With just under a year to go before requirements to shorten the securities settlement cycle in the U.S. and Canada take effect in 五月 2024, the implementation countdown is officially on.
存 recently held a panel discussion with industry experts across the transaction lifecycle, from custodians to broker/dealers to investment managers, who shared their insights and takeaways while preparing for the shortened settlement cycle.
For a complete discussion on current challenges to overcome, importance of effective impact assessments and the role of automation in driving settlement efficiencies watch the full event replay.
要点是: With less than 12 months until T+1 implementation for the U.S and Canada, the message is clear — if you haven’t started, the time is 现在 to prepare.
测试建议: T+1 will impact all parts of operations and is not limited to securities lending, FX, custody or any one single area. All operational segments need to be identified prior to planning, testing and implementation.
- Engage with clients early to develop comprehensive communication plans and ensure there are no hiccups in the transition is crucial.
- Gather all necessary data for a unified view of the settlement process on any given day to help determine client function models and reconciliations.
- Work with key vendors and third parties to determine their level of readiness.
在此提供帮助: From an operational lens, 存’s Institutional Trade Processing products and services can help firms analyze the entire trade lifecycle and perform in-depth process reviews to find the root cause of inefficiencies to improve straight-through processes and readiness. 此外, 存 Consulting 服务 can help clients prepare with tools including impact assessments, counterparty assessments, testing and reference data.
接下来是什么: The industry’s testing window will open on August 14, 2023; firms should begin preparing processes ahead of industry testing.