DTCC CTM announces Societe Generale as first live client for PB triparty matching
03 April 2024 US
Image: AdobeStock/Ricochet64
DTCC’s institutional central matching service CTM has gone live with its automated triparty trade matching workflow for prime brokers, with Societe Generale becoming the first PB client to employ this solution.
This service aims to improve efficiency of trade communication between prime broker, hedge fund and executing broker.
Currently, prime brokers receive trade details from buy-side firms in a range of formats and at various times during the trading day or on T+1.
The new CTM workflow draws on the CTM automated central matching service, delivering near real-time standardisation and automation to the trade allocation process and providing a golden copy of the trade details when there is a trade match between the hedge fund and the executing broker.
As with other CTM trade matching services, this will enrich and populate trade messages utilising the Depository Trust and Clearing Corporation's (DTCC’s) ALERT database for standard settlement instructions (SSIs).
Val Wotton, managing director and general manager of DTCC Institutional Trade Processing, says: “It is exciting to see Societe Generale’s adoption of CTM triparty workflow capabilities, a critical enabler of accelerating settlement as it automates the communication of golden trade copy to prime brokers as soon as a match between the hedge fund and executing broker takes place within the CTM platform.
“We look forward to bringing greater automation to prime brokers in EMEA and around the world as part of our plan to best support global financial markets, helping the industry prepare for future accelerated settlement initiatives.”
Societe Generale’s Andrew Daponte adds: “Right from the start we were excited to be part of the initiative. CTM’s triparty matching workflow provides a much needed solution in the prime brokerage space that improves post-trade processing workflows.
"The service integrates CTM into the prime broker environment, which increases efficiency, capacity and the client experience on the platform.”
This service aims to improve efficiency of trade communication between prime broker, hedge fund and executing broker.
Currently, prime brokers receive trade details from buy-side firms in a range of formats and at various times during the trading day or on T+1.
The new CTM workflow draws on the CTM automated central matching service, delivering near real-time standardisation and automation to the trade allocation process and providing a golden copy of the trade details when there is a trade match between the hedge fund and the executing broker.
As with other CTM trade matching services, this will enrich and populate trade messages utilising the Depository Trust and Clearing Corporation's (DTCC’s) ALERT database for standard settlement instructions (SSIs).
Val Wotton, managing director and general manager of DTCC Institutional Trade Processing, says: “It is exciting to see Societe Generale’s adoption of CTM triparty workflow capabilities, a critical enabler of accelerating settlement as it automates the communication of golden trade copy to prime brokers as soon as a match between the hedge fund and executing broker takes place within the CTM platform.
“We look forward to bringing greater automation to prime brokers in EMEA and around the world as part of our plan to best support global financial markets, helping the industry prepare for future accelerated settlement initiatives.”
Societe Generale’s Andrew Daponte adds: “Right from the start we were excited to be part of the initiative. CTM’s triparty matching workflow provides a much needed solution in the prime brokerage space that improves post-trade processing workflows.
"The service integrates CTM into the prime broker environment, which increases efficiency, capacity and the client experience on the platform.”
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