SEC Division of Trading and Markets no-action letter: SS&C Technologies, Inc.

,~y~o~cr~,~~ UNITED STATES ti ~'~ SECURITIES AND EXCHANGE COMMISSION ~~ ~o WASHINGTON, DC 20549

• 'Mxxx
  DIVISION OF
  TRADING AND MARKETS
  October 2, 2018
  Mari-Anne Pisani
  Pickard Djinis and Pisani LLP
  1990 M Street, NW, Suite 660
  Washington, i~.C. 20036
  Re: S~&C Technologies, Inc. ("SS&C")
  Securities Exchange Act Release No. 76514 (Nov. 24, 2015) Dear Ms. Pisani, In your letter dated July 17, 2018 (the "Request"),1 you request assurance that the Division of Trading and Markets ("Staff') will not recommend enforcement action to the Commission for operating as an unregistered clearing agency if SS~.0 commences operating its electronic trade confirmation and central trade matching service (together, "matching service") in the United States. In 2015, pursuant to Section 17A of the Securities Exchange Act of 1934 ("Exchange Act"), the Commission approved SS&C's application for an exemption from registration as a clearing agency.2 Response:
  The Request states that SS&C seeks to begin operating as a matching service provider for its own customers, but has not done so because of what it describes as a current impasse in interoperability negotiations between SS&C and DTCC ITP Matching (US), LLC ("DTCC ITP").3 Based upon the facts and representations that you have made in the Request, but without necessarily concurring in yo~►r analysis, Staff would not recommend enforcement action against SS&C if SS&C commenced operating its matching service in the United States for customers of SS&C prior to establishing interoperability with DTCC ITP. Nevertheless, Staff expects that SS&C and DTCC ITP will continue to negotiate in good faith to achieve interoperability. A copy of the Request is attached. Exchange Act Release No. 76514 (Nov. 24, 2015), 80 FR 75388 (Dec. 1, 2015). 3 DTCC ITP is the successor to Omgeo Matching Services — US, LLC ("Omgeo"). In 2001, the Commission approved an application by Omgeo for an exemption from registration as a clearing agency to provide matching services. See Exchange Act Release No. 44188 (Apr. 17, 2001), 66 FR 20494 (Apr. 23, 2001).

Ms.Pisani
October 2,2018
This Staffposition is based strictly on the facts and circumstances discussed in this letter, and any different facts and circumstances may require a different response. Furthermore,this response expresses the Staffs position regarding enforcement action only and does not purport to express any legal conclusions on the questions presented. The Staffexpresses no view with respect to any other questions that the activities discussed above may raise,including the applicability ofany other federal or state laws,or self-regulatory organization rules. This position is subject to modification or revocation at any time. Ifyou have any questions regarding this letter, please call me at(202)551- 5997 or Jeffrey Mooney at(202)551-5712. Sincerely, Christian Sabella Deputy Director Attachment