SS&C Technologies Holdings has received approval from the Securities and Exchange Commission (SEC) to bring a post-trade matching service to the US market.
SSCNet is a cloud-based product that aims to offer an alternatives service for investment firms in the US as they prepare for moves to a T+2 settlement cycle, according to SS&C.
It will provide a real time interface for transmission of matched institutional trades from SSCNet directly into Depository Trust & Clearing Corporation (DTCC) for clearing and settlement.
“Proposals from regulators to shorten the securities settlement cycle from three days to two represent one of the largest challenges to face the North American securities industry in decades. Thousands of individual firms are being forced to examine the readiness of their securities settlement infrastructures,” explained Bob Shaw, director of SSCNet.
“T+2 strategies can’t be developed in isolation, and it’s essential to have interoperability between countries. With direct access to the DTCC and Canadian Depository for Securities (CDS), SSCNet will offer market participants a giant leap forward towards T+2 settlement for all eligible equities and fixed income trades.”
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