HSBC Securities Services has become the latest custodian to join DTCC’s GC Direct service to fully automate communication of its settlement processes.
The custodian will use the service to improve the rate of security and cash settlement, with all standard settlement instructions (SSIs) being managed in one place for clients using multiple custodians.
The GC Direct automates the exchange of SSIs between a custodian’s central repository and the ALERT host using dedicated ISO 20022 compliant messages. Through the platform, HSBC it will provide and maintain automated SSI data in for its investment manager clients.
“Providing data, such as SSIs, to our clients via an industry recognised utility and via our HSBCnet platform forms an important part of our data and digital strategy,” said Ciaran Roddy, head of global custody product, HSBC Securities Services.
HSBC Securities Services has become the latest custodian to join the platform, following demands from clients to automate more post-trade processes.
Earlier this year JP Morgan and Brown Brothers Harriman went live on GC Direct, and three more custodians are expected to sign up to the service this year.