U.S. markets now have a September 2017 date to work toward for the move from the current settlement cycle of trade date plus three days (T+3) to a two-day cycle (T+2) because of a recommendation from the T+2 Industry Steering Committee (T+2 ISC), which is guiding the transition. At the same time, officials at the… Read More >>
Japanese Exchanges to Work with IBM Japan on Blockchain Project
Officials of the Japan Exchange Group (JPX) and IBM Japan recently announced that they are jointly developing proof of concept (PoC) tests for the Blockchain distributed ledger technology. This effort marks another major project for the financial services industry, which has been rapidly exploring how Blockchain can be applied to a variety of securities operations…. Read More >>
SIFMA and Others Have Warning for T-TIP Negotiations
Financial services trade association and lobbyist SIFMA and similar groups in Europe have weighed in on the Transatlantic Trade and Investment Partnership (T-TIP) deal between the U.S. and E.U., and they want better regulatory cooperation to avoid any further market fragmentation. The T-TIP has not gotten the same amount of attention as the controversial Trans-Pacific… Read More >>
T+2 Systems Will Get Built in 2016: DTCC
(Editor’s note: The push for a shortened settlement cycle got major boosts last year when SEC Chair Mary Jo White gave a provisional nod to the two-day settlement cycle (T+2), and when the U.S. T+2 Industry Steering Committee (T+2 ISC) submitted its Implementation Playbook to the SEC and released it publicly. The T+2 ISC is… Read More >>
ISC Creates a Map for T+2 Move
The nitty gritty of shorter settlement cycles is getting clearer as the U.S. T+2 International Steering Committee (T+2 ISC) has submitted its Implementation Playbook to the SEC on December 18 and released to the industry on Dec. 21 to provide the industry with a timeline to help them move to a two-day settlement cycle (T+2)… Read More >>
SEC Targets Mutual Funds, ETFs via Curbs on Derivatives
As expected, the SEC has voted to propose new derivatives rules that would limit leverage and other risks for mutual funds, exchange-traded funds (ETFs) and other registered investment companies in the derivatives markets. After a 90-day comment period, the commission is likely to move forward on the new rules. New rules are needed, the commission… Read More >>
Q&A: Firms Still in Limbo over T+2 Changes
(Editor’s Note: Matt Rodgers, senior manager at business consultancy Sapient Global Markets, thinks that it’s a little premature to know what IT infrastructure and solution changes will be required for the transition to trading day plus two settlement (T+2). The efforts of the DTCC, the Securities and Financial Market Association (SIFMA) and major industry players… Read More >>
SIFMA Raises ‘Serious Concerns’ About Cybersecurity Bill
A key Wall Street advocacy group is registering “serious concerns” about the U.S. Senate’s passage by a bipartisan 74 to 21 vote the Cybersecurity Information Sharing Act of 2015, a bill that supporters say will help prevent cyber-attacks upon personal privacy by facilitating the sharing of data about potential cyber threats. The bill, sponsored by… Read More >>
Top Wall Street Firms Begin Overhauls for T+2
Some of the largest buy- and sell-side firms have begun the hard work needed to revamp infrastructures, workflows and budgets to facilitate the move to the shorter T+2 settlement cycle, according to participants at the recent T+2 Symposium, hosted by the Securities and Financial Markets Association (SIFMA). Key industry players, including SIFMA, the DTCC and… Read More >>
SEC’s White: Don’t Wait for Us on T+2
The securities industry’s desire for regulatory certainty on shorter settlement cycles based on the trade date plus two business days (T+2) faces a bit of setback as SEC Chair Mary Jo White suggested the industry continue its work on achieving T+2 without waiting for the SEC to propose the necessary rules. The SEC strongly supports… Read More >>
