美国.S. Securities and Exchange Commission (SEC) has now adopted final requirements for a 2024年5月28日实施日期 在美国的交易转为T+1结算.S. 现金股票，公司债务，单位投资信托. Taking 24-hours out of the settlement cycle represents significant challenges and will require firms across the globe to make both operational and technical changes across the trade lifecycle.
To help firms understand the changes and challenges of accelerated settlement, 它正在进行的 "加速到T+1”系列, 去年推出, explores the impact of accelerated settlement and T+1 on specific industry segments.
相关:从加速到T+1系列中发现更多
本届会议的主要主题包括:
企业优先关注的焦点
根据 ValueExchange进行了一项新研究, many market participants face enterprise-wide challenges around the move to T+1, with responses indicating varying levels of preparedness across firm types and geographic locations, 以及整个贸易生命周期的众多影响. In the latest session, industry experts discussed the overall global industry preparedness.
“当行业在2017年转向T+2时, 许多公司需要增加vns6060威尼斯城官网来支持转型,罗伯特·卡瓦洛说, 导演, 存清算和结算vnsr威尼斯城官网登入管理. “然而, the move to T+1 is fundamentally different — and technologically and behavioral changes must be the goal to ensure success.”
企业应着重于:
- 强调STP: 美国证券交易委员会强调当天确认是STP的推动者. 这一变化只给公司留出了一天的分配时间, confirm and affirm institutional transactions by the 直接转矩 9PM ET affirmation cutoff. 企业应该优先考虑直通式处理(STP)解决方案, 更新遗留的低效率和改变根深蒂固的流程.
- 对全球的影响: 考虑到世界各地的时差, a disproportionate impact will be felt for firms in Europe and APAC regions trading U.S. 证券. Removing the only day to resolve exceptions requires firms in these locations to have a nuanced approach and possibly implementing a “follow the sun model,，如适用.
- 买方保留记录: The buy-side needs to play an active role in meeting requirements given the amended recordkeeping Rule 204-2, which states registered investment advisors need to make and keep records of 确认s received and allocations and affirmations sent, 每个都有日期和时间戳.
- 关键时间变化: 新的最佳实践提交分配时间是东部时间下午7点, and affirmation needs to happen by the 直接转矩 cutoff time of 9 PM ET in order for trades to be sent directly to 直接转矩 for settlement in an STP fashion.
存 ITPvnsr威尼斯城官网登入管理总监Ana Lotharius表示 & 美洲行业关系, 为了配合目标截止日期, firms need to not only assess their own readiness but also begin engaging with service providers and counterparties to determine their level of readiness.
“存 ITP数据分析 service provides powerful analytics tools enabling firms to measure and compare operational performance against counterparties, 行业标准和同行,”她说。. “The service offers dedicated metrics and analyses on data points that can assist in preparations for the move to a U.S. T+1结算周期.”
此外, 存咨询服务 team can help firms identify and implement the right control and process enhancements, 对同行的基准表现, 地址结算失败, 管理vnsr威尼斯城官网登入实施, 改进技术架构, 优化整体贸易加工业务, 和更多的.
广泛的测试 & 支持
存使用敏捷方法进行开发和测试, allowing the ability to test changes without waiting for the project to be fully completed. 这将允许在整个项目中进行更改，以确保准确性, 提供灵活性，并不断前进.
存已经准备了为期9个月的测试计划, 8月14日开始, 2023, 并将持续到5月31日, 2024. During this time, the 存 PSE-U testing window will be open for T+1 testing. 存 will also be making its PSE-A region available in 小君e for T+2 testing, as well as any testing of services not impacted by the transition to a T+1结算周期.
Testing will be done across 21 bi-weekly cycles, and include scenarios such as:
- 周末测试
- 公司行为
- 交流测试
- 受难日测试
- 银行假期测试
- 自由格式测试
公司也可以根据自己的需要进行自由形式的测试.
“这些测试周期之前的周五, 存 and SIFMA will host testing sessions where we will do a run-through of what will occur in these cycles and the specific scenarios and allow for a question-and-answer session,卡瓦洛说.
存’s 集成 Team will be the main point of contact for inquiries and support during the testing phase.
确认交易附加值
To accelerate settlement, 帖子-trade agreement and affirmation need to happen faster. 这是通过增加分配的自动化来实现的, 确认, 以及肯定过程. A reduced dependency on manual workflows can help firms not only achieve greater efficiency but also reduce costs.
“中医的匹配指令(M2i)工作流程 acts as a key enabler to achieving T+1 settlement by automatically triggering trade affirmation and delivery of 直接转矩-eligible 证券 directly to 直接转矩 for settlement when a trade match between an investment manager and executing broker is achieved,洛塔利乌斯说. 事实上，大多数客户使用M2i工作流程来匹配和确认U.S. trades are approaching a 100% same day affirmation (SDA) rate by 9 PM on trade date.”
There is a tiered fee for delivery of affirmed and unaffirmed transactions through 直接转矩:
- 4 cents: 直接转矩 processing of affirmed transactions processed through 直接转矩’s ID ANE service
- 17 cents: For a transaction processed as a Night Deliver Order through 直接转矩
- 54 cents: For a transaction processed as a Day Deliver Order through 直接转矩
考虑到交易日期的综合时间框架, there is very little leeway for delays and firms should take that into account as they go through their development and testing plans. 存 has done this same exercise by completing a “T+1 Health Assessment” of services and systems that will be impacted by the transition to a T+1结算周期.
“这是加快结算周期的重大努力, in addition to extensive and meticulous planning and industry-wide engagement to support such a move, 企业必须考虑对其运营的影响,大卫·柯比说, 存执行董事, 美洲关系管理/全球客户管理主管. “Adopting higher levels of straight-through processing and automation in 帖子-trade operations will help ensure a seamless, 策划, 在向T+1转变的过程中负责任的执行. 存 recognizes that significant challenges remain towards implementation and will continue to partner closely with market participants, 还有监管机构, to promote a successful transition to T+1 and to safeguard the stability of the markets.”
视图 UST1.org for all news, documentation and information related to the industry's effort to accelerate the U.S. 证券结算周期.