DTCC celebrates migration of 1,800 firms to central matching service, CTM

Rick Steves

Large broker-dealer firms can reduce certain post-trade processing costs for cash securities by by 20-25%, according to DTCC.

The community leveraging DTCC’s Central Trade Manager (CTM) service for U.S. domestic trade matching has grown to over 1,800 firms, according to the Depository Trust & Clearing Corporation (DTCC).

This means that 99% of U.S. trade flow volumes on the legacy DTCC OASYS service have migrated or are in the process of migrating to CTM.

CTM is DTCC’s platform for the central matching of cross-border and domestic transactions. The service automates the trade confirmation process across multiple asset classes, including equities, fixed income, repurchase agreements (repos) and listed options.

Organizations looking to further consolidate global post-trade flows on a single platform can use CTM to manage their entire post-trade matching process across asset classes and jurisdictions, and benefit from an average 95% same day matching rate.

The service features configurable matching rules, enrichment from DTCC’s ALERT database of 11.5 million standing settlement and account instructions, SWIFT messaging and, for U.S. trades, direct integration with DTC settlement.

CTM’s Match to Instruct (M2I) workflow automatically triggers trade affirmation and delivery to DTC for settlement when a trade match between an Investment Manager and Executing Broker occurs.

By eliminating the need for either party to take further action, the CTM accelerates the settlement cycle: close to a 100% affirmation rate by 9 PM on trade date.

Large broker-dealer firms can reduce certain post-trade processing costs for cash securities by by 20-25%, according to DTCC.

DTCC analysis has shown that unaffirmed trades are 54 times more likely to result in a trade not being authorized by the counterparty in the DTC trade settlement process than affirmed trades.

Matthew Stauffer, Managing Director, Head of Institutional Trade Processing at DTCC, and President & CEO of DTCC ITP LLC, commented: “It is exciting and rewarding to see the industry embrace CTM as the highly-efficient single global platform for trade matching. The benefits of migrating the U.S. volume from the legacy OASYS service to CTM are being realized based upon the exceptional match rates and reductions in downstream settlement exceptions.

DTCC’s CTM global client community has grown to more than 2,700 firms, including over 1,500 buy-side firms,1,200 sell-side firms and 120 custodians.

DTCC’s institutional post trade processing service, ITP, is now providing no-touch processing from post-execution to settlement finality via a single trusted integrated market utility platform.

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