Anticipating T+2, SEC Approves Bloomberg's Trade Confirmation Alternative

CMS for equities, fixed income will provide second option to DTCC.

Ben Macdonald
Ben Macdonald, Bloomberg.

The platform, run through Bloomberg's STP LLC subsidiary, is aimed at shortening settlement cycles—T+2 has been a priority in the US for years—by providing an alternative service for confirm matching besides the industry-standard offering at the Depository Trust & Clearing Corporation (DTCC).

CMS, which will directly integrate with Bloomberg Professional, includes an open architecture for central and local matching; standard communication protocols, message and file transfer protocols, software