穆雷C. Pozmanter, 存清算机构服务和全球业务运营主管, joined industry leaders at the SIFMA FMS Virtual Conference to discuss how the current initiative to shorten the settlement cycle to T+1 will impact markets both today and in the years ahead.
加快结算周期
It was just a few years ago when the industry moved from three-day to two-day settlement. 波兹曼特指出，由于结算周期缩短到T+2, 交通委一直不断检讨有关影响, 今天的证券结算系统和流程, 以及进一步加速的好处, 包括T + 1, T+0和实时总结算. And the recent excessive volume and volatility was the catalyst for 存’s white paper, “共同前进:引领行业加速结算.”
Pozmanter explained that NSCC typically clears about 200 million transactions on an average day, 净额达到98%, 存从该行业收取60亿至80亿美元的利润. Between the heightened trading during the initial days of the pandemic last year, 到2021年围绕模因库存活动的活动, 市场波动和交易量暴涨. As a result, 存 began to see many days with an excess of 300 million transactions. Volume peaked in January 2021 at 474 million transactions to NSCC and margin of over $30 billion. These days of increased volatility are also seen at various points in the year, 包括在指数再平衡期间.
The intensity and events of the past year were the impetus to accelerate the conversation of shortening the settlement cycle.
“利润率取决于市场波动，并受成交量影响, 没有什么可以减少交易的数量, 但我们可以减少市场上未出清活动的天数,波兹曼特说. “The white paper was in response to the industry’s call for a more efficient way to utilize their capital, and we wanted to mobilize the industry and set a realistic timeline to move to T+1.”
行业参与
回应存的白皮书, SIFMA organized high-level conversations with industry participants to explore the impact of shortening the settlement cycle. 3月, SIFMA, 与德勤合作, began a series of working group sessions to review key challenges of a shortened cycle with major stakeholders representing 27 SIFMA firms. These sessions covered 24 vital areas affected by a switch to a shortened settlement cycle and included affirmations and allocations, 大宗经纪商, 和贷款.
基于这些输出, 这些建议大体上是支持性的, 但还需要进一步分析. 这导致了两个委员会的联合授权 ICI, SIFMA和存 and resulted in a series of discussions that began in June and will run through the end of September, 涵盖14个关键主题.
The move to a shortened settlement cycle has also received provisional approval from U.S. 美国证券交易委员会(SEC)主席加里·詹斯勒, as he cited a reduction in risks and costs in his recent testimony before Congress.
The intensity and events of the past year were the impetus to accelerate the conversation of shortening the settlement cycle.
缩短结算的价值
即使面对前所未有的波动和成交量, 小组成员指出了现行结算制度的可行性. 然而, the recent events have presented an opportunity to transform how the entire industry operates, 包括代理/经销商, 买方, 托管人, 仓库, 以及其他参与者.
金融生态系统的风险和成本, 以及操作摩擦, 随着交易执行和结算之间的天数增加. 除了减少结算和保证金, panelists were excited about the journey to devise a plan to accelerate settlement, noting it is not often stakeholders have an opportunity to rethink and re-imagine market conventions that support ecosystems. One panelist noted it was the industry’s opportunity to create a blueprint and roadmap that benefits all participants.
变革加速器
The successful transition to a T+1 settlement provides an opportunity for the industry to modernize not only settlement infrastructure but improve many processes in the ecosystem. 然而，这其中也有一些含义，包括美国政府的政策.S. being on a different cycle than other regions, hence, these changes need to be done thoughtfully.
The benefits of shortened settlement include a reduction in capital requirements, 对终端投资者来说，这意味着流动性和定价的改善. It will also provide a reduction in counterparty and operational risk and bring better best practices and discipline to markets.
向T+1的转变是努力更快达成和解的开始. One of the most significant benefits will be the conversation to further accelerate the settlement cycle to same day, 或者“T之夜”.“有这么多利益相关者在努力实现T+1, 有一种分析着眼于T+0的可能性, and the role of different market constituents in clearing and settlement transactions.
应将T+0与实时全额结算区分开来. 而两者都发生在同一天, T+0 settlement takes advantage of all netting that provides capital efficiency to the industry.
Panelists noted that in any shortened settlement — T+1 or T+0 — the money and securities need to move with the same level of efficiency that 存 already provides. 当考虑转移到同步交易的环境时, there is the possibility of more inefficiencies than benefits and knock-down effects to other processes.
更快结算之旅
The journey to T+1 gives the entire financial markets ecosystem a unique opportunity to look at the way processes work to not only move to T+1, but also T+0 and this move is achievable with the current technology and platforms, 现在很多交易都是这样执行的. Pozmanter explained, “T+1 is an interim step for the industry as well as a stopping point to T0. Real-time gross settlement scenario is probably not practical given today’s volumes as the industry would lose tremendous benefits, 包括网, 对融资的影响, 证券借贷及买方活动.”
波兹曼特还建议，随着公司开始关注流程, 惯例和行为转移到T+1, 对话应该包括到第0步. And, as 存 prepares for T+1, the firm is also working on a parallel track for a T0 settlement.
存’s current structure and technology already allow accelerated settlement. The firm will begin to publish this data daily and review with clients to ensure a common understanding of what those transactions represent and how they can be facilitated into a T+0 process. “Currently, NSCC and 直接转矩 settle thousands of transactions on T+1 and T+0 on a daily basis. NSCC trades real-time settlement until 11:30AM and bilateral transactions settle instantaneously at 直接转矩 till the close of the day,波兹曼特补充道.