The Securities and Exchange Commission has approved Windsor-based SS&C Technologies plan to bring its cloud-based, post-trade matching service SSCNet to the U.S. market. It will enable the transmission of matched institutional trades from SSCNet directly into the Depository Trust & Clearing Corporation for clearing and settlement.
“Proposals from regulators to shorten the securities settlement cycle from three days to two (T+2) represent one of the largest challenges to face the North American securities industry in decades,” said Bob Shaw, Director, SSCNet. The service is number one in Canada the company said in a statement.
The service offers built-in analytics, self-service capabilities, flexible data standards and direct connectivity with custodians. SS&C said this is the first new service of its kind introduced since 2001. The company said SSCNet will offer market participants a “giant leap forward” toward T+2 settlement for all eligible equities and fixed income trades.
