SSCNet Expands Post-Trade Connectivity for Sprott's Counterparties
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced that Sprott Asset Management (Sprott) has selected SSCNet for automated settlement notification. The global network will enable trade communication between Sprott and its broker/dealers, custodian and prime brokers.
SSCNet will replace Sprott's manual post-trade communication processes and consolidate all communication across a broad set of instrument and transaction types. Sprott will also use SSCNet's SWIFT gateway connectivity and automated email/fax functionality.
"Connecting our front-office system to SSCNet, which includes SWIFT connectivity and ISO standard messaging capabilities, will reduce time and errors when communicating trade details to our custodians and prime brokers. It enables us to make significant strides towards a straight-through processing environment," said Johann Lau, VP, Investment Administration, Sprott Asset Management. "We have selected SSCNet's automated settlement service as it helps all our participants benefit from a more efficient, standardized process."
"We are pleased to bring leading post-trade automation services to our customers. Sprott will notice an improvement on match rates earlier in the trade settlement life cycle," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "This is another example of SS&C's commitment to delivering workflow solutions which help our customers achieve a more efficient operating environment."
SSCNet is a global trade communication network linking investment managers, broker/dealers, custodians and interested parties. SSCNet's hosted service is available 24/7 on a secure platform, supports multiple formats and connects directly to trade counterparties, including SWIFT connectivity.