短短5分钟, we’ll explore the world of post-trade financial services by way of new ideas, 洞察力片段, 新兴的趋势, 以及发人深省的问题. 在这一集里， 大卫·柯比 证券实务主管, 存咨询服务, 讨论了托管人的未来, 买方和卖方转移到美国.S. 一年后的T+1.
记录:
从美国存, 你现在听到的是第5段, a bite-sized post-trade financial services podcast that tackles an industry topic or trend in just five minutes. Tune in to hear a 存 executive share their perspective on how to grow, 繁荣和保护全球金融市场. 五分钟有很多东西要发现，让我们开始计时吧.
大家好，我是David Kirby. I lead our 咨询服务 practice on the securities side, 我们来讨论一下美国的T+1.S. 今天. It’s been a lifelong dream of mine to film and record a podcast. I’d just think in baseball season it would be about the Yankees vs Red Sox rivalry, 但是今天, 我们这里讨论的是T+1.
今天我们要讲几个话题. 我们从已知的开始, 然后我们再讨论我们不知道的, and we’re also going to continue to what firms really should consider in their preparation for T+1.
What we know – T+1 is happening in North America in 五月 of 2024. 美国.S. 和加拿大在阵亡将士纪念日的周末保持一致, there’s just a slight difference in date where double settlement will occur – U.S. is going to happen on the Tuesday, Canada is going to happen on the Monday. There are processes that will have to be considered 从 your firms, 这取决于你坐的位置, 来解释两者.
我们还知道什么? Requirements have changed, especially for broker-dealers and buy-side firms. 确认过程必须在晚上9点前进行.m. Eastern on trade date – that’s a change 从 the current requirements now, which are T+1. And there are documentation requirements that have to change for all, those are things you need to contemplate with your own legal departments and see how they impact you.
我们还有什么不知道的? 根据我们最近与ValueExchange完成的一项调查, there seems to be a broad scale of things we don’t know as an industry:
- 公司什么时候完成他们的核心流程?
- fx什么时候能完成?
- T+1项目何时运行?
- 项目的成本是多少?
我们不知道公司什么时候会为T+1做好准备.
Those are a lot of things that firms need to consider ahead of building a project, 在你这边建立一个程序.
这让我们想到了准备. What should we think about 从 a preparation standpoint for firms? I think first and foremost, firms need to think about their impact assessment. 根据你所处的位置，影响评估也会有所不同. 作为买方公司，你需要考虑的一些事情是:
- 你的分配过程是什么时候进行的?
- 你在分配过程中使用了哪些工具?
- 肯定是谁?
这只是需要考虑的三件事.
There are things that you need to consider 从 a client-side, especially on the buy-side. Broker-dealers side and Custodians, we can really think about a couple of different things. 你的客户在哪里?? Part of that ‘what we don’t know problem’ is how your global client base is really going to handle the time zone changes. 如果你想到你在亚太地区的客户, they’ve gone 从 having a full day of reconciling issues to having potentially two hours at the start of their day to reconcile differences. 那么，经纪自营商将如何看待它们的影响呢, 看看他们的目标运营模式，找出答案, how are you going to support your global client base ahead of T+1? 这些只是我们正在考虑的一些事情, but it’s all based on an impact assessment that firms need to complete before T+1.
然后我们进入外汇问题. 人们将如何处理外汇? If you sit on the buy-side, are you going to actively manage your cash? 你会主动依赖你的保管人吗? 你打算怎么处理? The answer is different depending on which firm you speak to, 但它又回到了影响, 以及这个过程对公司的影响.
证券借贷也是如此. What do your lending programs look like and what does that new end of day recall deadline at 11:59 mean to you, 作为一家公司, 这取决于你坐的位置? 你们使用贷款中介吗? 你依赖伴侣吗? 你管理自己的书吗? So, 这取决于你在生命周期中的位置, 你坐的地方, 从, I would say is an active management of securities lending book, much of that may need to change 从 a timing perspective -- all things you need to consider.
The last thing I would say 从 a programming perspective is testing. 你考虑过测试对你来说是什么样子的吗? 存 has a testing program built, in place right now, that will kick-off in August of 2023. 我们预计21个2周的测试周期, that we have an integration team that handles and will partner with firms to handle the testing process. 然而, there is an entire upstream effect depending on the amount of impact to your firm, 事情需要被检验. 测试计划需要创建下去, so you understand 从 the start of the trade all the way through to settling, 需要测试哪些影响领域, 展望2023年. All things we need to consider going forward, ahead of T+1 as an initiative.
您可以构建自己的程序, 你可以准备, 你可以测试, 但如果你的交易对手没有做好准备, then that is going to have an impact on your overall performance when it comes to T+1. So, 你的对手, especially where you’re sitting on the broker or the custodian side, 你需要提前考虑对方的行为.
- 您有手动客户机吗?
- Do you have clients who are not affirming or sending allocations by the deadlines now?
- In a T+1 environment, those deadlines move forward as we discussed. 那么，你的交易对手的行为是什么呢?
- Or what does that counterparty behavior look like now and how is that going to impact you for T+1?
These are questions that firms need to answer and that can go 从 the buy-side – how your partners are handling T+1 going forward – to the sell-side, which buy-side firms are impacting your ability to match on T+1? And then, 从 the Custodians, who’s relying on you for the affirmation process? A lot of things to consider as an industry and these are just some of the highlights that we need to look at in order to really facilitate a more efficient process going forward into T+1.
If you need help for this, there are tons of resources available both through the 存 and otherwise. We have a 咨询服务 practice that is dedicated towards securities and post-trade efficiency. 我们可以帮你做影响评估, 我们可以帮助进行交易对手评估, 我们可以帮助建立和执行一个测试程序. 我们还可以通过我们的vnsr威尼斯城官网登入套件提供帮助. ITP has an entire suite of products that’s dedicated towards STP on the institutional investor side. Those tools 从 警报 to 中医 to SSM really bring us forward 从 an efficiency standpoint.
Lastly, if any questions come up 从 you or your firm, reach out to the 存. 我们可以协助, whether it be through Consulting or through our core practices, 我们在这里帮助业界为T+1做好准备, 我期待着帮助你们每个人实现这一目标.
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