Our Year of Execution

T+1 Implementation

The successful implementation of the T+1 settlement cycle across North America for U.S. cash equities, corporate debt and unit investment trusts, led to a significant decrease in the NSCC Clearing Fund, reducing it by an average of $3.0 billion (23%) from the prior three-month average value, leading to increased operational efficiency and reduced risk for market participants. On an average day in 2024, DTCC netted down $2.2 trillion dollars in total trade activity to $33.5 billion dollars resulting in a 98% netting efficiency rate.

Traction With SFT

In mid-2024, with the cooperation of Provable Markets (an Automated Trade Submitter), NSCC completed the first novation of a pre-existing bilateral stock loan utilizing NSCC's Security Financing Transaction Service (SFT). In the first use case, an outstanding bilateral transaction was routed through the ATS to NSCC’s SFT clearing service for novation and processing. This transaction was completed without having the borrower return the underlying security back to the lender through DTC.

ACATS’ Advanced Client Interfaces

The new advanced client interfaces allow firms to process account transfers. The transition to new communication protocols adds flexibility and speed to market for business expansion, marking the beginning of an incremental approach to the modernization of this critical industry service. The new client interfaces use standard JavaScript Object Notation (JSON) message formats that replace current fixed and variable formats.