BNP Paribas and J.P. Morgan Adopt DTCC CTM’s Automated Tri-Party Matching Workflow Ahead of T+1 Settlement

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for global financial services, has announced that BNP Paribas and J.P. Morgan have joined CTM’s automated tri-party matching workflow for prime brokers. The initiative aims to , prime brokers, and executing brokers as market participants prepare for the UK and Europe’s transition to T+1 settlement by October 2027. Both firms expect to go live on the new workflow by the end of 2025.

Addressing Post-Trade Bottlenecks

Currently, prime brokers often receive hedge fund trade details in inconsistent formats and at diverse times—sometimes as late as T+1—leading to delays in post-trade processing. The CTM tri-party workflow standardizes and files, ensuring prime brokers receive timely, accurate, and standardized details.

The workflow leverages CTM’s automated central matching functionality to supply prime brokers with a “golden copy” of transaction details once a and executing broker. This innovation enables real-time automation, reduces manual intervention, and enhances efficiency in trade allocation and settlement processes.

Industry Perspectives

Val Wotton, DTCC Managing Director and Global Head of Equities answers, said:

“We are excited to have BNP Paribas and J.P. Morgan adopt CTM’s tri-party workflow as prime brokers. This is a pivotal step in further automating and accelerating settlement processes, and we anticipate it will greatly enhance automation for prime brokers in EMEA and globally as additional financial markets transition to a T+1 settlement cycle.”

Wayne Howard, Global Head of Prime Brokerage Operations Client Services at BNP Paribas, commented:

“Joining DTCC’s CTM tri-party matching workflow as a prime broker aligns with BNP Paribas’ commitment to deliver the