DTCC has launched an ALERT API suite, providing market participants with an alternative way to request and receive standing settlement instructions (SSIs) and market availability data in real time.
DTCC’s ALERT API builds on its ALERT platform and includes two APIs. The first enables investment managers and their outsourcers to retrieve their own specific market, security and depository SSI for a specific account in real time.
The other has been designed to support client onboarding. It enables investment managers and their outsourcers to obtain a list of available market, security, depository combinations for the investment manager account.
Third parties can also pull this information on behalf of investment managers per account as well as on behalf of a broker dealers' permissioned investment manager account.
For more than 30 years, custodian banks and prime brokers have maintained SSIs on behalf of their clients through ALERT. The platform has continued to automate the maintenance of timely and reliable SSIs from source providers. The service now includes a global community of 3,500 organisations.
The launch of ALERT API comes as DTCC announces it has reached more than 15 million SSIs, including three million cash SSIs.
“This growth comes at a critical time,” the company says. “Particularly as the US looks to move to a T+1 settlement cycle in May 2024.”
It adds: “Accurate, automated SSIs are key to the facilitation of accelerated settlement, as leveraging golden copy data limits discrepancies that could potentially cause failed or delayed trades.”
Bob Stewart, executive director of ITP at DTCC, says: “As the industry prepares for the implementation of the T+1 settlement cycle in the US, we are pleased to see growing momentum in the adoption of ALERT as firms take advantage of the benefits of leveraging automated SSI data.
“We are also pleased to launch the ALERT API suite, providing flexibility and a new way for users to access critical SSI data. ALERT, and its automated SSI capabilities, is a key enabler of accelerated settlement cycles and reduced trade fails, and we look forward to continuing to enhance the service to meet evolving client needs.”
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