SIX launches new SSI tool 19 June 2017Zurich Reporter: Drew Nicol
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SIX Securities Services has launched an advanced settlement service to enable financial institutions to process their settlement instructions directly from the trading system.
Advanced Settlement introduces a centralised, integrated and fully automated settlement solution allowing its clients to significantly boost the efficiency and minimise the risk of their entire settlement processes as well as consistently maintain high straight-through processing rates.
The first client, boutique investment bank Vontobel, has been using the newly developed, fully integrated service since May.
A key aspect of this new offering is that, in future, standard settlement instructions (SSIs) will be comprehensively and automatically generated by SIX Securities Services and managed via a central database.
Valerio Roncone, head markets and clients at SIX Securities Services, said: “The changes underway in the financial sector are giving rise to fundamental challenges for our clients. With new value-added solutions such as Advanced Settlement, SIX Securities Services’s clients can focus more on their core businesses and build on their competitive advantages.”
“We are proud to have such a reliable and knowledgeable partner like Vontobel with us as we launch this new era in securities settlement.”
Peter Camenzind, head of transaction banking at Vontobel, added: “We are taking an active role in shaping change in the Swiss financial center. With Advanced Settlement, we can reduce operational risks and complexity in securities settlement for the whole market.”
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