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Is T+1 Settlement Achievable?

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About this talk

Shorter settlement cycles are on peoples’ minds again in the wake of the very successful industry move to transaction date plus two days (T+2) in 2017. The operational pain caused by the pandemic lockdown is also causing many to seek change. The DTCC has launched an ambitious two-year industry roadmap to move U.S. equities to a one-day settlement cycle after execution. This T+1 effort would mean post-trade operations would have to be far less reliant upon overnight batch processing. The tighter time frame also means that there is little leeway for errors such as the wrong CUSIP or LEI identification. Standard settlement instructions (SSIs) would also have to be correct and clear. But, once major challenges are met, securities firms should be able to reap the benefits of fewer trade breaks, much lower Value at Risk (VAR) and counterparty risk levels, staff members moving on from tedious trade-fixing tasks, and a new confidence about data vetting processes.

This panel will explore the many issues involved in the T+1 transition:

• What are the high costs associated with failed trades?

• How will hedge funds, asset managers, and custodians be impacted by the T+1 transition? How do those impacts compare to those for the sell side?

• How can Ops teams argue for the extra budgeting they will need for the T+1 transition?

• How can Ops teams counter the opposition to shorter settlement cycles within the corporate culture?

• What is the best way for Ops teams to build coalitions across the enterprise for T+1?

• What conditions would raise comfort levels about the T+1 effort?

• What are the major breaks the trade lifecycle that T+2 exposed? Will those breaks still be a problem?

• What role might DLT / blockchains play in the T+1 transition?

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