile periods like this.
- Global Trade Repository (GTR) daily submissions across all data centers (U.S., Netherlands and Singapore) have increased by more than 30%. Daily submissions averaged 80.5 million from February 28 through March 20, compared to 61 million from January 1 through January 31.
- DTCC’s Margin Transit Utility (MTU) processed double the margin call volumes in March compared to January and February, receiving high praise from clients for its automation and efficiency benefits.
- On top of these volume surges, DTCC’s Trade Information Warehouse (TIW) successfully managed the McClatchy Company credit event with nearly 19,000 positions processed and gross settlement obligations of $6.9b netted to $1.2b.
We don’t know how long the COVID-19 pandemic will last, but I am certain of one thing: DTCC always comes through for the industry in a crisis. I’m confident that the firm will continue to deliver exceptional client service going forward.