Enrichment is the process by which standing settlement instructions (SSIs) and account information from the ALERT platform is added to trades sent for matching in the CTM service. The provision of accurate and up-to-date SSIs by both parties to a trade improves efficiency in the settlement cycles, and can reduce the risk of settlement failure and is one of the key enablers to achieving a no-touch workflow.
In CTM, SSI information is available to both counterparties. Investment managers' and broker/dealers' SSIs are part of the "common view", which reflects the final paired and matched values of a MATCH AGREED (MAGR) trade. Clients are advised to incorporate the SSI information as part of the matching process.
In order to enable enrichment from ALERT, users link their CTM entity to an ALERT entity and then enrich using one of a number of SSI subscriptions depending on how they have chosen to leverage the functionality.
Download pdf Leveraging ALERT for CTM Enrichment (79 KB) which provides a brief outline of the enrichment functionality.
This area of the Learning Center provides you with information on the different options availble to enrich your ALERT SSIs to your CTM trades.
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How to Use Enrichment
There are a number of options available to all CTM clients that enable them to successfully enrich the SSIs they have stored in ALERT on 100% of their trades:
- ALERT Key Auto-Select (AKAS): smart enrichment capability that leverages a combination of rules-based logic and client drive profiles to automatically enrich CTM trades with preferred SSIs from ALERT.
- User-provided keys: when a trade is submitted to the CTM service for matching, both broker/dealers and investment managers can provide a set of fields that activate the enrichment process. These fields enable the selection of the SSI specified by the CTM client and adds this SSI to the trade message in CTM
- Additional considerations: when implementing enrichment using either ALERT Key Auto-Select or user-provided keys, there is other functionality available which will allow you to fully leverage the benefits of enrichment e.g. Facilitated ALERT Enrichment (FAE), PSET matching
Click on each of the options above to learn more about how each functionality works and how to enable it with your CTM and ALERT configuration.
Organization of ALERT SSIs
In order to understand how the enrichment process works, it is important to firstly understand how SSIs are structured in the ALERT platform. All SSIs in ALERT are classified according to the Country (of Settlement), Security and Method (final depository where settlement takes place).
Broker/dealers organize their SSIs under Settlement Models, whilst investment managers organize their SSIs under Access Codes which represent their accounts or funds. For any given Settlement Model or Access Code, the Country-Security-Method combination must be unique.
The sections below contain FAQs related to the different processes available to enrich SSIs to trades submitted to the CTM service for matching.