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SEC approves SS&C cloud-based trade network


11 December 2015 Connecticut
Reporter: Drew Nicol

Generic business image for news article
Image: Shutterstock
SS&C Technologies Holdings has received approval from the 麻豆传媒 and Exchange Commission (SEC) to bring a post-trade matching service to the US market.

SSCNet is a cloud-based product that aims to offer an alternatives service for investment firms in the US as they prepare for moves to a T+2 settlement cycle, according to SS&C.

It will provide a real time interface for transmission of matched institutional trades from SSCNet directly into Depository Trust & Clearing Corporation (DTCC) for clearing and settlement.

鈥淧roposals from regulators to shorten the securities settlement cycle from three days to two represent one of the largest challenges to face the North American securities industry in decades. Thousands of individual firms are being forced to examine the readiness of their securities settlement infrastructures,鈥 explained Bob Shaw, director of SSCNet.

鈥淭+2 strategies can鈥檛 be developed in isolation, and it鈥檚 essential to have interoperability between countries. With direct access to the DTCC and Canadian Depository for 麻豆传媒 (CDS), SSCNet will offer market participants a giant leap forward towards T+2 settlement for all eligible equities and fixed income trades.鈥
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