存 has long advocated for shortening the settlement cycle to enhance market resilience, 降低保证金要求，降低投资者成本. In 2017, we led the industry-wide initiative to shorten the U.S. settlement cycle to T+2 – the most significant change to the market’s settlement cycle in over 20 years.
Although 存’s equities clearing and settlement subsidiaries, NSCC和直接转矩, can support some T+1 and even same-day settlement using existing technology, many market participants don’t leverage this option because of market structure complexities, 遗留业务和操作流程.
While the industry continues to align itself around shortening the settlement cycle further, 于2018年1月宣布, 存 has begun steadily implementing a series of operational improvements that optimize current processes to further accelerate settlement times, and to lay the foundation for what we see as an eventual move to T+1. 例如, 2020年初, 直接转矩重新设计了其夜间循环处理, 哪一个产生了更高的运营和资本效率, 改进日内结算终局性, and delivered substantial savings in the form of lower transaction costs.
最近，在2020年年中，存宣布 项目离子 -一项探索加速解决方案的倡议, 包括T+1和T+0结算周期, by possibly leveraging digital assets and distributed ledger technology (DLT) within 存’s clearing and settlement services.
We look forward to advancing this important work and other key projects in partnership with our clients, 监管界和主要利益相关者, 正如我们几十年来所做的那样, to deliver even greater value and risk reduction for the benefit of clients and ultimately the individual investor.
存倡导的是T+1还是T+0?
存与客户进行了接触, 包括资产管理公司, 经纪人和银行, 它的监管机构, 和其他关键利益相关者探讨向T+1的转变, 或者可能是T+ 1 / 2, to achieve greater reductions in margin requirements and costs.
Based on in-depth client feedback conducted over the past 6 months as part of the 项目离子 research, 存 does not believe the industry is adequately aligned on moving to T+0. 行业参与者意识到了这种变化的障碍, 比如预测性融资方面的挑战, real-time reconciliation and current workflows in the institutional trade processing lifecycle as outweighing the benefits.
转到T+1/T+0是否需要监管部门的批准?
Any change to settlement cycle timing would require regulatory engagement.
为什么存不能强制T+1/T+0?
存 does not have the regulatory or legal authority to unilaterally change the settlement cycle. Industry participants must align and agree to shorten the settlement cycle by implementing the necessary operational and business changes, 监管机构必须参与进来. 不过, 存将占据领导地位, 就像移到T+2时一样, 进一步缩短结算周期, including engaging market participants to gain a deeper understanding of the views and concerns of a wide range of industry stakeholders. 与此同时, 存 will continuing seeking ways to deliver enhancements to the current system to help mitigate risk, 提高效率, 实现利润的减少和成本的降低.
Can you provide examples of market structure and legacy operational issues that have hindered a move to shorter settlement cycles?
Equity clearing and settlement is part of a much larger ecosystem of linked financial markets. Accelerating the settlement cycle would have upstream and downstream impacts on other parts of the market structure, 包括衍生品, 证券借贷, 现金借款, 外汇及担保品处理.
实时结算有缺点吗?
Accelerating settlement requires careful consideration and a balanced approach so that settlement can be achieved as close to the trade as possible (for example, T+1或T+1 / 2), 不会造成资本效率低下和引入新的, 意外的市场风险, such as eliminating the enormous benefits and cost savings of multilateral netting.
如 “蒸汽朋克结算”, a white paper published by Greenwich Associates in partnership with 存 in September 2019, real-time settlement could potentially mark a return to pre-1891 bilateral gross settlement, 要求所有在美国进行的交易.S. 市场将在每笔交易的基础上融资, and thus losing the liquidity and risk-mitigating benefits of today’s netting features. Instantaneous settlement makes it impossible to fund trading on a secured basis because it doesn’t allow traders to pledge shares they have yet to transact as collateral. This scenario would require trades to be prefunded and on an unsecured basis, 这可能会限制市场流动性.
存是如何与行业合作的?
存 is engaging with industry working groups that represent a cross-section of clients and key stakeholders, to understand their views and seek input on further shortening the settlement cycle. We conducted in-depth interviews with a wide range of market participants last fall as part of this effort.
When do you think the industry will be aligned around moving to T+1 or T+0?
存 is ready to support the move to T+1 at the pace set by the industry. Considering the industry-wide effort involved in the move to T+2, approximately 600 professionals from all impacted segments of the industry participated in working groups and sub-groups over multiple years to develop and implement the operational framework for shortening the settlement cycle. Until industry participants and regulators collectively agree to work toward further settlement cycle changes, 存 remains focused on continuing to deliver optimizations and enhancements that mitigate risk, 提高效率, 实现利润的减少和成本的降低.