第5课，通过新思路探索交易后vnsr威尼斯城官网登入的世界, 洞察力片段, 新兴的趋势, and thought-provoking questions.
在这一集里, 肖恩·麦肯蒂, 存 Executive Director, Institutional Trade Processing, 谈到了行业是如何为5月份实施的T+1做准备的，以及为什么肯定率作为准备工作的一部分很重要.
记录:
大家好，我是肖恩·麦肯蒂. I run the matching and agreements business for ITP here at 存. 在这个角色中，T+1的主题，特别是肯定，对我来说是非常重要的. 所以，我今天在这里谈谈我们一月份发表的《vns6060威尼斯城官网》. 我们发布了这份肯定报告，作为对行业的行动呼吁, 因为我们确实相信，肯定和T+1总体上是一项真正的团队运动，需要所有市场参与者的合作. The good news is that in the two months since the publication of that report, where we cited a 69% affirmation rate by 9:00 p.m. on T, that rate has increased to 74.5%. A pretty remarkable result in a two-month window. We'd like to think that the message, not only in that report, but in all the client outreach that we're doing, is resonating with the industry and with 83 days to go, we're not resting on our laurels here. We'll continue the efforts and there's lots of work to be done.
So let me start right off the bat by saying that 90% affirmation rate, which we cite in the title of the Affirmation Report, got a lot of attention from SIFMA and other industry bodies. So, we want to be very clear that the ultimate goal is 100% affirmation. 我们引用90%的原因是因为这是我们今天上午11:30看到的肯定率.m. 在T1, 哪一个是当前确认的截止点我们觉得任何从90%的回归都可能导致和解失败. Which leads to another important point of clarification; we acknowledge that that affirmation is not required for settlement and that, unaffirmed trades will not necessarily fail. Unaffirmed trades settle every day and that will continue in the T1 environment.
话虽如此, we do believe strongly, and we've got the data to support it, 确认过程确实消除了结算过程中的摩擦，实际上确实减少了交易失败. 我们最近与高盛发布的一份新闻稿支持了这一点，该新闻稿显示，他们的客户采用了中医的匹配指导工作流程，获得了99%的肯定率——而这种高肯定率已经转化为M2i客户的失败率减少了65%. 结果是惊人的，这篇文章也引起了业界的广泛关注.
With that said, I want to dive into the analysis a little bit. 我想我们需要先回顾一下，为什么我们要讨论肯定? It's a result of what's referred to as 15c6-2, the piece of the regulation which promotes the completion of allocations, confirmations and affirmations by end of trade date for transactions between broker dealers and institutional customers; this rule requires that the broker-dealer either enter into written agreements or have policies and procedures in place – this is a little bit of a tongue twister – to ensure that that allocation confirmation affirmation happens as soon as technologically practicable or by the end of trade date.
因此，我们再次承认，我们对该规定的解读在交易结束时是100%肯定的. There are no regulatory penalties for not meeting same day affirmation targets, 但我们确实认为这对现实世界有影响，包括在直接转矩结算的成本更高. 例如, 夜间交割订单比确认交易结算成本更高，而且可能更重要, 如果经纪自营商不遵守这一规定，就可能面临SEC采取某种监管行动的风险.
With all that said, I want to dive into the analysis. 我开玩笑地说这是通往90%的道路，当我说我总是有约翰·金在选举之夜在CNN上移动选举人票的视觉形象. 所以，对于那些正在收听播客的人，我会在讲解过程中给你们留下这个图像.
所以, 我们把它分成不同的部分或部分，由各方进行确认, and the various rates that we see. 在论文中，我们指出了这样一个事实，即最高的确认率是流向CNS的主要经纪商交易. 这可能并不奇怪，因为机构经纪商看到了将这些交易纳入交易网的巨大经济利益，他们通过确认截止日期将这些交易纳入交易网. So, the rate by 9:00 p.m. 是81%你们知道已经很好了我们知道前十大经纪公司中有两家目前在晚上9点之后进行批处理.m. and are implementing projects to move to a real-time affirmation process. 我们认为，这两项向实时利率的转变将使整体利率提高8%至10%. So that's a great start towards the 90%.
我们有高度信心的另一个领域是我之前谈到的Match to Instruct工作流. We're seeing affirmation rates in the 90%’s already by 9:00 p.m. for the clients live on Match to Instruct. We have a very strong pipeline of clients. 事实上, in the last month alone we've brought over 50 clients live, a testament to the results that we're seeing as it relates to affirmation rates, 我们认为，到5月28日，这种持续的采用将导致总体确认率的进一步上升.
So, where are the challenging segments? 实际上有两个方面. The biggest challenge that we see is with non-U.S. 在此规定之前，客户可能甚至不熟悉什么是肯定. 许多非美国人.S. asset managers rely on their custodians to do the affirmation and, 更进一步, they're lumped under what we refer to as Omnibus TradeSuite ID where, the investment manager client isn't even identified on the trade suite confirm, it's their custodian’s TradeSuite ID number on the confirm.
When we issued the paper, the rate for that group was 43%. You know great news in January that increased by 8%, huge leap to 51%. 所以, 我们认为这是ITP和我们的托管客户之间强有力的伙伴关系所产生的共鸣, 谁在推动他们的客户群从Omnibus TradeSuite id下转移, get their own TradeSuite IDs, and bring transparency to the whole process. We think that transparency will boost rates naturally,we think there will be a 3% to 4% increase that we can realize there. 最后, we see a challenge with clients that do have their own TradeSuite ID, leverage their custodian, but may not be on 中医; for example, 他们可能没有利用中医，这导致了指令传递给托管人的延迟. 我们认为，随着“匹配指令”的不断采用和上游贸易指令过程的进一步自动化, we'll see another 3% to 4% there.
Again lots of work to be done, but we think there is a path here from where we are today to 90% by 五月 28th. We're optimistic that the goal is achievable, 我们感谢收听本播客的所有人以及整个行业与我们合作实现这一目标的所有努力. 感谢您今天花时间倾听我的讲话，并期待在5月28日到来之际提供进一步的积极更新. 谢谢.