Saphyre Collaborates With DTCC on T+1 Solution

Saphyre plans to link Saphyre’s Ready-To-Trade solution with data from DTCC’s ALERT to increase transparency, efficiency, and straight-through processing across the institutional trading industry.

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 across 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 less 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.

Today Saphyre’s patented 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.

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.”

“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,” said Bob Stewart, DTCC Executive Director of Institutional Trade Processing. “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.”

About Saphyre
Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre’s platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.