The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), 和存托信托基金 & 清算 Corporation (存) recently published The T+1 Securities 结算 Industry Implementation Playbook.
The detailed Playbook identifies implementation activities, 时间线, 依赖关系, and risk impacts that market participants should consider to help prepare for the transition a T+1 settlement cycle.
Related: Exploring the Impact of Accelerating 结算
行业合作
SIFMA, ICI and 存 are leading the US T+1 industry initiative, forming both an Industry Steering Committee (ISC) that provides governance and consensus building as well as Industry Working Groups (IWG) to understand the impact and make recommendations on implementation activities. The ISC worked with the IWG to determine the scope, 需求, and changes for the move to T+1 settlement, as published in the December 2021 加速美国.S. Securities 结算 Cycle to T+1 报告.
T+1的框架
This Playbook is intended to serve as a framework and guide; while some sections may not pertain to each organization, they should provide users with a resource to assist with its T+1 implementation plans. These recommendations are dependent upon final rule language, 决定, and outcomes based on SEC approval. This Playbook will be updated to reflect any changes in the final rule.
剧本崩溃
The Playbook consists of 14 different sections, which can be summarized in the following three areas:
- The first two sections provide overviews of the previous move to a T+2 settlement cycle and the approach for the latest Playbook.
- The next eight sections explore specific areas of the trade lifecycle including Trade Processing, 资产维修, 文档, 证券借贷, 大宗经纪业务, and Funding and Liquidity Considerations.
- The remaining four sections outline matters related to 监管 Changes, 全球影响, 主要vnsr威尼斯城官网登入, 买方注意事项, Industry Testing and Migration Plans, as well as the associated resources needed for market participants to prepare for the transition to T+1.
里面有什么?
The Playbook captures and organizes the various considerations, 需求, and activities for a T+1 implementation, 包括:
- A T+1 industry timeline with interim milestones and 依赖关系 designed to guide industry action, market participant implementation, 测试, 和迁移
- A market participant timeline with milestones and 依赖关系 designed to guide planning, 发展, 测试, 和迁移 to T+1 for individual organizations
- Impact assessment and a suggested implementation approach to make the required changes to transition to T+1
- A high-level 测试, migration, and industry readiness assessment plan to transition to T+1
为什么T + 1?
对美国的强调.S. 市场, exacerbated by the pandemic and into early 2022, refocused attention on the settlement cycle for securities, including the risks associated in the present-day T+2 settlement cycle. The primary benefits of moving to a T+1 settlement cycle include:
- 降低风险, particularly during periods of high volume and volatility, liquidity 需求 and long-term costs.
- The increase in capital and operational efficiencies, through modernizing infrastructure and standardizing industry processes.
下一个步骤
At the writing of the Playbook, the U.S. Securities and Exchange Commission (SEC) rule proposal and the actual implementation date in 2024 is still pending. 然而, with industry activity around the move to T+1 quickly ramping up, firms should read the Playbook and begin to develop their own comprehensive internal implementation plans.
Further documents will be issued from 存 in the coming days, including a document on T+1 Functional Changes and a T+1 High-Level Test Approach. A more detailed document with specific test scripts and test scenarios will developed by the Industry Testing Sub-Working Group and is anticipated to be distributed by year-end 2022.