DTCC’s Smart NAV pilot report reveals the importance of interoperability and data standards in the emerging landscape of digital assets, paving the way for a future where trusted data is the cornerstone of financial innovation.
DTCC urges organisations to accelerate their preparations and readiness ahead of the switch next month.
Sumitomo Mitsui Trust is the first Japanese asset manager to adopt the ITP services through Nomura Research Institute’s (NRI) SmartBridge Advance – a collaborative offering built in partnership by DTCC and NRI.
The T+1 service aims to support clients impacted by the upcoming T+1 settlement deadline set forth by the US Securities and Exchange Commission (SEC) slated for 28 May 2024.
With this initiative, the post-trade giant seeks to address longstanding challenges in asset services related to the sourcing of corporate actions announcements
Goldman Sachs has achieved more than 99% same day affirmation rates and improved settlement rates for transactions utilising DTCC’s Match to Instruct workflow.
Trades processed through the NSCC are on track, with more work to be done around the bilateral settlement segment.
Education on the affirmation process is particularly important for Europe and Asia-based clients.
DTCC happy with the level of participation across its testing cycles, so far only encountering some “minor setup issues”.
Executives from the DTCC, Goldman Sachs, JP Morgan and AFME want to see an improvement in settlement efficiency in Europe before committing to a shortened settlement cycle.