美国.S. Securities and Exchange Commission recently proposed rule changes to accelerate the settlement cycle to T+1. If the rule changes are adopted, a T+1 cycle for U.S. equities transactions could be implemented as soon as March 31, 2024 (subject to change based on regulators’ feedback).
To help firms plan and prepare for industry testing, 存 has launched a series of virtual forums to help clients and the industry understand the impact of Accelerated 结算 and T+1 on specific market processes. Moderated by David Kirby, 存 Executive Director, Head of Americas Relationship Management, the latest virtual session featured Robert Cavallo, 据导演, 间隙 & 结算 Product Management and Louis Lepore, 据导演, 间隙 and 结算 Product Management.
Related: Discover More from the Accelerating to T+1 Series
Below are highlights from the discussion:
行业合作
存 has been working with SIFMA and ICI and the T1 Industry Working Group to outline the steps needed for the T+1 shift and communicate those changes to the industry.
正如卡瓦洛所说, “The impact to every firm will be different, and if you have not already, you need to start getting plans together to be ready for a T+1 settlement cycle.”
As the industry moves closer to shortening the settlement cycle to T+1, firms should be assessing their overall readiness. There needs to be a collective inspection from all processes and what may need to be done from a technology, 行为, and operational standpoint.
你准备好了吗??
The removal of 24 hours from the settlement cycle will cause significant changes for the industry. The move to T+1 will have both upstream and downstream effects on the transaction lifecycle. From same-day account openings to the prime broker disaffirmation process, from retail and institutional transactions to corporate actions, all areas of clearing and settling will experience some type of change in order to accommodate the shortened cycle.
移动到T+1, the 直接转矩 night cycle will begin at 11:30 PM on trade date and conclude at 1:30 AM on settlement date, allowing the 直接转矩 output to be distributed to firms by 2:00 AM. There will be no changes to 直接转矩’s day cycle processing schedule. Similar to the move to T+2 in 2017, 存 is busy preparing communications to the industry, 包括剧本, 执行概要, functional requirement papers, high-level testing paper and a detailed testing paper. All of these documents can be found at on ust1.org.
在日历上做标记
Without question, firms need to begin preparing now for the transition to T+1 in 2024. As firms prepare and assess, here are a few important dates to keep in mind:
- 2022年10月18日: The next session in the Accelerating to T+1 Series, focusing on 存 测试 & 集成.
- 2022年11月: T+1 Industry Working Group testing sessions are set to begin.
- 2022年12月: 存’s Detailed 测试 Paper is scheduled to be published.
- 2024年3月: The implementation of T+1 as the standard settlement date in the US is anticipated to go live. This date is still being discussed and is subject to change.
了解更多信息, including important dates and processing changes, the implementation playbook, frequently asked questions and related documents, 访问 ust1.org.