S&P Global Market Intelligence, a division of S&P Global, will collaborate with DTCC, a US provider of post-trade market infrastructure for the global financial services industry, on a joint solution for clients impacted by upcoming US T+1 settlement requirements.
According to a press release, the partnership will see S&P Global Market Intelligence’s Onboarding Accelerator platform linked with DTCC’s ALERT to increase transparency, efficiency and straight-through processing in the institutional trading industry.
The integration will enable Onboarding Accelerator users to query the status of critical standing settlement instructions (SSI) reference data for a particular account and market directly within the S&P Global Market Intelligence platform, at the point of account opening or at any time during the trade lifecycle. The SSI status information for trade permissions will be available via an ALERT API.
The integration is expected to go live in H1 2024.
In a statement, Brittany Garland, Head of Regulatory & Compliance for Enterprise Solutions at S&P Global Market Intelligence, said: “Linking Onboarding Accelerator with the industry standard ALERT service will bring increased transparency to buy side clients, custodians and brokers. It will streamline a manual, antiquated process, maximising efficiency and minimising trade settlement failures.
“S&P Global Market Intelligence and DTCC are committed to increasing efficiency and transparency and supporting our clients as they navigate the challenges posed by upcoming tightened settlement requirements in the US.”
Bob Stewart, Executive Director, Institutional Trade Processing at DTCC, added: “Connecting client reference data with SSI instruction statuses helps market participants to address discrepancies that could impede or delay settlement.”
S&P Global Market Intelligence’s Onboarding Accelerator solution integrates entity data, document collection, KYC and tax profile validation, regulatory protocols and self-declarations, legal and credit agreements and operational set up.
DTCC’s ALERT is an online global database for the maintenance and communication of account and SSIs.
