EquiLend adds DLT-based SSI repository using SSImple
05 September 2023 UK
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EquiLend has appointed SSimple to provide a distributed ledger-based SSI repository and management solution which links to its Post-Trade Solutions suite.
The two companies indicate that this collaboration is designed to address the challenges presented by inaccurate standing settlement instructions (SSIs) and to deliver a more efficient and secure trading environment.
In previous articles published in SFT, EquiLend has highlighted how SSIs have been a significant reason for failed trades. To address this concern, the company has partnered with SSImple to gain access to an industry-standard SSI repository, enriched with market validations based on security type and place of settlement (PSET).
SSImple’ distributed ledger technology-based solution is built on R3 Corda and offer API connectivity to support data communication between market participants.
EquiLend associate director of post-trade solutions William Daws says: “Custodians, prime brokers, and other stakeholders can leverage SSImple’s cutting-edge platform to manage SSIs effectively and automate SSI data flow to their buy-side clients.
“We believe this collaboration marks a significant step towards reducing trade failures and enhancing overall trade settlement efficiency.”
“We are excited about the potential of SSImple’s open permissioned approach in solving the industry’s SSI challenges. This partnership reflects our commitment to future-facing industry solutions.”
Bill Meenaghan, SSImple’s chief executive, adds: “The SSImple-EquiLend partnership brings significant advantages to EquiLend’s clients, providing them with an industry-standard SSI database integrated into EquiLend’s systems. Our robust rule engine ensures the accurate addition of SSIs, reducing risk of errors in trade settlement.”
The two companies indicate that this collaboration is designed to address the challenges presented by inaccurate standing settlement instructions (SSIs) and to deliver a more efficient and secure trading environment.
In previous articles published in SFT, EquiLend has highlighted how SSIs have been a significant reason for failed trades. To address this concern, the company has partnered with SSImple to gain access to an industry-standard SSI repository, enriched with market validations based on security type and place of settlement (PSET).
SSImple’ distributed ledger technology-based solution is built on R3 Corda and offer API connectivity to support data communication between market participants.
EquiLend associate director of post-trade solutions William Daws says: “Custodians, prime brokers, and other stakeholders can leverage SSImple’s cutting-edge platform to manage SSIs effectively and automate SSI data flow to their buy-side clients.
“We believe this collaboration marks a significant step towards reducing trade failures and enhancing overall trade settlement efficiency.”
“We are excited about the potential of SSImple’s open permissioned approach in solving the industry’s SSI challenges. This partnership reflects our commitment to future-facing industry solutions.”
Bill Meenaghan, SSImple’s chief executive, adds: “The SSImple-EquiLend partnership brings significant advantages to EquiLend’s clients, providing them with an industry-standard SSI database integrated into EquiLend’s systems. Our robust rule engine ensures the accurate addition of SSIs, reducing risk of errors in trade settlement.”
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