Broker-dealers can receive validated SSIs from connected buy-side clients electronically.
SSImple can help automate other non-connected buy-side clients by outsourcing manual SSI processing to the experts. This service is available to all broker-dealers to centralise SSI entry once for the industry. SSImple can help automate the delivery of SSI data for all clients in a cost-effective manner and broker-dealers can automate receipt of their client's SSI data instead of processing manual PDFs that are received over email.
Broker-dealers can choose to take a SSImple DLT node if they want to house all their SSI data within their existing DLT infrastructure, or they can evolve their DLT strategy over time knowing that SSImple is able to interact via GUI, API or DLT node.
SSImple's state-of-the-art industry rule engine can protect the inadvertent input of incorrect SSI data ensuring that the correct SSIs are added and shared with broker-dealers. Rules can help catch an issue prior to an SSI being shared.
The Central Securities Depositories Regulation (CSDR)'s Settlement Discipline Regime (SDR) has been live for over a year and penalties are being issued for late settlements in European markets. SSIs account for ~30% of all fails: 15% due to incorrect SSI data and 15% due to the wrong SSI being selected. SSImple can help solve both of these issues.
T+1 is live in some markets: the U.S. and Canada have announced they will move to T+1 settlement on May 28, 2024. Manual processes need to be eliminated prior to this date.