UNITED STATES: DTCC Announces National Australia Bank to Submit and Maintain Settlement & Account Data on DTCC Alert

Wednesday October 20 2021

On 19^th October 2021, the Depository Trust & Clearing Corporation (DTCC) announced that National Australia Bank Asset Servicing (NAS) has agreed to submit and maintain Standing Settlement Instructions (SSIs) directly via its ALERT service,   

NAS is leveraging ALERT’s Global Custodian (GC) Direct workflow, which automates the exchange of SSIs between a custodian’s central repository and ALERT enabling the global custodian/prime broker to own and manage the SSI data for their buy-side clients, effectively creating the “golden copy” within the ALERT platform, further automating the maintenance of SSIs and driving reliable source data. 

NAS is tracking and monitoring trade failure numbers as they migrate client account and SSI data to ALERT and expect fails to be dramatically reduced. 

ALERT is a key part of DTCC’s Institutional Trade Processing (ITP) service suite, which offers buy-side, sell-side and custodian firms an end-to-end “no touch” processing solution across their post-trade activity. Reducing post-trade touch points is a key priority for firms across the financial services industry., 

There are 19 data source providers—including custodians, prime brokers and trust banks—managing SSI data in ALERT leveraging the GC Direct workflow and representing over 35% of the 11.5 million SSIs in the database. 

Click on the above link for further information