omniture

Sumitomo Mitsui Trust Bank (U.S.A.) Adopts DTCC ALERT GC Direct to Efficiently Manage Settlement Process

The Depository Trust & Clearing Corporation
2018-07-23 08:25 1448

Becomes the first Japanese global custodian to go live on the service

TOKYO, July 23, 2018 /PRNewswire/ -- The Depository Trust & Clearing Corporation (DTCC), the premier post-trade infrastructure for the global financial services industry, today announced that Sumitomo Mitsui Trust Bank (U.S.A.) Limited (SuMi TRUST USA) has become the first Japanese global custodian to go live on the ALERT Global Custodian Direct (GC Direct) workflow. With GC Direct, SuMi TRUST USA can maintain and provide standing settlement instruction (SSI) data to its clients through ALERT, the industry's largest and most compliant online global database for the maintenance and communication of account information and SSIs.

"SuMi TRUST USA is enthusiastic about being the first Japanese global custodian utilizing GC Direct," said Douglas Shivers, Head of Global Custody Administration at SuMi TRUST USA. "We pride ourselves on client focus and strive for ways to help our clients improve their operational efficiency while reducing risk. By introducing GC Direct, SuMi TRUST USA is pleased to enhance both the information-provision and services that contribute to our clients' investment activities and operations."

Bill Meenaghan, Executive Director of DTCC ALERT, said, "We are very happy to have SuMi TRUST USA live on ALERT GC Direct. We've had much success with other global custodians in the past few years in enabling greater control in the settlement process, increasing data quality and staying aligned with best practices. We look forward to delivering the same benefits to SuMi TRUST USA."

ALERT is an integral part of DTCC's Institutional Trade Processing product suite and enables a global community of investment managers, brokers/dealers and custodian banks to share accurate account and SSI information automatically worldwide. With GC Direct, custodian banks can electronically manage settlement instructions on behalf of their buy-side clients which has resulted in a significant reduction in SSI related fails across custodian bank users, with some custodians achieving reductions in fails by over 50%.

Today, ALERT GC Direct has seven global custodians live on the service, covering over 700,000 settlement instructions.

Press Contacts

DTCC
Julienne Jose
+ 632 988-5393
jbjose@dtcc.com

US
Eric Hazard, Vested
+1 917 765 8720
eric@fullyvested.com

Europe
Harriet Leatherbarrow, Greentarget
+44 (0)20 7324 5483
harriet.leatherbarrow@greentarget.co.uk

Asia
Yuri van der Leest, Teneo Strategy
+852 3655 0504 
yuri.vanderleest@teneostrategy.com

Australia
Emma Cullen-Ward, OneProfile
+61 2 8915 9900
emma@oneprofile.com.au

Additional Information

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About SUMITOMO MITSUI TRUST BANK (U.S.A.) Limited

SuMi TRUST USA is a wholly owned subsidiary of Sumitomo Mitsui Trust Bank, Limited (SuMi TRUST Bank). It acts as the central base of SuMi TRUST Group's global custody services, coordinating a network of more than 90 markets around the world. Making full use of its strength as a Japanese custodian bank, it offers Japanese-language support and other fine-tuned and high-quality custody services, giving full consideration to the needs of institutional investors.

About DTCC

With 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to financial markets. In 2017, DTCC's subsidiaries processed securities transactions valued at more than U.S. $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at U.S. $57.4 trillion. DTCC's Global Trade Repository maintains approximately 40 million open OTC positions per week and processes over one billion messages per month.  

Source: The Depository Trust & Clearing Corporation
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