Paula Arthus, DTCC
The Depository Trust & Clearing Corporation has announced that its Omgeo ALERT (ALERT) solution, a global repository for storing standing settlement instruction (SSI) data, has completed enhancements to become the industry's single and centralized 'SSI Utility.' With 6.6 million settlement instructions as of year-end 2016, an increase of 15% over 2015, DTCC remains committed to driving the industry towards automating and replacing onerous, manual processes.
"In a short amount of time, ALERT has become the industry's only
SSI Utility - allowing a community of investment managers,
broker/dealers and custodian banks to take advantage of multiple
benefits," said Paula Arthus, Managing Director and Head of Omgeo
and Data Services at DTCC. "These include ensuring the complete
automated communication of account and settlement instructions,
lowering costs and streamlining trade processing, taking
advantage of DTCC's expanded asset class coverage and, more
importantly, increasing data quality by establishing levels of
Looking ahead, DTCC expects to sign-up several more firms for its Omgeo ALERT Global Custodian Direct (GC Direct) feature in 2017 - adding to Brown Brothers Harriman and J.P. Morgan, plus several prime brokers. Working with the community, DTCC also intends to build on the more than 32 buy-side clients already leveraging its ALERT Automating SSIs Together (ASSIsT) program, a relatively new initiative to fully embed ALERT into the account onboarding process by providing a solution for non-ALERT investment manager counterparties.
Almost 7% of the ALERT database is now being managed through the automated GC Direct process. GC Direct links the custodian's SSI database to ALERT via ISO 20022 XML messaging and the process ensures all data is 100% compliant with the industry rules.