DTCC’s Exception Manager platform has revealed it now manages more than two million records related to 849,556 transactions/trades/exceptions, marking an “important milestone”.
The platform was launched in 2018 to provide a central industry platform to publish, manage, and communicate exceptions throughout the trade settlement lifecycle process.
It was created for all parties involved in the trade lifecycle, including buy-side firms, outsourcers, broker/dealers, custodians, prime brokers, clearing brokers and other settlement agents.
Automated exception management processes will become increasingly important when new regulations such as the Central Securities Depositories Regulation (CSDR) takes effect.
Matthew Stauffer, managing director and head of institutional trade processing at DTCC, said: “The growth and adoption of Exception Manager is very encouraging and an important step in moving the industry forward.”
He added: “Exception Manager provides a secure integrated and efficient platform between parties that lowers operational risk associated with today’s manual and cumbersome processes, and it’s a critical element for achieving a ‘no-touch’ processing environment.”
As a user of the DTCC Exception Manager platform, Mark Austin, head of trade support at Connor, Clark & Lunn Financial Group, said: “We strongly feel that Exception Manager should become the industry utility for settlement management. Regulation places a new and higher level of obligation on the buy-side to manage the settlement process that existing practices and methods cannot support.”
