DTCC partners with Symphony
27 September 2018 New York
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) has signed an agreement with Symphony, a messaging and collaboration platform.
The agreement means Symphony will be able to expand communication and collaboration capabilities within its Exception Manager (DXM) service. The integration is expected to be available in early 2019.
Matthew Stauffer, managing director and head of institutional trade processing at the DTCC, said: “With the Symphony and DXM integration, buy-side users will be able to securely exchange exception information and collaborate with their broker-dealer and custodian counterparts to address trade issues and accelerate their resolution.”
He added: “This secure, integrated and efficient communication link between parties greatly reduces the operational risk associated with today’s manual and cumbersome processes.”
Marisol Collazo, managing director, business development and global head of strategic partnerships at DTCC, said: “We have taken a platform-centric approach to the DXM platform where we seek out these types of partnerships to provide our clients with the benefit of a fully integrated service for viewing exceptions and a collaboration workflow capability to accelerate resolution.”
Separately, it has been suggested that DTCC is planning to introduce a central counterparty service for securities lending.
Market specialists explained that it could achieve this by extending its existing cleared repo offering into equities.
Commenting on the possible new central counterparty, Jim Binder, director of group public relations of DTCC, commented: “While DTCC is always looking for ways to work with our clients to improve the efficiency and security of the markets we serve, there are no plans in the securities lending space that we can comment on publicly at this time.”
The agreement means Symphony will be able to expand communication and collaboration capabilities within its Exception Manager (DXM) service. The integration is expected to be available in early 2019.
Matthew Stauffer, managing director and head of institutional trade processing at the DTCC, said: “With the Symphony and DXM integration, buy-side users will be able to securely exchange exception information and collaborate with their broker-dealer and custodian counterparts to address trade issues and accelerate their resolution.”
He added: “This secure, integrated and efficient communication link between parties greatly reduces the operational risk associated with today’s manual and cumbersome processes.”
Marisol Collazo, managing director, business development and global head of strategic partnerships at DTCC, said: “We have taken a platform-centric approach to the DXM platform where we seek out these types of partnerships to provide our clients with the benefit of a fully integrated service for viewing exceptions and a collaboration workflow capability to accelerate resolution.”
Separately, it has been suggested that DTCC is planning to introduce a central counterparty service for securities lending.
Market specialists explained that it could achieve this by extending its existing cleared repo offering into equities.
Commenting on the possible new central counterparty, Jim Binder, director of group public relations of DTCC, commented: “While DTCC is always looking for ways to work with our clients to improve the efficiency and security of the markets we serve, there are no plans in the securities lending space that we can comment on publicly at this time.”
← Previous industry article
J.P. Morgan sets up agency clearing service for Australian and NZ OTC derivatives
J.P. Morgan sets up agency clearing service for Australian and NZ OTC derivatives
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
