(To help its securities lending clients with their transition to T+1 shorter settlement, Brown Brothers Harriman (BBH) is examining securities loan recall lifecycles to find any latencies that may be caused by batch processing or bespoke messaging for Swift processes, says Sarah Holmes, global head of securities lending at BBH. In her new role, Holmes… Read More >>
T+1 Will Create a Complex Choreography for Ops
When the North American securities industry starts settling trades the day after they’re executed in May 2024, it will be the culmination of a process dating back at least 30 years. Shortly after the Securities and Exchange Commission (SEC) cut the trade settlement cycle in 1993 to the third business day following trade execution (T+3)… Read More >>
T+1 Could Expose Ops Woes for Many Firms
The pain, suffering, and costs of doing business in the global securities industry are likely to increase as a result of the push for shorter settlement cycles, which is underway in the U.S. and Canada as firms there transition to trading day plus one, a.k.a. T+1. That was one of the unvarnished takeaways from a… Read More >>
T+1 Will Overhaul Securities Lending: Report
A new report from Citi — “Securities Services Evolution 2023” — argues that the move to shorter, T+1 settlement will leave no one in securities operations untouched. However, the report strongly argues that securities lending is in for a rollercoaster ride as securities firms move to T+1. Firms and other market participants will need to… Read More >>
SS&C Bolsters Tier 1 CRM Platform & Other News
SS&C’s Tier 1 Gains Users & Features The Tier 1 capital markets and investment banking customer relationship management (CRM) platform from SS&C Technologies has been enhanced, has more than 1,000 new end-users, and has the support of more staff members, officials say. The new features “include improved data insights and in-app information delivery,” officials… Read More >>
Old Ops IT Systems Can’t Support T+1: Q&A
(Editor’s note: Earlier this year, Sam Farrell was appointed as head of North America for Torstone Technology, maker of a software-as-a-service (SaaS) platform for post-trade securities and derivatives processing. Based in Toronto, he oversees U.S. and Canadian operations. A key focus for Farrell will be the North American push for trading day plus one (T+1)… Read More >>
Will Europe Move to T+1?
The move to a shorter settlement cycle for European equities has many more moving parts than the transition in the U.S. and Canada, which are moving fast from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for equity markets. In addition, Europe does yet face pressure from… Read More >>
Firms Are Looking for T+1 Accelerators: Q&A
(Editor’s note: Last month, the SEC passed a set of amendments and new rules that make possible an industry-wide move from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for U.S. equity markets. The SEC also endorsed a compliance date of May 28, 2024, for the start… Read More >>
SEC Approves Amendments to Allow T+1 Settlement
The SEC’s commissioners voted 3 to 2 on Wednesday to pass a set of amendments and new rules that would facilitate an industry-wide move from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for U.S. equity markets. The vote also endorsed a compliance date of May 28,… Read More >>
DTCC Guide Demystifies T+1 Testing
In the U.S., there have been many serious discussions and efforts to move the securities industry from the trading day plus two (T+2) settlement cycle to T+1. In addition, the regulators, standards groups, and industry associations are mulling the changes that must be made to facilitate the shift to T+1. But, at some point, the… Read More >>
