The global custodian community of the Depository Trust and Clearing Corporation (DTCC) has grown to 11 in preparation for the Central Securities Depositories Regulation (CSDR).
BNY Mellon, Brown Brothers Harriman, CACEIS, CIBC Mellon, Citi, HSBC, J.P. Morgan, Northern Trust, RBC Investor & Treasury Services, and State Street directly submit their exception data to DTCC’s Exception Manager platform.
Exception Manager integrates custodian, broker, and depository data to allow buy-side clients to manage exceptions from a centralised location.
The platform also contains a proprietary data feed that integrates DTCC TradeSuite ID affirmed data and DTC inventory management system settlement status data.
Through these institutional trade processing solutions, financial firms can comply with CSDR mandates in an efficient workflow that increases affirmation rates and helps to prevent settlement fails.
Dominic Crowe, head of custody and fund services, North America, at Citi, commented: “By partnering with DTCC to submit exception data directly into the Exception Manager platform, we are able to provide our clients with centralised access to accurate data and help prepare for CSDR by greatly reducing risk and quickly resolving exceptions.”
Matthew Stauffer, managing director and head of institutional trade processing at DTCC, continued: “The growth in the adoption of Exception Manager, particularly with the top global custodians, is an important step in moving the industry forward in preparation for the upcoming CSDR mandate. As settlement fails will soon result in penalties and mandatory buy-ins under the settlement discipline regime, quickly capturing, assessing and resolving exceptions is critical.”
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