In anticipation of accelerated settlement in the U.S., the ITP Data Analytics service recently added a new data source to its offering: TradeSuite ID®. This, in tandem with CTM data, now allows clients to visualize insights and metrics pertaining to their affirmation and matching workflows. We sat down with DTCC’s Kevin Strange, ITP Data Analytics Product Lead, to talk more about this exciting new functionality and what is next for the service.
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“We are thrilled to be able to offer TradeSuite ID data to clients, especially ahead of T+1”, Kevin shared, “Affirmation Reporting, which provides metrics and industry benchmarks relevant to TradeSuite ID affirmation, delivers new analyses like Affirmation Timeliness for T+1 Settlement.”
As firms work to meet the accelerated settlement date in May 2024, low affirmation rates are one of the leading causes of lagged post-trade processing. Affirmation Reporting will allow clients to see where they can automate and improve their processes specifically to increase their affirmation rates.
Strange added, “Additional benefits of Affirmation Reporting include being able to see when confirms were submitted, enhanced transparency into the affirmation timeline, and the ability to compare your metrics to Industry Benchmarks.”
For clients who subscribe to both CTM and TradeSuite ID data in the ITP Data Analytics service, the dynamic user interface will now display counts and percentages for both data sources, allowing clients to see Equity vs. Fixed Income separately or together, along with the ability to drill deeper and view data for specific security types within asset classes.
DTCC Connection also took the opportunity to ask Strange what was on the horizon for ITP Data Analytics. “We have a lot going on in 2023, all with T+1 in mind. That being said, in Q3 of this year, ITP Data Analytics will go live with the T+1 Scorecard, a dashboard within the user interface that will help clients assess their T+1 preparedness while helping them identify problem areas.”
If you’re interested in subscribing to ITP Data Analytics or including Affirmation Reporting in your current subscription, please contact us. For additional information, please visit our website.