上周, the Securities Industry 和 Financial Markets Association (SIFMA), the Investment Company Institute (ICI), 和 The Depository Trust & 清算 Corporation (存) 宣布 我们的组织正在合作，努力加快美国经济复苏的步伐.S. 证券结算周期由T+2(交易执行后两个工作日)至T+1(交易执行后一个工作日). 自去年以来，我们一直在与成员国讨论这一努力，目前正在就实现T+1的下一步措施进行深入分析, with expected completion by the end of Q3 2021. 在这项工作之后不久，我们将制定一个迁移到T+1的明确时间表. 此外，我们将评估如何在T+1之后进一步加快结算周期.
Q: Why SIFMA, ICI, 和 the 存?
A: 我们的组织很荣幸能够再次合作加快结算周期, building on our successful effort in 2017 to move from T+3 to T+2. 我们从多年的计划中学到的东西将是无价的，因为我们承担这项重要的工作，这将需要整个行业的重大协调，将跨越多个业务, 功能, 法规. While we recognize the inherent complexities of this effort, 我们也知道，进一步缩短结算周期将提高运营效率, 大幅降低资本要求，降低金融系统风险——所有这些都是我们致力于与业界达成的关键目标.
Q: What is the settlement cycle?
A: The settlement cycle refers to the time between the trade date, when an order is executed in the market, 和 the settlement date, 当参与者用现金交换证券时，交易被认为是最终的. 目前,你.S. 股票和其他vnsr威尼斯城官网登入有标准的两天结算周期(T+2), 这是2017年9月行业从T+3转向T+2的关键里程碑. 目前，该行业正计划进一步缩短结算周期，至执行后一个工作日(T+1)。.
Q: Why is the length of the settlement cycle important?
A: 结算周期的长度很重要，因为在交易执行到证券在客户账户结算之间存在交易对手方不履行其义务的风险. The longer this period of time, the greater the risk. 这种风险在高波动性和紧张的市场条件下变得更高, as unpredictable market events, such as the risk of a firm default, can potentially impact the transfer of cash or ownership of securities. 在目前的T+2结算周期下，风险分散在两个完整的工作日内. 因此, by reducing the settlement cycle to T+1, we would take a full day of risk out of the market.
国家证券清算公司(NSCC)通过保证所有清算交易的结算，降低了集中清算活动的这种风险, 然而, 结算周期的长短也会对保证金要求产生影响. Because a longer settlement cycle equates to increased risk, 市场参与者面临更高的保证金要求，结算周期为两天，以管理这些风险.
Q: What are the benefits of accelerating the settlement cycle?
A: 缩短结算周期将提高市场效率，进一步保护投资者. Accelerating the settlement cycle will help reduce systemic risk, 操作风险, 流动性需求, buy-side counterparty exposure, broker-to-broker counterparty risk, 和, by reducing these risks, 还会降低对经纪交易商的保证金要求和抵押品要求吗. 它还将允许投资者在交易执行和结算后更快地访问他们的资金. 另外, 缩短结算周期将通过减少交易对手之间的风险敞口来减轻系统性风险, between the counterparties to the clearinghouse, 和 for the clearinghouse itself.
Q: What needs to change to reduce settlement time?
A: 结算周期涉及复杂的过程，缩短结算周期需要围绕确定运营和业务影响进行广泛的尽职调查. 结果是, we are currently working to identify 和 analyze the key products, 市场, 和 processes that will need to be modified to move to T+1, including foreign exchange 和 securities lending, the potential impact on institutional trade processing, financing 和 segregation requirements, 以及交易后确认和经纪人处理等流程. 我们致力于大力开展这项工作，并确定了一系列目标来推进这项工作, 包括:
- mitigating risks to investors 和 industry participants;
- analyzing 和 improving current business 和 operational processes;
- minimizing the disruption of important industry services;
- ensuring new risks are not introduced; 和
- conducting a comprehensive cost-benefit analysis.
Q: Why is the industry focused on T+1 和 not T+0?
A: 转向T+1结算周期是一项复杂的工作，需要周密的规划, 执行, 和 testing 和 it would fundamentally change market structure. 而存今天可以使用现有的清算和结算技术支持一些T+0结算, an industry-wide move to T+0 is not feasible at this time.
T+0结算周期不能被所有现有的行业参与者所利用，部分原因是遗留业务和操作流程无法支持当前的交易量或现有的业务结构，并可能给系统带来额外的风险.
Unlike a T+0 scenario, T+1将使该行业保留净收益的风险缓解效益, 这样就可以释放出数十亿美元的保证金，否则这些保证金随时都会在市场上流动. T+1也会给经纪商足够的时间安排融资，让人们能够以保证金购买证券, which is a loan from the broker to the investor.
不过, 我们将与业界合作，探索提前一天实现T+0结算周期的机会, 随着我们不断提高运营效率，并进一步实现整个行业流程的现代化.
Kenneth E. 本特森, Jr. 美国证券业vnsr威尼斯城官网登入的主席兼首席执行官是谁. 他也是全球金融市场vnsr威尼斯城官网登入(GFMA)的首席执行官。.
埃里克J. 锅 is president 和 CEO of the Investment Company Institute, the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), 封闭式基金, 和 unit investment trusts (UITs) in the 美国, 和 similar funds offered to investors in jurisdictions worldwide.
迈克尔·C. Bodson is President 和 Chief Executive Officer of 存. 他也是存主要运营子公司的总裁兼首席执行官, 直接转矩, FICC 和 NSCC 和 a member of 存’s Board of Directors.