The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure provider for the global financial services industry, today announced it has signed an agreement with Symphony that significantly expands communication and collaboration capabilities within the DTCC Exception Manager (DXM) service.
Symphony is a messaging and collaboration platform used by many of the world’s top financial services companies for both internal and external communications. DTCC has signed agreements to become both a Symphony partner and client, enabling users of DXM who are also users of Symphony to securely use exception information displayed in the DXM platform and post it into a Symphony chat room.
DXM was launched early this year to provide a central industry platform to publish, manage, and communicate exceptions throughout the trade settlement lifecycle process. DXM supports all securities transactions globally, capturing exception details from custodians, broker dealers, prime brokers and CSDs and standardizing exception processing to enable faster issue resolution. Effective collaboration and communication using the data within the DXM platform enables faster issue identification, resource allocation, and timely exception resolution of trade issues.
“With the Symphony and DXM integration, buy-side users will be able to securely exchange exception information and collaborate with their broker dealer and custodian counterparts to address trade issues and accelerate their resolution,” said Matthew Stauffer, Managing Director and Head of Institutional Trade Processing at DTCC. “This secure, integrated and efficient communication link between parties greatly reduces the operational risk associated with today’s manual and cumbersome processes.”
“We have taken a platform-centric approach to the DXM platform where we seek out these types of partnerships to provide our clients with the benefit of a fully integrated service for viewing exceptions and a collaboration workflow capability to accelerate resolution,” said Marisol Collazo, Managing Director, Business Development and Global Head of Strategic Partnerships at DTCC.
The integration with Symphony chat is expected to be available in early 2019.