Acadia launches Settlement Manager
Acadia, a provider of integrated risk management services for the derivatives community, today announced the launch of Settlement Manager, a unique industrywide central service created to improve settlement efficiency and reduce settlement fails.
Settlement Manager was created at the request of clients that were losing a well-known central settlement service and needed a replacement capability. Acadia quickly responded to ensure that an industry solution would be in place for any of its community of over 3,000 clients. Settlement Manager initially focuses on a set of key industry requirements: enabling messaging required for regular market settlements – whether cash or securities – and for tri-party and third-party segregation.
Additionally, for the first time within the Acadia platform, it establishes the ability for counterparties to leverage the power of shared Standing Settlement Instructions (SSI’s) and shared real-time settlement status, thereby enabling a workflow with the potential to eliminate operational complexity and increase automation across the industry.
With extended strategic benefits to the entire industry, Settlement Manager enables clients to:
- Share confirmed settlement status simultaneously to each party of the margin requirement;
- Provide a centralized mechanism to store various forms of settlement instructions necessary for collateral management;
- Remove reliance on manual processes through automated cash and security collateral settlement messaging;
- Eliminate fragmented workflows with automated messaging to bilateral counterparties and their custodians, as well as to triparty agents; and
- Remove settlement redundancies by agreeing and settling collateral moves in one workflow.
Following the announcement in December of LSEG acquiring Acadia, this is the first of many combined initiatives, whereby Settlement Manager is leveraging the LSEG SWIFT gateway to provide downstream messaging – creating significant industry efficiencies.