Leading Canadian trade confirmation matching service, SSCNet, enters US market
WINDSOR, Conn., Dec. 10, 2015 /CNW/ -- SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced it has received approval from the Securities and Exchange Commission (SEC) to bring its disruptive cloud-based, post-trade matching service, SSCNet to the U.S. market. The announcement 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.
SSCNet's 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 – facilitating straight-through processing and eliminating manual processes.
"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. Thousands of individual firms are being forced to examine the readiness of their securities settlement infrastructures," explained Bob Shaw, Director, SSCNet. "T+2 strategies can't be developed in isolation, and it's essential to have interoperability between countries. With direct access to the DTCC and Canadian Depository for Securities (CDS), SSCNet will offer market participants a giant leap forward towards T+2 settlement for all eligible equities and fixed income trades."
SS&C's SSCNet trade confirmation matching service is 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). 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.
"Since 2001, this is the first new entrant into this market. Our technologists have had a free hand to develop this technology and Bob Shaw and his team are ready to bring to the United States a great service at a compelling price point," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "There is significant unmet trade matching service levels in the U.S., and we believe our service, expertise and proven track record is well suited to address this gap."
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients manage an aggregate of over $44 trillion in assets.
For further information: Patrick Pedonti, Chief Financial Officer, Tel: +1-860-298-4738, E-mail: [email protected]; Justine Stone, Investor Relations, Tel: +1- 212-367-4705, E-mail: [email protected]; Media Contacts:Sarah Mason, Metia (UK), Tel. +44 (0)20 3100 3613, Email: ss&[email protected]; Megan Griffin, BackBay Communications (US), Tel: +1-617-556-9982 ext.221, Email: ss&[email protected], http://www.ssctech.com