Linedata has upgraded the interface between DTCC’s platform for central matching of cross-border transactions (CTM) and its Longview order management system (OMS) to improve workflows required by Markets in Financial Instruments Directive II (MiFID II).
The companies have worked in partnership for 10 years, providing asset managers and hedge funds with a direct interface to CTM. This allows users to send trade allocations to their broker/dealers and automatically generate affirmations for matched trades in real time, reducing costs and risks by offering a better way to monitor post-trade workflow and any exceptions. Users also gain connectivity to DTCC’s OASYS, the company’s US domestic trade allocation and acceptance service that communicates trade and allocation details.
The interface uses Linedata’s Extensible Markup Language (XML) to allow users to match transactions across extended asset classes, including cash and fixed income instruments, as well as futures, options, equity swaps and repurchase agreements. This allows users to process multiple asset class trades on a single platform.
From a DTCC perspective, the interface uses CTM’s PUSH technology, which pushes messages to clients in real time as opposed to legacy technology that pulled messages on a scheduled basis.
Matthew Nelson, managing director of institutional trade processing at DTCC, comments: “Linedata is a strategic partner and we work closely to ensure that our mutual clients, of which there are over 50, can seamlessly connect from Linedata Longview to DTCC’s CTM, which includes commission reporting features to meet MiFID II obligations.”