The US move to a T+1 settlement cycle for transactions in cash equities, corporate debt, and unit investment trusts will impact global investors, 鉴于其资本市场是世界上规模最大、流动性最强的市场之一, 据估计，35%至40%的投资活动来自海外市场. 因此，世界各地的公司广泛讨论和审查将标准结算周期缩短一个工作日的影响也就不足为奇了. For all the benefits that T+1 could bring to the financial system, how would an accelerated US settlement cycle impact markets like Japan? 和, as preparations are underway for the T+1 go-live date on 28 May 2024, what operational concerns do Japanese firms face?
Regional Nuances
在日本, 信托银行参与提供和监督与投资有关的服务是一项旨在保护最终投资者的监管任务. 这意味着指定的信托银行监督其基础投资经理的交易活动，并将其纳入预结算, 帖子-trade communications chain. This a unique setup for Japan to address T+1, 因为美国证券交易委员会(SEC)要求分配机构交易, 确认, and affirmed as soon as is technologically possible and no later than trade-date, also known as Same Day Affirmation (SDA). 在美国, 交易确认是由机构投资经理或其指定的托管人验证并同意清算经纪人确认的交易经济细节，以便在存管信托公司(直接转矩)进行处理的一种行动。. 在日本, this means that, with less than 24 hours to achieve SDA due to time zone differences, 日本公司将需要消除人为干预，并利用解决方案自动化手动交易后流程.
Related: 监管 mandates impacting APAC firms in 2024
As time is of the essence, 大多数规模较大的非日本公司都选择了与信托银行的“索托-索托”(soto-soto)安排，即投资经理直接向托管人发送结算指令，而无需等待信托银行的批准. 信托银行将获发一份结算指示副本，以备记录. 而这种安排——以技术为推动者——将有助于满足确认的最后期限, 没有足够自动化能力的中小型企业可能仍然依赖信托银行提供便利, or be involved in, the 帖子-trade process. “soto-soto”只是日本企业在准备T+1时可以选择的众多安排之一.
All things considered, 日本公司应该与信托银行和全球托管人审查其内部流程，并决定满足美国T+1期限的最佳选择.
Operational Efficiency
有了压缩的结算时间表，建议在下午7点之前分配交易.m. ET and affirmed by 9:00 p.m. ET on trade date. Given that Japan is about 13 hours ahead of the US Eastern Time Zone (ET), Japanese investment managers have several options available to them. They can leverage the “soto-soto” arrangement, 采用跟风模式，在亚洲以外地区设立办事处，监督交易后处理和交易确认, 或者他们可以切换到日内交易，美国交易在当地时间上午优先进行. 日本投资管理公司还可以继续依靠美国托管人代表它们确认交易, subject to the custodian’s agreement.
解决贸易后处理窗口紧张的最佳解决方案是利用自动化解决方案，简化跨境贸易的中心匹配，以提高分配效率, 确认, 确认过程，交易在投资经理和执行经纪人之间匹配确认后自动确认. With this process, 匹配的保兑交易被认为是确认的，并立即发送到直接转矩结算，以满足上午9点.m. 交易日期的ET截止时间-无需手动接触点或任何来回通信，加快交易生命周期. These best practice solutions are already available for firms to leverage.
Exception Management
Increased automation aside, 同样重要的是，日本公司确保他们有准确的长期结算指示(ssi)来完成和完成结算流程. Having access to an automated, 标准化的金源SSI数据数据库，包括安全和位置, designated depository settlement accounts and bank account details, 有助于确保投资经理和托管人之间的一致性，并通过最大限度地减少由于交易一方或双方不正确的ssi而导致的例外情况，促进加速结算.
Related: How ITP is supporting accelerated settlement across the globe
With the tight window to achieve settlement finality, the number of trade exceptions should ideally be reduced to zero. In the scenario that exceptions do occur, 它们应该通过一个中央平台进行管理，该平台可以快速识别根本原因，并在沟通和监控结算活动并防止异常的同时更快地解决问题.
展望未来
日本投资经理应该已经开始为T+1结算做必要的准备工作. 这是可以理解的, 当考虑像T+1这样复杂而重要的计划时，分析过程可能会很长. Aside from leveraging internal resources, 日本的投资管理公司也可以向外看——向在交易后处理方面有经验的专家寻求指导和建议，并缩短结算时间.
With approximately six months left to prepare, the time to get ready is now. Firms must prioritise efforts to modernise and transform existing systems, 流程, 程序, resources – not only for T+1 readiness, 但同时也是对未来监管要求和意外市场事件的预期.
This article was originally published to Regulation Asia on November 17, 2023.