Depository Trust & Clearing Corp., New York, formed an industry advisory committee that will focus on developing a standard platform for processing and settling trades of alternative investments, according to a news release. The DTCC formed the committee to keep pace with the recent rapid growth in the alternatives sector. Under the DTCC's current system, most trades of alternative investments are processed manually, which is both "labor-intensive and time consuming," according to the release.
In addition to DTCC representatives, the committee comprises 16 firms that represent "a cross-section of the industry," the release said.
Karen Gregory, DTCC spokeswoman, was unavailable by press time for comment.