离北美证券市场从T+2结算向T+1结算过渡还有不到三个月的时间, 公司在适应缩短的结算周期方面面临着许多业务挑战, 并一直在做全面的准备，以修改其现有流程以符合要求.
随着最后期限的临近, what are some of the key considerations for firms, 自动化和创新技术如何帮助他们改善交易后流程和工作流程, and what might the future look like?
Related: Why Higher Affirmation is the Key to T+1 Success
在A- team Group最近举办的伦敦贸易科技峰会上，一群杰出的行业专家齐聚一堂, 讨论这些问题. 彼得·汤姆林森, 导演, Head of Post Trade at AFME moderated the panel, and was joined by Linda Gibson, 导演, Head of 监管 Change at BNY Mellon | Pershing; Sachin Mohindra, 执行董事, 客户端 & Market 解决方案 at Goldman Sachs; Emma Johnson, 执行董事, Securities 服务 Global Custody Industry Development at JP Morgan; Matt Johnson, 导演, ITP Product Management and Industry Relations at 存; and 卡兰卡普尔, 执行董事 – Global Head of 监管 解决方案 at Delta Capita.
为什么T + 1?
的 panel provided a quick summary of how we’ve got to this point, 描述了该行业长期以来如何就转移到T+1甚至T+0结算的可行性进行辩论, 直到2021年初，这些讨论才获得了重大进展, 这对市场基础设施和中介机构造成了巨大压力, particularly clearing brokers. 当大量的追加保证金通知损害了一些清算公司的交易能力时，这个问题达到了顶峰, 有效地阻止了他们的客户对受影响的股票进行逆转或进一步交易. 因此, 美国证券交易委员会承诺在2024年5月28日之前，将所有通过直接转矩清算和结算的美国证券过渡到T+1结算周期, 旨在降低交易和结算之间的两天时间差所带来的成本和风险, 改善流动性, and to bring more stability to the markets.
的 importance of 肯定
在T+1的准备阶段，“肯定”一词已经成为一个重要的流行语，一位小组成员说. 的 存 recently releasing a report outlining the importance of the affirmation process, pointing out how – unlike with a simple “fire and forget” approach, 在交易被确认后，在没有任何完成保证的情况下，不加选择地将交易送交惩教署, the likelihood of its settlement significantly increases. 的 存 report offers several clear recommendations, 关键是90%的交易应该在东部时间晚上9点前确认. 然而目前, 通过直接转矩架构处理的事务中，只有73%符合这个截止日期, so there is a substantial gap that needs to be bridged.
然而, 即使是最熟练的运营团队配备了最好的技术堆栈, this timeline presents a challenge, 同意小组成员. 的 securities 帖子-trade environment relies on a sequence of actions, including various handoffs between teams and systems, all of which will need to be accelerated to achieve affirmation by 9pm. 重要的是, allocations will need to be completed by 7pm, a considerable time compression compared to current standards. 因此, it is crucial to ensure that trades are booked accurately, with all necessary reference data, 从一开始.
国际影响
A significant proportion of US stocks are held by non-US investors, with around 40% of such investment originating from the UK and Europe. 因此, the impact of T+1 in the US and Canada will be felt globally. 一位与会嘉宾指出，大型国际银行和券商可能已经开始采用“跟随太阳”的交易模式, 这应该给中后台部门敲响警钟，让他们与全球工作标准保持一致. 结果是, 一些公司已经开始将员工重新分配到不同的时区或改变工作时间. 的 panel agreed that there is clearly an imperative for increased automation, 因为在T+1结算环境中，手工流程将承受更大的压力.
小组成员还指出，向T+1的转变引入了一定程度的错位, due to the fact that not all jurisdictions are transitioning simultaneously. Although North American markets are moving in May this year, the UK and the EU are yet to initiate such a change. This misalignment is expected to create friction, particularly in the case of ETFs containing global underlyings, where the ETF will settle on T+1, but the underlying securities will settle on T+2. A similar situation will arise with ADRs, bringing about settlement complexities that did not previously exist. 的 industry has yet to work out how to make these processes more efficient.
当被问及英国和欧盟达成T+1协议的可能性和时机时, one panelist felt that it was very much a case of when, 没有如果. ESMA are now consulting on when the EU should move, and recently undertook a call for evidence to collect stakeholder views. 在英国, 加速结算工作组正在研究在T+1上结算的交易的技术细节. 与会专家一致认为，最近举行的一次行业圆桌会议不仅有欧盟和英国监管机构参加, 还有证券交易委员会, was an encouraging demonstration of global bodies working together.
改变行为?
One panelist highlighted how achieving long-term, 金融市场行业的可持续转型取决于两个关键因素. 首先，建立适当的基础设施和技术是必不可少的. Secondly – and perhaps more importantly – there must be a shift in behaviour. 如果不充分利用技术的潜力，技术的存在是徒劳的. T+1 settlement, therefore, necessitates a fundamental behavioural change. 的 technology involved is not novel, said the panelist; the transition involves moving from batch processing to real-time operations and improving the quality of reference data. 因此，它不需要对市场结构或技术进行彻底改革, rather it instigates a shift in behavioural patterns, 迫使市场参与者重新评估如何考虑采取更综合的方法, taking into account issues such as disparate time zones, aligning securities lending more closely with cash transactions, 外汇的元素, and how to service clients across multiple jurisdictions, 例如.
vns6060威尼斯城官网供应商和服务提供商如何与市场参与者合作, 卡兰卡普尔, 执行董事 – Global Head of 监管 解决方案 at Delta Capita, 评论说:“人们渴望保持领先地位，并采取了许多措施来提高他们的效率水平. 我们正在与客户就各种计划进行合作，以提高关键贸易生命周期流程的自动化程度, 包括确认, 肯定, 和分配. 另外, 我们专注于增强ssi和库存管理等参考数据, as well as refining operating models. 的 development of communication and workflow tools is also a priority, as there is an increasing need for more optimized channels in these areas. 同时, we are engaging with several firms to explore long-term strategic solutions, 考虑区块链和人工智能等技术如何在T+1环境中进一步推进客户的目标.”
股票借贷
听众提出的一个问题是，在T+1环境下，可供借贷的股票减少是否会影响卖空流动性. 一位小组成员回应说，转型肯定会压缩股票借贷决策的时间框架, 参与者将需要确定他们的净买入或卖出头寸，以及他们是否需要借入股票, 能出借股票吗, or need to recall loaned stock, 在交易日结束前. This compression is likely to lead to some initial turbulence, 贷款机构可能会增加缓冲，减少贷款规模，以降低风险. This may, in the short term, affect market liquidity. 然而, 该小组成员乐观地认为，随着时间的推移，市场将适应这些结构性变化, and T+1 will eventually become standard practice, with market operations smoothly adapting to the new timeline.
This article originally appeared in A-Team Insight博客 2024年3月6日.