The goalpost for the move by U.S. equities markets from T+2 to the shorter T+1 settlement cycle has shifted from 2023 to the first half of 2024 after an outreach to the industry revealed that more time was needed to revamp and test systems, workflows, and operations to facilitate this fundamental change to securities transaction processing…. Read More >>
SEC Sought ISITC’s Advice on T+1: Q&A
(FTF News recently spoke with Lisa Iagatta, the ISITC chair for the past three years, as ISITC’s Virtual Fall Forum 2021, held earlier this month, was winding down. Iagatta touched on the T+1 shorter settlement cycle push, led by the DTCC, SIFMA, and the ICI, and looked back at her time at the helm, which… Read More >>
DTCC Moves Ahead with DLT-Based Settlement Platform
The DTCC is moving ahead with its alternative securities settlement platform —the Project Ion initiative — based upon distributed ledger technology (DLT) after “a successful prototype pilot” with market participants, officials say. The prototype pilot showed that DLT could support the shorter settlement cycles of trading day plus one (T+1) and settlement on the trading… Read More >>
No Showstoppers for T+1 Overhaul: ISITC Panel
While no one would mistake the T+1 shorter settlement drama for a joyous Broadway musical, there are not likely to be any showstoppers as the securities industry transitions to a one-day settlement cycle after execution for U.S. equities. But there’s a lot of work ahead. So says a panel of experts assembled by ISITC for… Read More >>
SIFMA, ICI, DTCC Seek SEC’s Help with T+1
The major backers of the move to shorten the U.S. securities industry settlement cycle from T+2 to T+1 by 2023 are moving full speed ahead as they reach out via a letter to the SEC about potential regulatory changes. Officials from the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and… Read More >>
T+1 Update: Feedback Will Determine Time Frame
The push to shorten the U.S. securities settlement cycle from T+2 to T+1 by 2023 is well into the information-gathering stage via private industry workshops that will decide the details of the time frame for the transition, which is expected to be announced during the last quarter of this year. The workshops are also helping… Read More >>
SIFMA, ICI and DTCC Launch T+1 Outreach
The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) are reaching out to financial services firms to gather more information for a new push to shorten the U.S. securities settlement cycle from T+2 to T+1, and they are aiming to complete their information… Read More >>
Momentum is Building for T+1: Q&A
(Editor’s Note: The COVID-19 pandemic impacted many aspects of securities operations and the DTCC just released a white paper, “Managing through a Pandemic: The Impact of COVID-19 on Capital Markets Operations,” that explores how securities operations teams functioned during the worst of the lockdown. The report acknowledges that firms will “further automate” post-trade lifecycles and… Read More >>
T+1 in Two Years Says DTCC
Is T+1 settlement possible in two years? Officials at the Depository Trust and Clearing Corp. (DTCC) think so and have released a two-year industry roadmap for a one-day settlement cycle after execution for U.S. equities, also known as T+1. Building upon the successful T+2 effort in 2017, the DTCC is making its case via a… Read More >>
CME Launches Ether-Dollar Reference Rate & Index
Crypto Facilities to Provide Calculations for New Services CME Group, the derivatives marketplace, and Crypto Facilities Ltd, a cryptocurrency trading platform, report the launch of the CME CF Ether-Dollar Reference Rate, which will provide a daily benchmark price in U.S. dollars at 4 pm London time, and CME CF Ether-Dollar Real Time Index, which will… Read More >>
