无论如何, 美国的流动性最强, 高效和具有成本效益的全球资本市场. The critical role that 存 plays may not be well-known outside the financial services industry, but it fundamentally benefits everyone who participates in capital markets, ranging from the largest public companies to main street investors who rely on markets to help fund their retirements, 筹集资金创业, 购买保险或获得贷款来购买房子或汽车.
在三部分系列的第二部分中， 存:提供公共vnsr威尼斯城官网登入, we review the key advances in clearance and settlement and how they have benefitted the markets.
第一部分: 从纸质证书到千万亿 of Dollars in Securities Each Year
第二部分:清算和结算的进展
由于集中清算和结算, 市场更有效率, 可靠的, 和敏捷, 存一直处于这一转型的最前沿. Here’s a look at some key advances in clearing and settlement and how they promote safety and soundness in equities markets.
结算及结算
集中清算结算: 在交易对手同意交易条款后, the clearinghouse steps in to guarantee that the buyer gets its shares and the seller its cash. Initially, clearing and settlement was done bilaterally between two parties. 今天, 存 serves as the central third party that guarantees completion of the trade, 大大降低交易对手风险. 存’s clearinghouses also have introduced risk-reducing practices, 例如多边网(下面讨论), that significantly reduce the value of trades that are settled each day. The rise of 存 (and its predecessor clearing agencies) also helped eliminate operational risks associated with messengers running stock certificates up and down Wall Street to settle every trade individually through the exchange of paper certificates.
由于集中清算和结算, 市场更有效率, 可靠的 和敏捷.
缩短结算时间: 结算 finality occurs when the parties to a transaction fulfill their obligations under a trade by exchanging funds for delivery of the securities. As clearing became more centralized, settlement times have been drastically reduced. 多年来, the markets operated on a T+5 settlement cycle—meaning trade date plus five business days to settlement. 1995年，美国.S. regulators reduced the settlement cycle from five business days to three business days. In 2017, 经过多年的广泛影响, extensive technology and operational effort—coordinated and harmonized across global markets and regulatory bodies—another day was removed from the settlement cycle. 今天, the industry completes settlement for trades in equities and certain debt securities on the second business day after a trade is executed, T+2. NSCC has long supported processing trades on T+0 or T+1 for participants that request it, 同时利用现有技术. Moving from T+3 to T+2 resulted in reducing the average daily capital requirements for clearing trades through NSCC by approximately 25 percent from 2017 levels, 为行业节省1美元.360亿的保证金要求.
Accelerating settlement for the market to T+2 was a complex and time-consuming initiative that reinforced the biggest challenge was not technology—存’s current infrastructure supports T+1 and limited T+0 settlement cycles today—but rather process and procedure. 例如, 市场行为, legacy infrastructure and operational processes at client firms make it challenging to accelerate further without a coordinated industry effort. 进一步加速结算的潜在好处, including reduced market risk and lower margin requirements, have reignited industry discussions about ways to achieve additional value. 正在审查的倡议包括结算优化, as well as the possibility of intraday movement and settlement of money and securities instead of the traditional focus on end-of-day settlement. 2020年1月, 存对结算夜间周期进行了更改, 进一步提高处理效率. 存 continues to closely collaborate with the industry to evaluate opportunities that would accelerate settlement beyond T+2, including potential support for varying forms of settlement such as real time gross. However, real-time gross settlement could potentially require that transactions in the U.S. 市场将在每笔交易的基础上融资, and thus lose the liquidity and risk-mitigating benefits of today’s netting features.
2021年2月，存发布， Advancing Together: Leading the Industry to Accelerated 结算, which outlines a two-year industry roadmap for shortening the settlement cycle for U.S. 权益到T+1. We look forward to advancing this important work in partnership with our clients, 监管界和主要利益相关者, 正如我们几十年来所做的那样, to deliver greater value and risk reduction for the benefit of clients and ultimately the end investor.
降低风险，增加市场流动性
贸易担保: The clearinghouse interposes itself as the buyer to every seller and the seller to every buyer to guarantee that a trade eventually will settle, 即使原买方或卖方违约.
网: 通过多侧网, NSCC reduces the total value of trades that will be settled by an average of 98% each settlement day. 在每个交易日结束时, netting consolidates the amounts due from and owed to a firm across all the securities it has traded to a single net debit or a net credit position. 为了说明, over a 28-day sample in the months of November and December 2018, 平均总结算余额为3260亿美元, 净收益是320亿美元, 90%的资金需求通过净额抵扣消除. When combined with other 存 margining and risk management protocols, the $5.1 trillion in gross notional daily settlements were reduced to a net daily obligation of almost $400 billion. 结果是, faster settlement times reduced the amount of margin required, 提高市场效率.