Taskize and DTCC Collaborate on Trade Exceptions
Taskize, the inter-bank problem-solving network for financial services operations, announced that The Depository Trust & Clearing Corporation’s DTCC Exception Manager solution is leveraging its technology as part of its new solution to enable market participants to publish, manage and communicate exceptions throughout the trade lifecycle.
Post-trade issue resolution has traditionally been costly and inefficient for banks. In a recent survey, around half of the respondents mentioned their organisation incurred ‘very high’ to ‘moderate’ costs for fixing trade exceptions, with labour (32%) and time (29%) being the most important costs driven by trade failure or trade exceptions.
DTCC Exception Manager is solving a major challenge for financial firms by establishing a central online industry platform that provides a single view of all post-trade exceptions, analytics to help identify the root cause of operational breaks and the ability to solve problems at source. Taskize routes issues to the right operations staff in the right bank, quickly bringing counterparties together in a secure environment to resolve the problem. Operations users can reduce time and costs associated with resolving exceptions by using Taskize instead of old-fashioned and time-consuming methods.
John O’Hara, CEO and Co-Founder, Taskize, said, “With Taskize now available to clients of DTCC, we are creating a truly global network of problem-solvers. Banks can now effectively resolve settlement, corporate action, static data and funding problems within the ecosystems of the world’s two largest CSDs, including DTCC, which brings tremendous value.”
“Trade exceptions have long been a pain point for the industry and DTCC Exception Manager was the next logical step in addressing the inefficiencies facing our clients”, said Matthew Stauffer, Managing Director and Head of Institutional Trade Processing, DTCC. “We are delighted to collaborate with Taskize to make this a reality.”
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