The Depository Trust & Clearing Corporation’s (DTCC’s) Alternative Investment Product (AIP) service has reached a new milestone, having processed more than 500 million transactions since its inception.
AIP has over 8,000 unique funds using the automated service to modernise trading and post-trade reporting of alternative investment products, according to DTCC.
The service is a central, standardised trading and reporting platform that links the alternative investments industry to exchange data. The platform includes centralised money settlement orders, distributions and other financial activity.
AIP is situated between product providers or issuers and distributors, says DTCC, acting as a transaction processing and trade execution channel.
Commenting on the announcement, Ann Bergin, DTCC managing director and general manager, wealth management services and asset services, says: "There has been remarkable growth in alternatives and AIP’s automation and standardisation have provided a more efficient, scalable model supporting increased volumes.
“With AIP, firms can eliminate manual transactions, speed processes and lower operational risks and costs with increased transparency. AIP supports our clients as they navigate the complexities of the alternatives marketplace.”
