在美国，通往“T+1”的道路上还有许多未知数, 但在此过程中，有一些准备工作的里程碑要达到, 参与的关键领域, and systems to put in place as the industry faces up to challenges in achieving overall readiness for this critical yet seismic change, 大卫·柯比说, 存 美洲关系管理执行董事 & 全球客户管理.
相关:查看所有回放 & 从我们的“加速到T+1”系列总结
我们很容易被T+1的挑战所消耗, 但是我们需要记住加速解决的好处是什么?
存长期以来一直主张缩短证券结算周期，以增强市场弹性, 降低保证金要求，降低投资者成本. 早在2021年2月，我们就发布了一份 行业白皮书 on T+1 including risk model simulation results that showed a potential 41% reduction in volatility margin requirements by taking that one day out of the settlement cycle. 最终，一笔交易在市场上开放的时间越短，失败的风险就越小.
达到T+1准备就绪, 公司将不得不评估他们的流程, controls and technologies and implement solutions and adjust operational processes to gain efficiency in the US market. 现在的问题是，作为一个行业，要做必要的尽职调查，以获得这些好处. Keeping in mind that some of those learnings and efficiencies will be able to be carried forward to other markets that are also considering T+1 in the future.
存在转型中扮演什么角色?
As the industry-owned and -governed provider of the primary clearing and settlement agency for US equities and equities affiliated securities, we have a responsibility to help de-risk the market when it comes to US clearance and settlement. We also have a deep history of helping the market shorten the settlement cycle – from T+5 to T+3, 从T+3到T+2.
存 is currently partnered with the Securities Industry and Financial Markets Association (SIFMA) and the Investment Company Institute (ICI) on efforts to accelerate the US securities settlement cycle from T+2 to T+1. 我们最近发布了 T+1剧本，T+1测试方法，以及其他更新的T+1文档 to provide impacted market participants with a detailed approach to identifying the potential impacts, 实施活动, 时间线, 依赖关系, and risk impacts that market participants should consider in order to successfully prepare for the transition to a T+1 结算 Cycle on 28 May 2024.
我们理解你不能打个响指就做好T+1的准备. 路线图解释了计划和加速所需采取的步骤. 的 key lessons we’ve taken from our previous experiences shortening the settlement cycle focus on the program planning and execution processes, 因为这不仅仅是改变文件的时间, 这是vns6060威尼斯城官网所有导致这种情况的因素以及证券交易周期本身.
的 ValueExchange report flagged up a lot of challenges that all types of organisations are facing – do you think it’s positive that there is that awareness of the challenges out there?
是的, we are encouraged by the high levels of industry awareness because you can’t fix what you don’t know. 的 ValueExchange调查 and subsequent report did a great job in highlighting how the firms situated further from the core US markets are those further away from an awareness standpoint.
无论是确认程序还是外汇, 重要的是要在全球范围内强调有关准备和意识的问题, 这就是我们一直在努力做的, 包括调查和我们继续举办的虚拟T+1系列活动
很明显，这不仅仅是美国面临的挑战, but is it as simple as ‘the further away you get from North America – the bigger the challenge’?
从时区的角度来看，你越往东走，你的时间就越少, 你解决问题的时间就越少, which could be FX or it could be lending related for example – two key areas of concern for firms in the lead up to T+1.
如果你在东京上班时间是T+1, 你有两个小时的时间来调和你在美国股票流动方面遇到的任何问题. That’s just two hours to analyse and correct the data: are there any exceptions on the trade itself? 这笔交易是被租借出去的吗? 对外汇市场有影响吗??
我们认为，围绕这些全球影响开展教育是关键, 哪里有对变化和连锁效应的问责.
如果有一条信息，你可以印在广告牌上，让整个行业都看到, 会是什么呢??
它将围绕自动化展开, reviewing your processes now and understanding how you can get more into the pipe earlier in the day to achieve T+1 settlement. Historically – and certainly right now with existing market conditions – there tends to be a spike of activity around market close, 因此，更多的公司可以更早地进入管道, 最终流程的压力就越小——无论是贷款, 外汇或调和这些交易中的差异.
更早开始为T+1合规做准备，意味着交易对手有更多时间, 经纪人, 与托管人解决问题. It’s not always feasible, but it’s something that we recommend firms consider in their preparations.
继续用广告牌的比喻, 对于不同类型的参与者，会有不同的信息吗?
For the buy-side it would be: start on your T+1 impact assessments now if you have not done so already. 如果你现在还没有完成你的影响评估，你已经迟到了. 今天就开始吧.
For 经纪人 and custodians: start to evaluate how counterparty behaviour is impacting processes. 调查效率低下的领域:他们是否通过电子邮件向你提供指导? 如果是这样，这在未来可行吗? What are the tools available for those firms and helping educate them on the benefits to both sides in using them. 这些是广告牌上的信息.
尽管未来挑战的许多答案超出了存的职权范围, 你们为这个行业提供了什么帮助?
我们的套房 机构贸易处理(ITP)服务 支持自动化和直通式加工. 在T+1之前, 我们将我们的匹配平台整合为一个全球平台, central matching platform and modernised a lot of our infrastructure in preparation for a more efficient workflow to achieve STP, 哪个是T+1的基础.
To accelerate settlement, 帖子-trade allocation, confirmation, and affirmation need to happen faster. ITP services enable operational efficiency to meet T+1 by providing central matching of cross-border and domestic trades via 中医®, with workflows that automatically trigger trade affirmation and delivery of 直接转矩-eligible securities directly to the 直接转矩 for settlement when a trade match between an investment manager and executing broker occurs, 在过程中采取步骤. 的se services also enable automatic trade enrichment with golden-sourced data from 警报® and the tracking of settlement statuses, allowing for seamless connectivity through the settlement lifecycle to reach settlement finality. We have also begun offering ITP数据分析 to help clients leverage their own ITP data to identify areas of remediation and improvement their overall securities processes.
We also realise that many clients might not have the subject matter expertise or the resourcing to conduct a comprehensive impact analysis or execute on all the projects required to be ready by May 2024, 这就是 存咨询服务 进来. Our experts bring deep industry experience and decades of 帖子-trade knowledge to support firms along every step of their T+1 readiness journey from impact analysis to project design and execution all the way through 帖子-implementation remediation.
存对SEC给出的实施日期有何看法?
将结算周期加快到T+1将带来很多好处, 包括降低风险, 降低结算资金要求, 改善资本和流动资金的利用，提高营运效率. 同时, we recognise that significant challenges remain towards implementation and will continue to partner closely with market participants, 还有监管机构, SIFMA和ICI, 促进向“T+1”的成功过渡，维护市场稳定.
本文最初发表于 全球托管人 2023年4月17日.