Linedata Launches New Interface to DTCC’s CTM in Support of MiFID II and Industry Requirements
Offers expanded asset class support to help clients meet requirements for automated post-trade processes and allows global users to better manage the post-trade process and focus on core competencies and business differentiation
Linedata (Euronext Paris:LIN), the global solutions provider dedicated to the investment management and credit industries, today announced the extension of its 10-year strong partnership with The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure. Both firms continue to enhance clients’ workflows by launching an upgraded interface between DTCC’s strategic platform for the central matching of cross-border transactions, CTM, and its order management system (OMS) Linedata Longview, as the sector readies itself for MiFID II implementation in January 2018.
Linedata’s partnership with DTCC allows asset managers and hedge funds, using either deployed or hosted versions of Linedata Longview, to directly interface with CTM, which is a major component of DTCC’s Institutional Trade Processing product suite, thereby enabling all users to send trade allocations to their broker/dealers and automatically generate affirmations for matched trades in real-time.
This helps to significantly reduce both costs and risks for Linedata users by offering a better way to monitor the post-trade workflow and any exceptions. Users also benefit from connectivity to DTCC’s OASYS, its U.S. domestic trade allocation and acceptance service that communicates trade and allocation details.
Linedata’s new Extensible Markup Language (XML) interface allows Linedata clients to match transactions across extended asset classes, including cash and fixed income instruments as well as futures, options, equity swaps (contracts for difference) and repurchase agreements (repos), allowing users to process multiple asset class trades on a single platform.
The new interface leverages CTM’s latest PUSH technology, which pushes messages to clients in real-time as opposed to legacy technology that pulled messages on a scheduled basis. By leveraging MQ connectivity, Linedata can now more efficiently connect clients to their hosted OMS version, thereby avoiding the installation of older, FIX-based CTM interfaces into their environments.
Gary Brackenridge, Global Head of Asset Management at Linedata, said, “We’re pleased to extend our partnership with DTCC to enable our clients to better manage the post-trade process.”
Matthew Nelson, Managing Director of Institutional Trade Processing at DTCC, added, “Linedata is a strategic partner, and we work closely to ensure that our over 50 mutual clients can seamlessly connect from Linedata Longview to DTCC’s CTM, which includes commission reporting features to meet MiFID II obligations. By upgrading their interface, our mutual clients can now do more in less time at lower cost in an environment of increasing global regulatory requirements.”