SS&C Technologies, a global provider of financial services software and software-enabled services, today announced it has received a no-action letter from the Securities and Exchange Commission (SEC) that will let broker-dealer clients of SSCNet provide electronic trade confirmations.
According to the SEC letter, issued August 13, 2008, SSCNet allows brokers to deliver confirmations through SSCNet by providing online access to information that brokerages traditionally included on the back of a paper-based trade confirmation, known as the "confirm disclosure". The approval is an important consideration for any organization wishing to eliminate needless trade confirmation paper delivery processes. Broker-dealers interested in relying on the SEC's letter should review carefully the terms of the letter, available at http://sec.gov/divisions/marketreg/mr-noaction/2008/ssctech081308-10b10.pdf.
"The completion of the 10b-10 No Action Letter demonstrates SSCNet's continuing improvement to its suite of services that support post-trade settlement," said Alex Marasco, Senior Vice-President, SSCNet and SVC. "This achievement will allow the marketplace to realize considerable cost savings when providing electronic confirmations."
SSCNet is a global trade communication network linking investment managers, broker/dealers, custodians and interested parties. SSCNet's hosted service is available 24/7 on a secure platform, supports multiple formats and connects directly to trade counterparties, including networks such as S.W.I.F.TTM and Misys FX Matching Service.