DTCC launches Loan/SERV Contract Reconciliation Service for global syndicated loan market

By Jennifer Chiou

New York, Nov. 3 - The Depository Trust & Clearing Corp. announced the launch of its Loan/SERV Contract Reconciliation Service to enhance and expand reconcilement capabilities for the global syndicated loan market.

According to a news release, the contract reconciliation service, in addition to enabling agent banks and lenders to reconcile loan positions on a daily basis, takes loan reconcilement to a more detailed level.

It will provide market participants with information on interest rates, margin and fee calculations, drawn and unused balances, payment-in-kind balances and a host of other data that will further automate and streamline the processing of syndicated loans, DTCC added in the release.

DTCC said it introduced its earlier reconciliation service in 2008, which enabled agent banks and lenders to view and reconcile loans at a total commitment balance level.

"Contract Reconciliation represents phase two of our Loan/SERV reconciliation process and provides 30 new data fields that help identify and correct processing errors before they lead to settlement problems," Mathew Keshav Lewis, DTCC vice president, European loans product management, said in the release.

As already reported on Aug. 3, the DTCC had more than 1,300 investment funds linked to its Loan/SERV Reconciliation Service.

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