存 issued the following statement:
“和美国一起。.S. transition to a T+1 结算 cycle less than three months away, market participants must accelerate their preparations with a focus on enhancing operational efficiencies, including the achievement of same-day affirmation.
When the SEC adopted final T+1 rules, the agency instituted new requirements around same-day affirmation practices for both broker-dealers and certain institutional investors to help ensure timely 结算 in a T+1 environment. 重要的是, the requirement for broker-dealers is that they take certain actions so that 100% of all trades are affirmed as soon as technologically practicable and no later than the end of trade date, as reinforced by FINRA in a recent 监管的通知.
In support of T+1 preparedness, in January 2024, 存 published an 确认报告 它建议, for the purposes of the relevant cut off times for trade submission to 直接转矩, the industry affirm at least 90% of all trades by 9:00 PM on trade date. This recommendation derives from analysis we conducted based on 直接转矩-submitted trades currently affirmed on T+1 that settle under the current T+2 timeline.
Our analysis shows that in December 2023, as reported in 存’s 确认报告, 69% of transactions were affirmed by 9:00 PM on trade date. In January, this number increased to 73%. When considering specific market segments as of the end of January 2024,
- Prime Broker Affirmation Rate: 81%
- Investment Manager Auto Affirmation (central match) Rate: 92%
- Custodian or Investment Manager (self) Affirmation Rate: 51%
To ensure preparedness and improve affirmation rates, we highly recommend market participants leverage automated central trade matching solutions with workflows that automatically trigger trade affirmation and the delivery of 直接转矩-eligible securities directly to 直接转矩 for 结算 when a trade match between an investment manager and executing broker is achieved. 同时, firms should ensure their buy-side clients are aware of their responsibilities around same-day affirmation. By automating post-trade processes, increasing communication with counterparties and adopting best practices, industry participants will be better placed to achieve T+1, maintain existing market efficiencies and contribute to a safer, more efficient marketplace.”
对存
With 50 years of experience, 存 is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, 存, 通过其子公司, 自动化, 集中, standardizes the processing of financial transactions, 减轻风险, 提高透明度, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, 结算, 资产维修, 事务处理, trade reporting and data services across asset classes and bringing increased security, enhanced resilience and soundness to financial markets. In 2022, 存’s subsidiaries processed securities transactions valued at U.S. $2.5 quadrillion and its depository subsidiary provided custody and 资产维修 for securities issues from over 150 countries and territories valued at U.S. 72万亿美元. 存’s Global Trade 存储库 service, through locally registered, 许可, or approved trade repositories, 处理超过17个.5 billion messages annually. To learn more, please visit us at www.存.com 或者和我们联系 LinkedIn, X, YouTube, 脸谱网, Instagram.