Northern Trust has been appointed by Singapore-based investment manager New Silk Road to provide outsourced trading via its Integrated Trading Solutions (ITS). The transition to a shortened settlement cycle in the US, Mexico, and Canada on 27 and 28 May from T+2 to T+1, will present challenges for Asia-based asset managers, who are heavily impacted due to time zone differences, says Northern Trust. As a result, managers have had to outsource their trading functions in preparation for the transition, Northern Trust explains. Gerard Walsh, global head of client solutions, banking and markets at Northern Trust, says: “T+1 introduces significant market timing challenges to investors and managers in Singapore and New Silk Road has a strong understanding of the issues involved in this change. “Northern Trust is very pleased to be working with New Silk Road to ensure their US dollar execution, trade matching, clearing, settlement process, and trade-related foreign exchange are managed as a single lifecycle.” Yen Leng Ong, country executive, Southeast Asia at Northern Trust, comments: “By enabling our client-centric solution approach, we determined that our ITS offering was the right fit to provide seamless integrated middle to back-office processing along with efficient trade execution. We look forward to continuing to build our relationship with New Silk Road to enhance their global trading needs.”
