DTCC and S&P Global collaborate on joint T+1 solution
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.
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.
The move comes as firms prepare for the 2024 implementation of T+1 settlement cycles in the US; addresses domestic and cross-border transactions.
New service leverages Provable Markets' Aurora, and connectivity and integration from FIS to clear first trade.
Conclusions from dedicated task force present current challenges in post-trade processes as well as recommendations on how to address them.