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Oct 07, 2019 • Press Releases

DTCC Exception Manager Growth Brings Efficiency and Cost Savings to Post-Trade Lifecycle

5 Global Custodians and 85 firms have signed to adopt Exception Manager, as records held within the service climb to over 2 million

New York/London/Hong Kong/Singapore/Sydney, October 7, 2019 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its Exception Manager platform has passed an important milestone, managing more than 2 million records related to 849,556 transactions/trades/exceptions and representing over $100 billion in market activity.

“The growth and adoption of Exception Manager is very encouraging and an important step in moving the industry forward,” said Matthew Stauffer, Managing Director and Head of Institutional Trade Processing at DTCC. “Exception Manager provides a secure integrated and efficient platform between parties that lowers operational risk associated with today’s manual and cumbersome processes, and it’s a critical element for achieving a ‘no-touch’ processing environment.”

DTCC Exception Manager was launched in 2018 to provide a central industry platform to publish, manage, and communicate exceptions throughout the trade settlement lifecycle process. It was created for all parties involved in the trade lifecycle, including buy-side firms, outsourcers, broker/dealers, custodians, prime brokers, clearing brokers and other settlement agents. The platform supports all securities transactions globally, capturing exception details from participating custodians, broker dealers and CSDs, and standardizing exception processing to enable faster issue resolution. It centralizes and standardizes exception processing to enable faster resolution, delivers a significant reduction in the number of exceptions and supports exceptions in trade validation and settlement processing. Effective collaboration and communication enable the reduction of risk and cost in the user’s settlement process while lowering the potential for failed trades.

Automated exception management processes will become increasingly important when new regulations such as the Central Securities Depositories Regulation (CSDR) - which aims to increase the safety and efficiency of securities settlement and the settlement infrastructures in the EU - takes effect. CSDR’s Settlement Discipline Regime (SDR) will require investment firms to put in place measures to mitigate settlement fails. Under the SDR, market participants will be liable to pay daily penalties or charges against each transaction that fails to settle, along with corresponding mandatory buy-ins for failing transactions after the prescribed number of days. By minimizing trade exceptions, firms can significantly reduce trade failure and help to minimize or avoid penalties proposed under CSDR’s SDR.

“As a user of the DTCC Exception Manager platform, we are very excited to see this level of growth,” said Mark Austin, Head of Trade Support at Connor, Clark & Lunn Financial Group Ltd. “We strongly feel that Exception Manager should become the industry utility for settlement management. Regulation places a new and higher level of obligation on the buy side to manage the settlement process that existing practices and methods cannot support.”

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About DTCC

With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2018, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.85 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $52.2 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes over 14 billion messages annually. To learn more, please visit us at or connect with us on LinkedIn, Twitter, YouTube and Facebook.

Jim Binder

[email protected]

+1 212 855 4460

Eric Hazard, Vested
+1 917 765 8720
[email protected]

Melissa Rowling, Greentarget
+44 (0) 20 7324 5490
[email protected]

Yuri van der Leest, Teneo 
+852 3655 0504
[email protected]

Emma Cullen-Ward, OneProfile
+61 2 8915 9900
[email protected]

Editor Note
An ‘exception’ refers to a transaction that requires user attention, to ensure the transaction settles successfully.

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