曾几何时, 交易在T+5结算, taking five days from trade date (T) for securities and funds to be exchanged between the buyer and seller. As shortened settlement cycles can help create greater market efficiencies and lower capital requirements, most countries have since progressed to settling trades on T+2 today.
相关:亚太地区为T+1做好准备了吗?
与美国.S. preparing to migrate to T+1 in 2024, what can Asia learn from its journey? 在最近的ASIFMA-DTCC联合网络研讨会上, 内莉Dagdag, DTCC董事总经理, 市场推广及传播, APAC, 采访John Abel, DTCC执行董事, 结算及结算, vnsr威尼斯城官网登入管理, to gather his experience on accelerating settlement cycles.
下面是他们讨论的摘要:
Dagdag: With your vast experience in navigating the transition to shortened settlement cycles in the U.S., how do you compare the previous shifts with the upcoming move to T+1?
Abel: The drivers – reducing risk and creating operational efficiencies – that pushed the move from T+5 to T+3 then to T+2 remain the same in prompting the progression to T+1. 交易结算的时间越长, 交易对手的信用风险越大, thus, the associated margin required to mitigate the risk especially during periods of high market volatility such as those we saw in the last two years with COVID and the meme stocks.
Building on the successful partnership that helped the industry migrate seamlessly to T+2 in 2017, DTCC, along with the Securities Industry and Financial Markets Association (SIFMA), 和投资公司vnsr威尼斯城官网登入(ICI), 再次引领着美国向T+1的转变.S. We established industry groups to identify the areas of change and to discuss the type of documentation needed, 需要处理的规则和实施计划. 因为我们过去的经历, it has been relatively easier for the industry to get organized and begin the work of moving to T+1.
Dagdag: Could you give us a quick overview of T+1 in the U.S.?
Abel: At a high level, 2022 is a planning year for most firms, DTCC included. This is the time to get organized – form internal working groups to conduct in-depth analysis, 确定需要的差距和变化, 安全的预算, etc. 2023年可能是企业发展的一年, 内部测试, any changes or enhancements required for their systems and processes. And then 2024 is for industry-wide testing and implantation where a signification amount of time will be dedicated to testing and ultimately implementation.
DTCC will be publishing more detailed test documents resulting from collaboration with industry representatives – we have established an industry working group to refine the types of test scenarios and test events. Currently, one of the unknown issues is the implementation date. 当美国.S. Securities and Exchange Commission (SEC) released its proposed changes in February 2022, the proposed implementation date is the first quarter of 2024. Many in the industry think a September 2024 implementation date is more feasible – the industry is waiting for the final rule from the SEC which should include the SEC mandated implementation date.
Dagdag: What have you seen as major concerns for market participants?
Abel: It is ideal to operate in markets with harmonized settlement cycles. 事实上，美国.S. is moving to T+1 while many other markets remain at T+2 is not ideal, however, 这并非史无前例. 欧洲几乎比美国早三年采用了T+2.S. moved in 2017 and Japan, for example, moved almost a year later. The industry has experience dealing with these types of discrepancies.
Firms across all market segments should relook at the systems and processes put in place back in 2017 to ensure they are able to support the requirements for T+1. 另一个担忧是vns6060威尼斯城官网外汇和美国经济.S. 美元资金. Firms should review their funding processes for government securities and equity options that are currently being traded on a T+1 environment and review other funding options to make sure they can meet the requirements of T+1 settlement.
Non-U.S. entities should begin discussions with their custodians and other partners to understand the impact and explore the options available for foreign exchange (FX) funding within a tighter processing window.
达达格:你能解释一下非美国公司面临的障碍吗.S. institutional investors given that the deadline for matching and allocation is at 9PM on T0?
Abel: The best guidance I can provide is to adopt industry standards and solutions in the market to expedite post-trade processing. This should also partly address the time zone differences challenge. 例如，DTCC的机构贸易处理(ITP)解决方案，例如 CTM® and match-to-instruct (M2i), enable firms to create more efficient processes. 有了这些解决方案, trades centrally matched-affirmed-confirmed in ITP between buy-side firms and their broker/dealers are sent to the Depository Trust Company (DTC) for settlement without further manual intervention. This no-touch workflow processing has enabled very high affirmation rates of up to 98% on T0 in the current T+2 environment. Adopting M2i or a similar process is imperative to meet the tight T+1 processing deadlines.
Firms may need to review their operating models to handle matching and allocation processing intraday or move these processes to their other post-trade locations (follow-the-sun model). Firms in Asia can leverage DTCC’s 咨询服务 to navigate and prepare for the changes ahead. DTCC可以帮助诊断当前的挑战, 设计新的运营模式, 提供端到端的T+1迁移方案.