美国.S. Securities and Exchange Commission (SEC) proposed rule changes to shorten the settlement cycle to T+1. If the proposal is adopted, a T+1 cycle for U.S. equities transactions will be implemented by March 31, 2024. Firms should plan and prepare for industry testing by the end of 2022. SIFMA, ICI and 存 are collaborating on efforts to shorten the securities settlement cycle to T+1 and collaborating on next steps.
To help firms and other key stakeholders prepare for the transition, 存 hosted a series of virtual industry forums to explore the impact of accelerated settlement and T+1 on specific industry segments and to help firms and other key stakeholders prepare for the transition.
存加速到T+1系列
See below for an overview of each panel. More information on each specific industry segment is available, including written recaps and full video replays.
vns6060威尼斯城官网T+1你需要知道的: The event series kicked off with a status update for the industry initiative, with industry experts describing the challenges and opportunities of accelerating to T+1. 主要议题包括:
- Primary benefits of T+1, which include risk reduction and capital efficiency gains.
- Fundamental behavior changes that must be updated in a condensed time frame.
- Anticipated next steps and milestones over the next two years.
对NSCC-直接转矩处理计划的影响: Industry experts explained changes identified by 存 and the T+1 Industry Working Group to critical transaction processing deadlines along with next steps. 即将交付的成果包括:
- Development of T+1 Industry Playbook, scheduled for late summer 2022.
- Functional Guide targeted for year-end 2022 detailing 存’s interconnected clearing and settlement services and the impact of a move to T+1.
- Industry testing documents with actual testing scenarios and testing dates.
对制度性贸易流动的影响: Industry experts examined the SEC’s focus on institutional trade processing and trade flow regarding shortening the settlement cycle 包括:
- New proposed rules and obligations for broker/dealers, investment managers and central matching service providers.
- Correlation between affirming trades and eliminating friction.
- Ways firms can prepare for move to T+1 and position themselves for success.
对公司行为处理的影响: Industry experts looked at the implications of a T+1 settlement cycle on corporate actions 包括:
- Considerations around the complexities of the Notice of Guaranteed Delivery.
- Implications of, and recommendations for, T+1 settlement on Continuous Net 结算.
- Overall pain points for corporate actions processing as it relates to an accelerated settlement cycle.
对美国证券交易委员会贷款、大宗经纪商的影响 & etf和更广泛的行业准备: Industry experts have explained the impact moving to T+1 will have on securities lending, 大宗经纪商和etf, and the impact of global interconnectedness and overall industry readiness for the move to T+1. 主要议题包括:
- 机构经纪商: Disaffirmation Affects and Optional Service
- 证券借贷:避免问题和SFT清算
- ETF的挑战: Batch Cycle Processing and Global Misalignment
功能检查: Industry experts provided an update on milestones and updates on the T+1 initiative to this point. 亮点包括:
- The importance for firms to be assessing their overall readiness.
- Upstream and downstream effects on the transaction lifecycle with the removal of 24 hours from the settlement cycle.
- Dates to be aware of regarding new T+1 documents, testing sessions and proposed US T+1 implementation.
测试 & 集成: Industry experts focused this session on how firms should be preparing for T+1 testing. 主要议题包括:
- The 存 T+1 Test Approach functional paper which provides a high-level testing structure.
- Insight on 存 plans to open its 存 PSE U testing region in 2023.
- Interactive testing sessions utilizing the 存, SIFMA, and ICI T+1 Industry Working groups.
全球买方视角亚太地区的行业专家, EMEA and the Americas gathered to discuss the impact of T+1 on the buy-side, 包括:
- 时区挑战, 尤其是对跨国公司而言, with the removal of 24 hours from the trade cycle.
- 适应变化, 包括操作和行为, through increased automation in the allocation, 确认, 以及肯定过程.
- Utilizing the comprehensive T+1 Detailed 测试 框架 firms to prepare for testing T+1 changes with 存 and other industry infrastructures.
行业准备: Industry experts discussed overall global industry preparedness. 主要议题包括:
- New research conducted from the ValueExchange which indicates varying levels of preparedness across firm types and geographic locations.
- Priority focus for firms should include emphasizing STP, 买方保留记录, managing global impacts and adjusting to timing changes.
- 即将到来的9个月测试计划, 八月开始, which has 21 bi-weekly cycles with various scenarios.