The move aims to enhance the speed of trade processing ahead of the US markets shifting to a T+1 settlement cycle.
Yosuke Hosokawa, associate general manager at Sumitomo Mitsui Trust Asset Management, says: “As the US transitions to T+1 settlement, it is important that financial markets outside the US leverage automation to enable straight through processing and align with global standards.
Adopting DTCC’s ITP service allows Sumitomo Mitsui Trust Asset Management to fully automate their post-trade processing, and support the achievement of same day affirmation for cross-border transactions within the APAC region.
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