“CTM’s tri-party matching workflow provides a much needed solution in the prime brokerage space that improves post-trade processing workflows. The service integrates CTM into the Prime Broker environment, which increases efficiency, capacity and the client experience on the platform.”
The Depository Trust & Clearing Corporation (DTCC) has announced the launch of an automated tri-party trade matching workflow on its CTM.
CTM, a central matching service provided by DTCC Institutional Trade Processing, facilitates cross-border and domestic transactions across various asset classes. With over 6,000 clients in more than 80 countries, CTM’s services are crucial for improving the global financial market’s operational efficiencies.
Societe Generale is the first Prime Broker to adopt the CTM tri-party matching workflow and expects to leverage it for the sake of efficiency, capacity, and client satisfaction.
For Hedge Funds, Prime Brokers, and Executing Brokers
As per announcement, the CTM-developed workflow facilitates automated and standardized trade communications among Hedge Funds, Prime Brokers, and Executing Brokers.
Initially targeting the EMEA securities markets, the solution addresses the varied and often delayed trade detail communications from Hedge Funds to Prime Brokers.
By standardizing Hedge Fund trade file delivery, the workflow ensures real-time transmission of trade details, paving the way for a streamlined post-trade processing experience.
The workflow features automation of trade communications to all Prime Brokers, real-time trade notifications, and accurate identification of Prime Broker recipients through a golden source SSI database. It also aims to reduce settlement risks through PSET matching and enhances transaction transparency with ALERT SSIs. The workflow provides a pre-matched golden trade copy, significantly improving the trade allocation process.
The service integrates CTM into the Prime Broker environment
Andrew Daponte at Societe Generale, said: “Right from the start we were excited to be part of the initiative. CTM’s tri-party matching workflow provides a much needed solution in the prime brokerage space that improves post-trade processing workflows. The service integrates CTM into the Prime Broker environment, which increases efficiency, capacity and the client experience on the platform.”
Val Wotton, Managing Director and General Manager of DTCC Institutional Trade Processing, commented: “It is exciting to see Societe Generale’s adoption of CTM tri-party workflow capabilities, a critical enabler of accelerating settlement as it automates the communication of golden trade copy to Prime Brokers as soon as a match between the Hedge Fund and Executing Broker takes place within the CTM platform. We look forward to bringing greater automation to Prime Brokers in EMEA and around the world as part of our plan to best support global financial markets, helping the industry prepare for future accelerated settlement initiatives.”
