CTM momentum continues as community reaps the benefits of a single central matching engine
New York/London/Hong Kong/Singapore/Sydney, 9 December, 2020 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announces today that 20 financial services technology providers have agreed to certify their interfaces in support of enhanced US trade flow capabilities in DTCC’s CTM service. CTM is the industry standard platform for the central matching of cross-border and domestic transactions, automating the trade confirmation process across multiple asset classes. Seven of the firm’s top 10 Order Management Solution (OMS) providers, representing over 70% of OMS trade allocation volumes, have already migrated to CTM’s latest version.
Under DTCC’s Partner Program, this latest connectivity initiative will enable clients to take advantage of CTM’s enhanced US trade flow capabilities while leveraging their existing investments in order management systems, portfolio management solutions, middleware, trading systems and more. It also further supports the migration of clients from DTCC’s legacy OASYS allocation and confirmation solution to CTM by the OASYS retirement date of October 2021.
The inclusion of US trade flows in CTM will enable firms to interact with all counterparties on a single integrated system for US domestic, non-US domestic and cross-border activity. Firms will benefit from: CTM’s central matching workflow; ALERT enrichment, enabling users to share accurate account and standard settlement instructions (SSIs) worldwide; and settlement notification functionality that automatically creates and transmits settlement messages in industry standard formats.
Marisol Collazo, Managing Director, Business Development & Global Head of Strategic Partnerships at DTCC said, “These critical partnerships are a testament to the value we are delivering to mutual clients through the DTCC Partner Program and solidifies CTM as the central matching solution of choice for the industry. By collaborating with these technology providers, we are enabling firms to seamlessly access a greater range of capabilities in CTM, which will increase operational efficiency, reduce costs and mitigate risk for the industry. With many partners now live, clients can begin to migrate to the latest version of CTM today.”
Matthew Stauffer, Managing Director, Head of Institutional Trade Processing (ITP) at DTCC commented, “DTCC’s ITP suite of services enables optimal no-touch processing, from post-execution to settlement finality. As part of this solution set, the addition of enhanced US trade flows in CTM is a significant milestone that enables firms to access an end-to-end market utility workflow via a single, integrated platform, reducing operational costs created by supporting multiple interfaces and manual touch points. Upon migrating US trade flows from OASYS to CTM, our clients will be able to manage their entire trade lifecycle across all markets, from post-execution to settlement, from one platform.”
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 15 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 2019, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $2.15 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $63.0 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 www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.