DTCC reports uptick in global transaction services

The Depositary Trust and Clearing Corporation (DTCC) has revealed that its global transaction services processed 817 million trade details in 2015 representing an annual increase of 16%.

The global transaction services, DTCC’s straight through processing offering, automates trade lifecycle events between firms in the post trade market.

Currently 3,800 investment managers, broker/dealers and custodians are leveraging the service with a 17% increase in buy-side clients across the Asia Pacific region being reported.

The service currently targets three specific areas including the central matching of cross-border and domestic transactions using Omgeo CTM, domestic trade allocation using OASYS and TradeSuite ID that provides electronic trade agreement between counterparties.

“Using this service when both direct counterparties have agreed the trade details, the custodian can be very confident when receiving the transaction, as it will be accurate with low rates of repair,” said Tony Freeman, executive director of industry relations, DTCC.

“If the custodian is acting as an outsourcer it gives them the trade process for multiple clients on a standby basis that will drive their unit costs. “

Freeman also suggested that the service was designed to tackle a larger issue of interoperability.

“The key aspect to this development is the interoperability initiative that was approved in November involving Bloomberg and SS&C that allows clients to retain the Omgeo architecture.”