Omgeo and DTCC create the people's repository 17 September 2013Boston Reporter: Georgina Lavers
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Omgeo has partnered with the Depository Trust & Clearing Corporation (DTCC) to establish a user-governed global repository to store and communicate the ‘golden copy’ of standing settlement instructions (SSIs) for all products and geographies, with the ultimate aim on standardising and centralising key client reference data functions and placing them under user governance.
Omgeo ALERTSM, will be the SSI repository and communication hub, coordinating and distributing SSIs between trade counterparties and supporting settlement across all markets and asset classes globally.
The initiative is aimed at global custodians and prime brokers in ensuring that they can update and maintain accurate ‘golden copy’ SSI details automatically on behalf of their clients.
“The [initiative] is a tangible example of the efforts being made by the industry to standardise and centralise key client reference data functions and place them under user governance, with the result that the post-trade area of the financial system will be more efficient, less risky and less costly,” said Andrew Gray, managing director and head of core business management at DTCC.
“It is well known that inaccurate, non-automated SSIs are a primary reason for trade failures, and this initiative will significantly contribute to significantly improving the control environment in this critical area.”
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