Saphyre plans to link its Ready-To-Trade solution with data
from DTCC's ALERT with aim of delivering increased transparency to
broker trades and reducing settlement failures
HOBOKEN,
N.J., May 1, 2024 /PRNewswire/ -- Saphyre, Inc.,
a fintech company using patented technology to solve pre-trade
activities and post-trade issues, today announced plans to
collaborate with DTCC, the premier post-trade market infrastructure
for the global financial services industry, to deliver a solution
to support clients with U.S. T+1 settlement requirements. Saphyre
plans to link Saphyre's Ready-To-Trade solution with data from
DTCC's ALERT to increase transparency, efficiency, and
straight-through processing across the institutional trading
industry.
Ready-To-Trade subscribers will be able to query the status of
critical standing settlement instructions (SSIs) reference data for
all accounts, across all parties and across electronic systems
directly from the Saphyre platform. The SSI status query can be
done at the point of account opening or at any time during the
trade lifecycle, resulting in less trade breaks and settlement
fails and increased efficiency in support of a T+1 settlement
cycle. The SSI status information for trade permissions will be
available via DTCC's ALERT API.
Today Saphyre's patented platform enables buy-sides, sell-sides,
custodians, fund administrators, asset owners, electronic trading
platforms, and order management systems to efficiently onboard, as
well as maintain the updates to their client accounts before
trading and throughout their lifecycle – all in real-time.
Gabino Roche Jr., CEO &
Founder at Saphyre said: "This collaboration between Saphyre and
DTCC is another example of how Saphyre is leveraging pre-trade data
to manage Ready-To-Trade capabilities for the front office while
proactively streamlining post-trade settlement activities. These
are the types of real-time solutions needed for T+1 operational
readiness and management."
"With the U.S.'s move to T+1 settlement fast approaching, we are
pleased to collaborate with Saphyre to bring solutions to the
global financial industry," said Bob
Stewart, DTCC Executive Director of Institutional Trade
Processing. "Connecting client reference data through a link
between Saphyre's Ready-To-Trade solution and data from DTCC's
ALERT provides users with an end-to-end approach as they work
toward creating operational efficiencies to successfully achieve
accelerated settlement, enabling them to solve discrepancies that
could potentially delay settlement."
For more information and to speak to one of the specialists,
please visit: www.saphyre.com or email info@saphyre.com.
About Saphyre
Saphyre leverages patented technology to digitize all pre-trade
data and activities across multiple counterparties: from asset
owners to investment managers, hedge funds to prime brokers, any
client firms to broker-dealers and custodians, and much more.
Saphyre's platform maintains memory of data and documents,
resulting in clients not having to search or resubmit information,
and expedites flow in a digitally structured manner so that it can
be consumed and understood by any permissioned counterparty in the
finance industry. This allows firms not only to assess risk faster,
but they can speed their onboarding processes, get real-time
ready-to-trade statuses per account, and eliminate 70%-75% of
redundant or inefficient post-trade activities.
About DTCC ALERT
With a global community of over 3500 organizations, DTCC's ALERT is
an online global database for the maintenance and communication of
account and standing settlement instructions (SSIs). ALERT brings
consistency and risk reduction to its community of users, providing
access to a growing database with over 15 million SSIs, of which 53
percent are managed directly by source providers such as global
custodians and prime brokers. Through ALERT's custodian workflows,
custodian banks and prime brokers maintain SSIs on behalf of their
clients, further automating the maintenance of timely and reliable
SSIs from source providers.
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SOURCE Saphyre