曾经有一段时间，亚洲机构投资者必须在交易完成后的5个工作日内完成美国证券交易, 或T + 5. 然后, in 1995, 美国证券交易委员会(SEC)实施了T+3结算周期, which subsequently accelerated to T+2 in 2017.
Related: Why Post-Trade Automation Must Take Center Stage
所有这些都得益于行业合作以及技术和工艺的进步. Fast forward to today, the SEC has announced the implementation of a T+1 settlement in the US, effective May 28, 2024. 将结算周期缩短到T+1应该会给行业带来很多好处, including reduced risk, lowered clearing fund requirements, improved capital and liquidity utilization, and increased operational efficiency.
It will also bring unique challenges.
With the settlement cycle reduced by one business day, 在结算之前，公司将有不到24小时的时间来完成所需的操作任务. In the absence of real-time operational processing, there will be little room for errors or time to fix issues.
美国证券交易委员会的新规定要求经纪自营商及其交易对手完成分配, 确认, 并在技术可行的情况下尽快作出确认，不迟于交易结束日期, 分配额外vns6060威尼斯城官网来管理贸易后活动已不再是可行的选择. In the new T+1 environment, 业界建议贸易确认在美国东部时间交易日晚上9点前完成，以实现当日确认(SDA)和到期日的贸易结算.
在T+1的压缩时间框架中，行为过程需要更新. 这意味着交易对手之间需要发生根本性的变化, 包括从电子邮件和传真等手动流程转向采用自动化.
The Change in Operational Requirements
让我们首先看看向T+1的过渡将如何影响机构交易的处理.
In the US clearing and settlement framework, 机构交易的处理本质上要求投资经理分配伴随交易结算信息的大宗交易, or standing settlement instructions (SSIs), to their brokers. 经纪人通过提供详细的交易记录来确认交易, including what was traded, the date of the trade, 成本, and the net value. The affirmation process then takes place, 要求投资经理或其指定的托管人或主要经纪人确认交易.
这些操作步骤现在需要在交易日期完成，以便匹配和商定的交易无缝地发送到结算. With less time in the settlement cycle, automation of 帖子-trade 流程 will be critical to success.
To ensure compliance, 公司应着手进行影响分析，以评估当前的流程和技术，以确定是否需要进行改变. 在评估过程中考虑数字和分析工具将有助于获得当前运营效率的指标，并获得与T+1相关的新见解. 这些见解可以使公司纠正或预测潜在的运营障碍.
Related: With less than a year to go, are we all set for T+1?
最终, 在整个交易后处理生命周期中，采用更高水平的自动化和启用端到端直通式处理(STP)对于防止操作中断和确保在美国结算的交易按照T+1结算周期结算至关重要. 另外, for all Registered Investment Advisers, 使用数字工具存档历史贸易记录将满足新的记录保存要求.
The Impact on Asia
亚洲的公司将需要消除其运营流程中的任何摩擦，并确保跨时区的效率，以便在美国市场交易时迅速匹配和按时结算交易. Aside from increasing automation, leveraging a centralized, 具有最新结算和账户详细信息的ssi自动化数据库将加速STP，并应减少贸易不匹配和潜在的贸易失败.
At the same time, 亚洲的公司必须考虑跨境贸易的融资问题, 当交易达到匹配协议状态时，通常会发生什么.
Looking at the squeezed timeframe needed to settle trades on T+1, 当印度在分阶段实施的时间表中转向T+1时，该行业可以向印度学习管理外汇需求的经验. 以印度为例, 整个行业聚集在一起，解决与外汇交易后工作流程相关的挑战, including FX liquidity. Given the nuances of each local market, “一刀切”的外汇融资管理方法在亚洲行不通.
建议在基金层面审查外汇需求，或者考虑内部和外包解决方案的组合, in collaboration with appointed custodians and intermediaries. 另外, 投资经理可以向其托管人提供长期融资指示，以便在交易完成后立即释放资金. This approach is applicable when there are funds parked with custodians.
前面的路
With less than a year until the US T+1 implementation date, 亚洲的公司正在争分夺秒地建立一个运营框架，以确保遵守即将到来的授权. 虽然通过对系统和流程的增量调整来解决T+1操作挑战可能很诱人, 从长远来看，交错修复可能会使公司面临更大的风险和成本.
传统上，对中间和后台的投资并不是首要任务. 也就是说, 现在是时候认真考虑战略和整体投资，通过建立从交易执行到结算最终的零接触环境来简化交易后处理. The solution will help to lower operating costs and risks, 并有助于防范未来不断变化的监管义务和前所未有的事件.
Firms should seek guidance and consult with experts, 根据需要, to assess front-to-back securities workflows, navigate the misalignment of settlement cycles across global markets, and—most importantly—identify critical changes required to move to T+1.
There are lessons to learn from “invest now, save more later” when implementing change management involving people, 流程, 和系统. The time to prepare is now.
This article was originally published to WatersTechnology on 小君e 20, 2023.