倒计时钟已经开始了:离现在只有一年了, 该行业有望无缝、高效地在美国结算交易.S. 股票, 公司债券, 市政债券, 单位投资信托在一个工作日内完成, 在24小时内. 但在行业达到T+1之前, 必须进行大量更改以支持向a的迁移 缩短结算周期.
存一直在与SIFMA, ICI和 T+1行业工作组 概述T+1转变所需的步骤，并将这些变化传达给行业. 各方发出了一个响亮的信息:向“T+1”的转变即将到来, 受影响的公司需要制定计划, 准备, 和测试. 不要拖延，2024年5月28日，现在离我们还有一年的时间.
Ana Lotharius, ITPvnsr威尼斯城官网登入管理总监 & 美国工业关系，罗伯特·卡瓦洛， 存 导演,间隙 & 结算vnsr威尼斯城官网登入管理, have been driving projects from across 存的 clearing and settlement businesses to 准备 all systems, 流程, 以及T+1的运算.
重大挑战依然存在, and 存 will continue to partner closely 与 the industry to promote a successful move to T+1 and safeguard the stability of the markets.
阅读下面的五件事，你现在需要做的准备T+1:
The move to a T+1 settlement cycle will affect organizations across the financial services industry and throughout the trade lifecycle. 受影响的市场参与者包括发行人, 资产管理公司, 代理/经销商(零售, 机构, 以及大宗经纪业务), 全球托管业务, 供应商, 服务机构, 转让代理, 交流, 清算公司, 买方公司, 和仓库.
企业应该已经在考虑受影响的业务范围了, 在事务的整个生命周期中, 了解他们自己和他们的对手所受影响的过程. This means a collective inspection of all 流程 and identification of what may need to be done from a technology, 行为, 以及操作角度. And this will be different depending on if firms are coming at this issue from the buy-side or the sell-side of the transaction.
“T+1将对事务生命周期产生上游和下游影响, 从当日开户到主要经纪人的退出程序, 从零售和机构交易到公司行为, many areas of clearing and settling will experience some type of change in order to accommodate the shortened cycle,卡瓦洛说. “公司需要制定项目计划和测试计划, have their budgets in place to support this activity and be ready to remediate any identified gaps. 在T+1环境中, 出错的余地很小，人工干预的时间也很少.”
Accelerating the settlement cycle and further reducing the risks 与in the cycle can be addressed in two ways: through technology – and in some cases, 新技术——并通过缩短实际标准结算周期时间, 安全及适当地.
总的来说，T+1将需要更多地采用行业标准和解决方案. These standards and solutions will help to increase operational efficiency by modifying systems, 开发自动化, 并支持直通式加工.
“Firms that did not make technology changes in the move from T+3 to T+2 in 2017 are now confronted 与 the advent of even further advanced technologies,卡瓦洛说. “Accelerating the settlement cycle is an opportunity to modernize and standardize infrastructure across the industry, 公司应该更新传统技术系统，使手工流程自动化.”
为了加速结算，需要更快地达成交易后的协议和确认. 这是通过增加分配的自动化来实现的, 确认, 以及肯定过程. A reduced dependency on manual 工作流s can help firms not only achieve greater efficiency but also reduce costs.
机构交易的配置是交易后处理的关键步骤之一, 因为一旦交易是在账户级别分配的, 确认和肯定过程开始了. 当前处理, 然而, 数据显示，只有约20%的配置是在交易日内完成的, 其余80%的分配在交易日收盘后进行. Encouraging trades to be allocated throughout the trading day increases the time that firms have available to process 确认s, and thus increases the likelihood of timely affirmations – and this can only be accomplished 与 increased automation. Whether a firm uses their custodian for affirmation or self-affirms, proper instructions are vital.
存 ITP services enable operational efficiency to meet T+1 by providing central matching 工作流s enabling SSI enrichment utilizing our 警报 service 与 golden-sourced data that trigger automatic trade affirmation and delivery of 直接转矩-eligible securities directly to the 直接转矩 for settlement 当投资经理和执行经纪人之间达成交易匹配时. 存的 中医®匹配指令(M2i) 工作流 是买卖双方的基石吗, 允许自动确认，创建更高效的模型 这消除了流程中的重复步骤，降低了失败的风险.
“中医的M2i工作流程是实现T+1结算的关键推动者，”Lotharius说. 事实上，大多数客户使用M2i工作流程来匹配和确认U.S. 交易在交易日晚上9点接近100%当日确认(SDA)率.”
在T+1的压缩时间框架中，行为过程需要更新. 交易对手之间需要发生根本性的变化, 包括远离电子邮件和传真等手工流程.
“证券结算目前涉及一系列人工流程，容易产生风险, 高成本, 以及操作压力, 如果公司仍然手动执行这些步骤，该行业就无法实现T+1洛塔利乌斯说. “Firms will need to move to automated solutions to align 与 the modernization of books and records. The industry needs to rely on automation and straight-though-processing to enable a smooth transition to T+1.”
在2月份, 存 partnered 与 the Canadian Depository for Securities (CDS) 与 the support of the Association for Financial Markets in Europe (AFME), 加拿大资本市场vnsr威尼斯城官网登入(CCMA)和ISITC共同赞助 ValueExchange 调查 that explored industry readiness and emerging challenges tied to the new regulatory requirement across critical segments of the trade lifecycle. Some of the most concerning findings were that more than 40% of respondents had not yet begun planning for T+1, 61%的买方公司对这种转变感到措手不及, 主要跨越中层和精品组织.
最好的补救办法是做好充分的准备，而在美国转向T+1.S. 是否在全球引发了讨论. 这两个你.S. 和班.S. 机构 investors will need to adopt process and 行为 changes to meet new cut off times. 有一个确定的过渡日期, 市场参与者可以开始为T+1做集中准备, 无论地理位置如何.
考虑到交易日期的综合时间框架, there is very little leeway for delays and firms should take that into account as they go through their development 和测试ing plans. 存 has done this same exercise by completing a “T+1 Health Assessment” of services and systems that will be impacted by the transition to a T+1 settlement cycle.
“所有公司都需要真正了解这一举措的端到端影响. By understanding the rules and what is expected and ensuring that robust test plans are in place for technology, 软件, 还有你的供应商, 公司可以为明年5月的实施日期做好准备洛塔利乌斯说. “我们准备与市场参与者合作进行测试, 评估工作流程, 优化全球运营模式, 推动更大程度的自动化.”
显然，在通往美国“T+1”的道路上，前方还有许多未知数.S., 但在此过程中，有一些准备工作的里程碑要达到, 参与的关键领域, 以及要落实到位的制度. 支持行业准备工作, 存创建了一个强大的T+1测试项目，将于8月14日启动, 2023, 与 该行业旨在支持完整的端到端测试.
Firms should consider the various 流程 impacted by the T+1 functional changes and determine their scope of testing.
“There is a lot that happens outside of 存的 four walls that also needs comprehensive testing, 包括为拥有全球足迹的公司提供外汇服务, 与交易对手进行测试, 服务机构和供应商以及任何内部操作工作流程,卡瓦洛说. “Firms also need to assess the resilience of their systems in all areas and perform adequate resiliency testing.”
该行业的T+1测试定于8月14日开始, 2023, 至5月31日, 2024, 使用21个双周测试周期. 存的 T+1详细测试方法，以及UST1上的其他支持文件.Org提供的服务是为了帮助公司准备测试. T+1测试不是强制性的，但强烈建议这样做.
“The number of changes and the magnitude of the firms making the changes means we need a comprehensive and well-coordinated test to confirm readiness and ensure a successful industry implementation,卡瓦洛说. “当涉及到测试时，没有放之四海而皆准的方法. Members can test for T+1 settlement based on the changes made to their respective systems and 流程. We are very excited to have the 存 集成 Team playing a leading role in this effort and expect that they will help our clients achieve their goals as this journey moves forward.”
做好准备
“We realize that many clients might not have the subject matter expertise or the resourcing to conduct a comprehensive impact analysis or execute on all the projects required to be ready by May 2024, 这就是存咨询服务的用武之地,大卫·柯比说, 证券实务主管, 存咨询服务. “Our experts bring deep industry experience and decades of 帖子-trade knowledge to support firms along every step of their T+1 readiness journey from impact analysis to project design and execution all the way through 帖子-implementation remediation."