存 机构贸易处理 (ITP) is helping clients realize a no-touch processing workflow whereby reference data is centralized, and enrichment of key reference data occurs just-in-time from golden data sources. Parties then agree on trade economics and standing settlement instructions (SSIs) on the trade date, 形成权威的贸易记录. 买方, sell-side and depositories are notified with the same authoritative instruction and are tracking and resolving any exceptions to ensure settlement finality.
A key enabler of achieving this no-touch processing workflow is ensuring that all clients are enriching their trades with the most up to date and accurate SSIs. 存管连接最近采访了 Moira Kiernan, 存 Director, Product Management for 警报, to hear about the importance of SSI enrichment and how clients can benefit from it.
DC: What does “SSI enrichment” mean and why is it important?
MK:通过浓缩过程, trades sent for matching in 中医™ are enriched with accurate and timely SSIs and account information from the 警报® platform.
通过警报, clients have access to the world’s largest database of golden source account and standing settlement instructions, 包括对股权的支持, 固定收益, 现金, derivatives and collateral SSIs - which can be managed directly by Global Custodians through its Global Custodian Direct workflow. This access allows clients to minimize fails by enriching their trades automatically with the most accurate SSIs.
The provision of accurate and up-to-date SSIs by both parties to a trade improves efficiency in the settlement cycles, can reduce the risk of settlement failure and is a crucial step in achieving a no-touch workflow. This is increasingly important especially when the Central Securities Depositories Regulation’s (CSDR) 结算 Discipline Regime (SDR) comes into effect, 对失败的交易进行处罚.
DC:客户有哪些选择来丰富他们的交易?
MK: There are a number of options available to all 中医 clients that enable them to successfully enrich the SSIs they have stored in 警报 on their trades. The most widely used are standard 警报 enrichment or “smart enrichment” through our new 警报 Key Auto Select (她们) service.
With standard 警报 enrichment the user manually provides the appropriate 警报 keys (Country, 方法, 安全)在中医. When a trade is submitted to the 中医 service for matching, both broker/dealers and investment managers can provide a set of fields, 或键, 激活了浓缩过程. These fields enable the selection of the SSI specified by the 中医 client and adds this SSI to the trade message in 中医.
她们, 另一方面, provides clients with a “smart enrichment” capability that leverages a combination of rules-based logic and client driven profiles to automatically enrich 中医 trades with preferred SSIs from 警报. 无需手动输入密钥.
DC: Can you dive a little deeper into what 她们 is and how it works?
MK: 她们 is a free service that clients of both 中医 and 警报 can subscribe to that eliminates the need to provide 警报 keys as part of the trade information for enrichment to occur. 本质上, 通过引入这种智能浓缩能力, 她们 determines the keys for you and automatically enriches trades in 中医 with the correct SSIs from 警报.
她们 uses 中医 trade information to derive country and security type for a transaction and determine the default depository. 客户端s have the ability to override default choices and indicate settlement location preferences enabling settlements for each security type and geography to be made into and out of a single preferred depository for each account.
DC: How will a client know which enrichment option they should use?
MK: Our goal is that all clients take advantage of enriching their trades one way or the other. 我们理想的场景, 以及我们的建议, is that clients use 她们 since the automated nature of it aligns with a no-touch, straight-through processing workflow and standard enrichment still requires manual intervention to submit 警报 keys on a transaction by transaction basis. 然而, we realize it might not be for everyone and the end of the day it is really about organizational preference and comfort.
客户端s should also keep in mind that 她们 derives 警报 keys from the 中医 security details and provides that intelligence to 警报 so enrichment is seamless. 组织可以审查浓缩结果, set further preferences via our override rules and no further involvement is necessary.
Additionally we are happy to work with clients to set up a hybrid enrichment model where they have the option of using 她们 for particular security types and standard enrichment for others.
DC: If a client is ready to enrich their trades, or to sign up for 她们 what should they do?
MK: If you want to talk to someone about enriching your trades or are ready to sign up for 她们 please reach out to your 存 Relationship Manager or contact (电子邮件保护). 你也可以在 中医浓缩学习中心页面.