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Conversations heating up around accelerated settlement, operational efficiency.

Over the last 30 years, there have been several major industry developments and changes, including the acceleration of settlement cycles in the U.S. from T+5 to T+3, and then T+3 to T+2. 作为美国.S. and Canada now eye a move to T+1 on 28 May 2024 following India’s move in 2022, 围绕加速和解这一话题的讨论再次升温.

Related: T+1: How the Shortening of the USA 结算 Cycle May Impact APAC

One specific issue that was identified in a Q1, 2023 ValueExchange的调查显示,很多受访者并不知道他们在关键领域的T+1准备计划, such as when they expected to complete core processes, what time they would conduct recalls, 他们什么时候会做外汇交易,甚至什么时候T+1项目会运行,或者他们会花多少钱. Since the ValueExchange survey was conducted, 好消息是,许多公司已经开始理解并认识到向T+1的转变将如何影响他们, and they are actively reaching out to solution providers, along with their counterparties and agents, 讨论具体的实现选项和各种工作流程的含义.

Dispelling Assumptions

也就是说, 亚太地区的机构投资者普遍存在一种误解,认为转移至T+1所需的运营负担将由其托管人和经纪人管理. This was the case with the U.S. 2017年转到T+2, 在哪里,买方公司能够将繁重的操作任务委托给它们的托管人和交易对手经纪人. Due to the compressed timeline for T+1, 然而, 值得注意的是,这一次买方公司需要更积极地参与进来.

在新的联合国.S. T+1授权,买方公司将需要积极确保交易的确认- i.e., 在交易后, 预结算流程-在指定的行业截止时间(美国东部时间交易日晚上9点)前完成,或不迟于美国.S. 美国证券交易委员会(SEC)交易日结束的截止日期-简称当日确认(SDA). Under the new SEC rules, U.S. brokers are required to implement policies or agreements designed to achieve SDA. To meet these new U.S. broker expectations, 买方公司可以自己执行确认或将此任务委托给其托管人, but regardless of how this is performed, the buy-side retains the responsibility either way.

Related: Early Indicators Point to T+1 Testing Success

Demystifying Affirmation Process

Trade affirmation is a critical step in 帖子-trade processing when trading in U.S. 市场. An affirmation is an action taken by the institutional investment manager, custodian or prime broker to agree to the details of the trade, such as the identities of parties involved, standing settlement instructions, and settlement accounts at the depository. 这个过程类似于在亚太市场进行的预结算匹配或预匹配过程.

The purpose of the affirmation is to ensure that all trade details, including allocations and standing settlement instructions, are matched and confirmed by both sides of the transaction so accurate information is sent to the local depository; in the case of the U.S. 市场, this is the Depository Trust Company. 确认过程有助于确保结算顺利进行,并且结算失败的唯一原因是由于证券或资金不足-不应由于指令不匹配而导致结算失败.

Explaining Trade Matching, Allocation

贸易匹配和贸易分配是亚太地区贸易后加工的常用术语, 在贸易匹配与配置和肯定的区别上存在一些问题.

在一般情况下, upon the completion of a trade, 匹配和分配是交易后处理的初始步骤,市场参与者可以利用自动中央匹配解决方案,有效地将股票分配或分配给各自的基金,并匹配相关的交易细节. 所涉及的实体可能因机构投资经理作出的具体安排而有所不同. 在买方, 匹配和配置可以由机构投资经理或外包商完成. 卖方, 交易对手可以是与机构投资经理位于同一国家的经纪商. For example, an institutional investment manager in Korea investing in the U.S. market is served by a Korean broker. 另外, 交易撮合过程可以由香港的一家全球性证券公司管理, 或者机构投资经理可以直接与美国当地的经纪人打交道.S.

亚太地区的机构投资者普遍存在一种误解,认为转移至T+1所需的运营负担将由其托管人和经纪人管理.

贸易匹配与制度性交易后处理的配置与肯定的关键区别在于:前者是成功促成结算所必需的,而后者是成功促成结算所必需的, specifically same day affirmation, 证券交易委员会新交易法第15c6-2条对经纪自营商的要求是什么. 因为没有单一的全球监管机构管理机构交易的匹配和分配, 市场参与者可以向平台提供商寻求解决方案和最佳实践,以确保标准化和效率.

不足为奇的是, 多年来,交易后领域的自动化水平显著提高, 随着结算时间的压缩,支持贸易匹配和分配过程的各种方法. As firms consider their preparations for T+1, and how they can successfully achieve SDA in line with SEC recommendations, automated 帖子-trade, pre-settlement central matching solutions, 例如存管信托及结算公司(存)的中央配对平台, 中医®, should be considered. Without an automated central matching platform, parties typically perform these activities by exchanging excel files or emails, a manual approach which can be error prone, may result in costly delay and may hinder the achievement of T+1.

前进

鉴于在贸易匹配和分配过程中有各种不同的方法, 目前正在进行的大讨论主要围绕运营效率展开. 此外,对交易生命周期进行彻底的审查,以识别和确定每个活动的行动或责任, 用实时自动化和直通式处理取代手动或批处理是必须的,以确保在过程中没有操作中断或中断. 和, given that industry-wide testing for T+1 readiness has now commenced on August 14, 2023, 亚太地区的公司应该在T+1的准备和测试中走得很好.

This article first appeared in The Asset on August 25, 2023.

瓦尔·沃顿爆头
沃顿瓦尔

存 Managing Director and General Manager, Institutional Trade Processing

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