The U.S. 美国证券交易委员会(SEC)现在已经通过了一个 May 28, 2024 implementation date for the move to T+1 settlement for transactions in U.S. cash equities, corporates debt, and unit investment trusts. 将24小时结算周期缩短是一项重大挑战，需要全球各地的公司在整个交易周期中进行操作和技术变革.
To 帮助公司了解加速结算的变化和挑战， DTCC’s ongoing "Accelerating to T+1" series, launched last year, 探讨了加速结算和T+1对特定行业的影响.
Related: Discover More from the Accelerating to T+1 Series
Key themes from this session included:
A Priority Focus for Firms
According to new research conducted from the ValueExchange, 许多市场参与者在向T+1转变的过程中面临着整个企业范围的挑战, 反应表明不同公司类型和地理位置的准备程度不同, as well as numerous impacts across the trade lifecycle. 在最新的会议上，行业专家讨论了全球行业的总体准备情况.
“When the industry moved to T+2 in 2017, many firms needed to add resources to support the transition,” said Robert Cavallo, Director, DTCC Clearance and Settlement Product Management. “However, 向T+1的转变是完全不同的——技术和行为上的改变必须是确保成功的目标.”
Firms should be focused on:
- Emphasizing STP: The SEC is emphasizing same-day affirmation as an enabler for STP. The change leaves just one day for firms to allocate, 确认和确认机构交易的确认截止时间为美国东部时间晚上9点. Firms should prioritize straight-through-processing (STP) solutions, 更新遗留的低效率和改变根深蒂固的流程.
- Global Impact: Given time differences around the world, 欧洲和亚太地区的公司将受到不成比例的影响.S. securities. 取消解决异常的唯一日期要求这些地区的公司采用细致入微的方法，并可能实现“遵循太阳模式”,” if applicable.
- Buy-Side Recordkeeping: 买方需要在满足修订后的记录保存规则204-2的要求方面发挥积极作用, 哪些州的注册投资顾问需要制作和保存收到的确认书、分配和发出的确认书的记录, each with a date and time stamp.
- Key Timing Changes: The new best practice submission time for allocations is 7 PM ET, 确认需要在东部时间晚上9点的DTC截止时间之前发生，以便交易以STP方式直接发送到DTC进行结算.
According to Ana Lotharius, Director, DTCC ITP Product Management & Americas Industry Relations, in order to align with the targeted deadlines, 公司不仅需要评估自己的准备情况，还需要开始与服务提供商和交易对手接触，以确定他们的准备程度.
“DTCC’s ITP Data Analytics 服务提供强大的分析工具，使公司能够衡量和比较对手方的运营绩效, industry standards and peers,” she said. “这项服务提供了专门的指标和数据点分析，可以帮助准备搬到美国.S. T+1 settlement cycle.”
Additionally, the DTCC Consulting Services 团队可以帮助公司识别和实现正确的控制和过程增强, benchmark performance against peers, address settlement fails, manage product implementation, revamp technical architecture, optimize overall trade processing operations, and more.
Extensive Testing & Support
DTCC is using an Agile approach for development and testing, 允许在不等待项目完全完成的情况下测试更改. This will allow for changes throughout the project to ensure accuracy, provide flexibility – and keep moving forward.
DTCC has prepared an extensive nine-month testing schedule, starting on August 14, 2023, and will be available through May 31, 2024. 在此期间，DTCC PSE-U测试窗口将开放进行T+1测试. DTCC还将在6月提供PSE-A区域用于T+2测试, 以及任何不受过渡到T+1结算周期影响的服务测试.
测试将在21个双周周期中完成，包括以下场景:
- Implementation Weekend testing
- Corporate Actions
- Exchanges testing
- Good Friday testing
- Bank holiday testing
- Free Format testing
Firms can also do freeform testing based on their individual needs.
“The Friday preceding these test cycles, DTCC和SIFMA将主持测试会议，我们将对这些周期和具体场景中会发生的情况进行一次演练，并允许进行问答环节,” said Cavallo.
在测试阶段，DTCC的集成团队将是咨询和支持的主要联系人.
Value Add of Affirming Trades
为了加速结算，需要更快地达成交易后的协议和确认. This is achieved through increased automation in the allocation, confirmation, and affirmation processes. 减少对手工工作流程的依赖不仅可以帮助公司实现更高的效率，还可以降低成本.
“CTM’s Match to Instruct (M2i) workflow 通过自动触发交易确认，并在投资经理和执行经纪人之间达成交易匹配时，将符合DTC条件的证券直接交付给DTC结算，作为实现T+1结算的关键推动者,” said Lotharius. “In fact, most clients using the M2i workflow to match and affirm U.S. 交易在交易日晚上9点接近100%当日确认(SDA)率.”
通过DTC交付已确认和未确认的交易需要分级收费:
- 4分:DTC处理通过DTC的ID ANE服务处理的确认交易
- 17美分:通过DTC作为夜间交货订单处理的交易
- 54美分:对于通过DTC作为当日交货订单处理的交易
Given the consolidated timeframes on trade date, 延迟的余地很小，公司在进行开发和测试计划时应该考虑到这一点. DTCC通过完成“T+1健康评估”来完成同样的工作，评估将受到向T+1结算周期过渡影响的服务和系统.
“It is a significant effort to accelerate the settlement cycle, 除了广泛而细致的规划和全行业的参与，以支持这一举措, firms must consider the impact on their operations,” said David Kirby, DTCC Executive Director, Head of Americas Relationship Management/Global Account Management. “在交易后操作中采用更高水平的直通式处理和自动化将有助于确保无缝对接。, orchestrated, and responsible implementation in the move to T+1. DTCC认识到在实施过程中仍存在重大挑战，并将继续与市场参与者密切合作, as well as regulators, 促进向“T+1”的成功过渡，维护市场稳定.”
View UST1.org 浏览所有与该行业努力加速美国经济复苏有关的新闻、文件和信息.S. securities settlement cycle.