The US Securities and Exchange Commission (SEC) has given the OK for SS&C Technologies to bring its post-trade matching service, SSCNet, to the US market. The company says this reflects industry calls to open up the market to greater competition and provide alternatives for investment firms in North America as they prepare for moves to a T+2 settlement cycle.
SS&C says its real-time interface will enable the transmission of matched institutional trades from SSCNet directly into Depository Trust & Clearing Corporation (DTCC) for clearing and settlement. SSCNet is cloud-based, easy to deploy and supports all standard communications protocols, the company adds, facilitating straight-through-processing and eliminating manual processes.
SS&C describes SSCNet trade confirmation matching service as the market leader in Canada. As a cloud-based service it was successful in displacing competitive offerings in Canada given the ease of set-up and significantly lower total cost of ownership (TCO), it adds. The service also offers built-in analytics, self-service capabilities, flexible data standards and direct connectivity with custodians. SSCNet is integrated with SS&C’s full portfolio of cloud-based portfolio management solutions.
Said Bill Stone, chairman and CEO of SS&C Technologies: ““Since 2001, this is the first new entrant into this market. There is significant unmet trade matching service levels in the US, and we believe our service, expertise and proven track record is well suited to address this gap.”