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.