With the DTCC Exception Manager platform DTCC has built a solution that gives clients the ability to publish, manage and communicate on exceptions throughout the trade lifecycle based on accurate source data that aligns to operational and regulatory requirements including the Central Securities Depositories Regulation (CSDR) and MiFID. By centralizing and standardizing exception processing across a common, shared platform and providing detailed post-trade analytics, faster resolution and a significant reduction in the number of future exceptions are enabled. For trades that do fail, the platform will help to facilitate management with CSDR specific data points, tracking information and buy-in risk indicators.
DTCC has announced a new data feed that includes exception information from TradeSuite ID and DTCC’s Inventory Management System (IMS) to the Exception Manager service. DTCC Connection recently spoke with Simon A.X. Daniel, Director Product Management about what this new data feed includes, why this is an exciting step for DTCC Institutional Trade Processing (ITP) and how it will benefit current and future clients.
Connection: Can you explain what the new data feed for Exception Manager is?
Simon: The new data source represents settlement transaction ‘exceptions’. The records are a combination of ‘TradeSuite ID affirmed confirms’ with their associated ‘IMS settlement status’ data. This new data feed is now live and available for all current and new Exception Manager platform users.
Connection: And how does it work?
Simon: It works by first taking the transactional information from Tradesuite ID and linking it to our depository status information, which is a golden source of data. From there, the settlement exceptions pertinent to the exception manager clients are automatically populated into the Exception Manager platform, and made visible to the users with no manual intervention required.
The Settlement Transaction Status Field from IMS can include any of the following values related to exception handling: “Exception” where there is one or more exception applicable to the transaction; “Exception Resolved” where the transaction was previously in the Exception state, but it is now Confirmed and exceptions are resolved; or “Cancelled” where the transaction was reverse-affirmed and the settlement is cancelled,.
Connection: Why is this new data feed important and how will it benefit clients?
Simon: This is a key step towards realizing the overall Institutional Trade Processing (ITP) strategy focused on increasing post-trade transparency and creating a no-touch post-trade processing workflow. By creating a link between Tradesuite ID and Exception Manager, we are continuing to seamlessly integrate all of our services and reduce the number of manual touchpoints that take place during post-trade. Reducing manual effort by identifying and inputting exceptions not only makes trade execution easier, but also reduces the risk of trade failure due to human error. The addition of this data source, which consolidates transaction and settlement status data, also provides the community with visibility through the post trade lifecycle to enable the elimination of settlement failures and drive settlement finality.
Connection: How can clients learn more about Exception Manager and/or how to take advantage of this new data feed?
Simon: For more information about Exception Manager please visit www.dtcc.com/exceptionmanager or contact us. If you are a current Exception Manager client and would like to take advantage of the new data feed, please contact your Relationship Manager.