The Depository Trust & Clearing Corporation (DTCC), the leading post-trade market infrastructure for the global financial services industry, has announced the launch of a new consulting services offering.
Based in New York and industry-owned by brokers and banks, DTCC is a post-trade financial services company that provides clearing and settlement services and acts as a central securities depository. The company exchanges securities on behalf of buyers and sellers: “clearing” entails updating the accounts of the trading parties and “settlement” entails actually exchanging money or some other value for securities.
DTCC is the top central securities depository, with $2.15 quadrillion in securities transactions processed in 2019. Its competitors are Brussels-based Euroclear and Luxembourg-based Clearstream.
DTCC Consulting Services will help financial services firms optimize their post-trade business operations, providing advisory support in infrastructure diagnostics, operational model design, and benchmarking. The company’s industry experts will initially focus on regulatory compliance with Securities Financing Transactions Regulation (SFTR) and Central Securities Depositories Regulation (CSDR), as well as implementing best practices in trade reporting and the post-trade processes.
“For over 45 years, the industry has trusted us to solve some of the biggest challenges in the post-trade processing ecosystem,” said Chris Childs, managing director at DTCC. “Our unique position and vantage point enable us to provide our clients with guidance and recommendations to decrease risk and lower the cost of meeting regulatory and industry-driven requirements at a price-point that reflects genuine value.”
DTCC said that it has engaged consulting firm Quorsus to support the launch of the new service offering. Based in London, Quorsus is a boutique firm that supports financial markets participants with expertise across post-trade technology, operations, and market infrastructure.
“We are delighted to have been selected by DTCC to help with this launch. Industry infrastructure and operating models are dynamically changing, and firms are looking for solutions that help them navigate the evolving landscape and deliver additional benefits and value,” said Ryan Baccus, co-founder at Quorsus. “Our extensive experience in leading industry change, combined with DTCC services, expertise and touchpoints, will enable the creation of a true front-to-back DTCC consulting advisory service for the benefit of its clients.”