Saphyre links to DTCC’s ALERT ahead of T+1 settlement

Rick Steves

“This collaboration between Saphyre and DTCC is another example of how Saphyre is leveraging pre-trade data to manage Ready-To-Trade capabilities for the front office while proactively streamlining post-trade settlement activities. These are the types of real-time solutions needed for T+1 operational readiness and management.”

Saphyre has announced plans to link its Ready-To-Trade solution with data from DTCC’s ALERT with the aim of delivering increased transparency to broker trades and reducing settlement failures.

The fintech company utilizes patented technology to solve pre-trade activities and post-trade issues. By partnering with DTCC, a premier post-trade market infrastructure for the global financial services industry, Saphyre expects to increase transparency, efficiency, and straight-through processing across institutional trading.

Saphyre’s platform enables buy-sides, sell-sides, custodians, fund administrators, asset owners, electronic trading platforms, and order management systems to efficiently onboard, as well as maintain the updates to their client accounts before trading and throughout their lifecycle – all in real-time.

“The types of real-time solutions needed for T+1 operational readiness”

Saphyre’s Ready-To-Trade subscribers will be able to query the status of critical standing settlement instructions (SSIs) reference data for all accounts, across all parties, and electronic systems directly from the Saphyre platform.

The SSI status query can be done at the point of account opening or at any time during the trade lifecycle, resulting in fewer trade breaks and settlement fails and increased efficiency in support of a T+1 settlement cycle. The SSI status information for trade permissions will be available via DTCC’s ALERT API.

Gabino Roche Jr., CEO & Founder at Saphyre said: “This collaboration between Saphyre and DTCC is another example of how Saphyre is leveraging pre-trade data to manage Ready-To-Trade capabilities for the front office while proactively streamlining post-trade settlement activities. These are the types of real-time solutions needed for T+1 operational readiness and management.”

Bob Stewart, Executive Director of Institutional Trade Processing at DTCC, said: “With the U.S.’s move to T+1 settlement fast approaching, we are pleased to collaborate with Saphyre to bring solutions to the global financial industry. Connecting client reference data through a link between Saphyre’s Ready-To-Trade solution and data from DTCC’s ALERT provides users with an end-to-end approach as they work toward creating operational efficiencies to successfully achieve accelerated settlement, enabling them to solve discrepancies that could potentially delay settlement.”

Saphyre leverages patented technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, and any client firms to broker-dealers and custodians.

The company argues that, by maintaining memory of data and documents, firms not only assess risk faster, but they can speed up their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.

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