International > Trade Flow
Buy-Side to Transfer Agent(TA)/Fund Company(Fund)
Fundplicity Interfaces
Receipt
Benefit Trust, a service provider for TAs and Funds, receives NSCC Orders from buy-side NSCC members on behalf of its TA and Fund customers. By direction of the Fund (or its designee, the DTCC Fund Sponsor), DTCC routes Orders to Benefit Trust's NSCC Destination ID via Benefit Trust's SMART/Mover dedicated connection.
Validation/Translation
Benefit Trust has the ability to automatically validate and confirm/reject Orders back to DTCC, based on price and position information that has been provided by the TA/Fund. In the simplest case, Benefit Trust forwards DTCC orders to the TA or Fund in Fundplicity's proprietary (delimated) file format or as SWIFT ISO 20022 funds messages, allowing the TA or Fund to confirm or reject the Orders back to Benefit Trust. As well, the Fundplicity web interface allows TAs or Funds to manually confirm Orders, for use in low-volume scenarios or those that may arise as part of Business Continuity Planning (BCP) efforts.
Confirmation
After processing on behalf of the TA/Fund or receiving the Fund confirmation/rejection via the web site, proprietary delimited file, or SWIFT network, Benefit Trust confirms/rejects the Order to DTCC, and DTCC transmits confirmations/rejections to the buy-side originator.
DTCC
  • Benefit Trust is a Rule 2(ii)(c) member of NSCC (sell-side)
  • Benefit Trust is a buy-side member of NSCC
  • Active industry advisory participant
  • Unmatched operational expertise in trading and settlement
SWIFT
  • Benefit Trust supports the ISO 20022 (MX) funds messaging protocol
  • Benefit Trust supports various market practices, e.g. Findel, UK, AFAC
Fund Sponsorship
  • Benefit Trust fund sponsorship facilitates both trading and settlement via NSCC
  • Fundplicity provides transparency for Transfer Agents and Fund Companies with respect to the trading and settlement process