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SSIs - the current problem |
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Standing Settlement Instructions are often immobilised by numerous counterparties, not kept up-to-date, and generally poorly maintained. All of this requires high levels of resource to ensure that trades are repaired prior to settlement. Working with major industry players Centralise has established that all of this combines to cost the industry at least £400 Million per annum.
Not surprisingly, the industry has spent a lot of time and money looking for a solution to this problem. In 2004, ISITC Europe, published the SSI Fresh white paper following which the SSI Fresh working group convened regularly with the aim of finding a solution (previously this initiative was called STP-Lite). In July of last year, it was agreed that the working group had done its part, having proposed three viable models. The industry was then passed the baton and asked to come up with a solution that satisfied the most appropriate of these models. Centralise responded to the call by developing a solution that combines all of the SSI Fresh model plus a unique model of our own. Participants can elect which of the models they wish to be use and still benefit from the standardisation and streamlining of SSIs using the Centralise product. To be part of this exciting initiative, please contact us. Centralise is a product of Universalbyte Limited |
