THIRD PARTIES
What you need to know
Third parties include matching venues, exchanges, CSDs and financial market infrastructures etc., but any entity will be allowed access to SSIs on an open-permissioned basis.
Third parties can interact directly with SSImple and receive automated SSI updates as they happen, or SSI enrichment on a per-transaction basis via SSImple's API.
SSImple is developing "logical" enrichment, which will ensure both SSIs used in a transaction are a valid pair, helping to mitigate against failed transactions.
In time, SSImple will be able to interact directly with DLT position keeping systems to derive the correct SSIs to use in a transaction.
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.