The US move to T+1 settlement is going to impact firms in all regions and those investing internationally must comprehend the new rules, 它们将如何影响交易对手及其需要采取的行动.
这是根据 沃顿瓦尔, 董事总经理, 机构贸易加工总经理, 存, who said that it is also critical to recognize that T+1 will touch every aspect of the trade lifecycle. “因此, 每项活动都应明确界定, 理解, 并得到交易各方的一致同意,他说.
Related: Affirmation progress report details 帖子-trade best practices to achieve T+1
针对非美国投资经理, becoming familiar with trade affirmation – a US 帖子 trade processing requirement whereby the custodian, investment manager or prime broker agree to the details of the broker’s 确认 – is important. Automated trade affirmation is supported by 存 机构贸易处理’s (ITP) TradeSuite ID® 服务，每年处理大约4亿份经纪人确认. 建议投资经理确认经纪人的确认, 但这个责任可以委托给代理人(托管人或主要经纪人)。,他说.
根据沃顿的说法, increased operational efficiency and end-to-end automation are pre-requisites to achieving a T+1 settlement cycle. 具体地说, 他说, critical activities that follow upon a trade match between an investment manager and the broker – allocation, 确认, 肯定-应该是自动化的. 除了赶在紧迫的结算期限之前, a zero-touch workflow where trade affirmations are automatically triggered to enable settlement will help to reduce trade fails and cope with sudden increases in trade volumes during periods of market volatility.
以满足紧张的结算窗口, the industry is recommending that trade allocations be completed by 7pm Eastern Time, and trade 确认 and affirmation be conducted by the parties to the trade and completed by the 直接转矩 cutoff time of 9pm Eastern Time on trade date.
沃顿说，除了满足直接转矩截止时间的明显好处之外, there is the additional consideration that if transactions are not affirmed via 国际旅游业伙伴关系的 TradeSuite ID service by 9pm ET on trade date, the deliverer will need to issue a night delivery order (NDO) by 11:30pm ET on trade date, 或当日交货单(DDO), 以确保T+1结算. “NDOs and DDOs incur additional charges per transaction which are much higher than any fees for using TradeSuite ID affirmation,他补充道.
Each firm should also fully understand what their individual custodian’s cutoff times are so they can manage to those parameters especially if they are working across time zones (like EMEA and APAC).
“By, 现代化, 加强, or replacing existing technology to achieve higher levels of straight through processing, firms can help to ensure a smooth transition to T+1 within a short amount of time,他强调说.
存’s ITP services support straight through processing for its clients around the globe. 创新科技计划的中央配对服务 中医®, has a workflow called Match to Instruct (M2i) which streamlines what is currently a multi-step process of allocation matching in the middle office and then 确认 affirmation in the back office.
“We consolidate that down into a single process where the matching in 中医 between the investment manager’s allocation and the broker’s 确认 is the affirmation of the trade,他补充道. 当这种贸易得到肯定时, it flows down from 中医 to the 直接转矩 through TradeSuite ID and is staged or prepared for authorization and settlement, 非常高效的工作流程,沃顿说. “另外, ITP is working to take the concept of 中医’s M2i workflow and the direct connection to 直接转矩 and NSCC in the US and apply it across the globe by partnering with other CCPs and CSDs.”
The benefits of automation are not limited to matching and 确认 – it also applies to Standing 结算 Instructions (SSIs), 谁保证贸易结算, 保证金和付款是为正确的账户发送的.
相关:管理T+1的外汇挑战
然而, 因为ssi是不时变化的活生生的呼吸数据点, firms using manual processes to manage their SSIs are not always using the most up to date data. In fact, inaccurate or incomplete SSIs are one of the primary reasons for settlement fails. 国际旅游业伙伴关系的 警报® service是一个在线的全球SSI数据库, 迄今为止存储了超过1500万个ssi, that automates the communication and maintenance of SSIs – helping clients ensure their data is the most accurate.
为更短的结算周期做准备, firms should consider solutions that provide them with insights into their operational performance. These solutions are already available and can provide a wealth of metrics on same day agreement, 当日入境, submission time 确认 and affirmation rates against custodian cutoff times.
例如, subscribers of 存 国际旅游业伙伴关系的 中医 and/or TradeSuite ID services can now access a T+1 Scorecard, a dynamic dashboard engineered to help analyze the level of preparedness for the implementation of T+1 in US and eventually other financial markets.
The dashboard highlights relevant metrics such as what time allocations and 确认s are submitted and what time confirms are affirmed. “T +1记分卡指标, 行业基准, and trend analysis can be a crucial part of a firm’s preparations for a T+1 settlement cycle, as well as assist with identifying areas of operational inefficiency in 帖子-trade processes.”
The transition to a T+1 settlement cycle in the US will have far reaching implications for firms globally requiring a need for a comprehensive understanding of all steps in the 帖子-trade lifecycle. 自动化, 尤其是在分配这样的关键活动中, 确认 and affirmation is essential for achieving T+1 and minimizing settlement fails. Firms are urged to embrace automated solutions and tools to enhance their operational efficiency and prepare for the upcoming accelerated settlement timeframe.
本文最初发表于 交易员杂志 2024年1月31日.