The inevitable shift from T+2 to T+1 in the U.S. will bring significant challenges across the global securities services industry, including operational risks, funding implications and external dependencies. Citi held a virtual event with DTCC to detail what is involved with moving to T+1.
Reviewing The Playbook: A Detailed Plan for T+1 Implementation
Michele Hillery, DTCC General Manager of Equity Clearing and DTC Settlement Service, and David Kirby, DTCC Executive Director, Americas Relationship Management & Global Account Management, joined moderator Bryan Murphy, Citi Global Head of Banks Sales, Securities Services, and Michele Pitts, Citi Head of Securities Services, United States, and Head of U.S. Custody Product Management to provide a status update on the industry-wide initiative, as well as the impact of T+1 on current post-trade operations and processes, implications across both buy-side and sell-side, and next steps as it relates to testing.
Additionally, panelists discussed Citi’s "Securities Services Evolution 2022" white paper, which features insight from Hillery as part of information gathered from 12 financial market infrastructures (FMIs) and almost 300 market participants from banks, broker-dealers, asset managers, custodians and institutional investors around the world.