The Depository Trust & Clearing Corporation (DTCC) has launched a new research service. SMART/Search for Archived Reports aims to provide firms with access to reports of CSD transactions going back “several years.”
Accessible over the Internet or through DTCC’s secure private network, SMART (Securely Managed And Reliable Technology), users can log in to SMART/Search for Archived Reports to view past activity, positions and settlement . Eventually, the service will be extended to include TradeSuite confirmation messages and billing statements.
Before the launch of SMART/Search, customers could view only 60 business days of transactional history at DTCC . The Us depository says this was inadequate for firms looking to resolve a discrepancy or to respond to auditors who need ed to know a position on a particular date. Transactional reports beyond 60 days w ere obtainable, but only by a a labour-intensive process.
The new SMART/Search service gives firms secure, direct access – via a browser interface – to reports stored on DTCC’s archive. Customers can choose to have search results reported in multiple formats, including viewing directly online within the browser, via file download, e – mail link or by e – mail attachment.
“Our customers have told us in focus groups and in surveys that this kind of product from DTCC will save them considerable time, effort and expense,” says Michael Vellecca, product management director, DTCC Network Services. “A tool like SMART/Search, which allows direct, streamlined access to archived reports, is going to be much more convenient and efficient for firms to use.”
SMART/Search is being tested by a group of ten firms that had been meeting as a working group for the past six months to help guide the development of the product. The pilot will be enlarged in the coming months, with a view to the service becoming generally available by the end of the year.