Sapient Global Markets has completed a new industry standard to help improve reporting and communication for asset managers, futures commission merchants (FCMs) and custodians.
The Clearing Connectivity Standard (CCS) is a standardised format that is used to transmit FCMs OTC clearing information on behalf of its asset manager clients to custodians.
The CCS, which represents more than 12 firms and end users on the buy-side, saw Sapient Global Markets collaborate with various FCMs and custodians to develop the new industry standard.
Jim Bennett, managing director at Sapient Global Markets, said in a recent statement: “The buy-side community will benefit greatly from this initiative, and with Sapient Global Markets at the heart of industry innovation, we recognise the CCS as something that will help many participants for years to come.”
The CCS “will simplify integration with data systems and automate reconciliation in order to make clearing and communications more concise and efficient," said Sapient Global Markets in a statement.
“The standard has been discussed and well received by the International Swaps and Derivatives Association and Securities Industry and Financial Markets Association, as well as some of its working group members," added the statement.
Sapient Global Markets is planning to expand the standard to include additional products, participants and geographies over the next year.
.jpg)