LONDON, January 22, 2018 /PRNewswire/ --
Taskize, the inter-bank problem-solving network for financial services operations, today 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[1], 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."
About Taskize
Taskize is the inter-bank problem solving network for financial services operations. It helps operations teams to resolve post-trade issues by quickly routing work to the right people in the right role in the right bank, raising efficiency and improving client and employee satisfaction. Taskize also enables management to enhance middle- and back-office control and risk management. Used by banks in over 35 countries less than one year of going live, Taskize's post-trade problem solving network is growing rapidly. Founded in 2012 by the creator of open standard messaging infrastructure for capital markets, Taskize is privately-owned and backed by Euroclear, a leading provider of post-trade services to the capital markets. For more information, visit http://www.taskize.com and connect with @Taskize on LinkedIn.
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 2016, DTCC's subsidiaries processed securities transactions valued at more than U.S. $1.5 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at U.S. $49.2 trillion. DTCC's Global Trade Repository maintains approximately 40 million open OTC positions per week and processes over one billion messages per month. To learn more, visit us athttp://www.dtcc.comor connect with us onLinkedIn,Twitter,YouTubeandFacebook.
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1. DTCC (2017). Client survey report on trade exceptions
