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May 30, 2024 • Press Releases

DTCC Comments on Industry’s T+1 Progress

Today, May 30, 2024, DTCC issued the following statement:

T+1 was introduced in the U.S. on Tuesday, May 28, and the industry has been operating on an accelerated settlement cycle since that time.

Affirmation Rates

Our analysis shows that as of yesterday, May 29, 94.55% of transactions were affirmed by the Depository Trust Company (DTC) cutoff time of 9:00PM ET on trade date. This represents a significant change from the affirmation rate observed at the end of January (73%).

When considering specific market segments as of end of day on May 29:

  • Prime Broker Affirmation Rate: 98.6% (up from 81% in January)
  • Investment Manager Auto Affirmation (central match) Rate: 97.5% (up from 92% in January)
  • Custodian or Investment Manager (self) Affirmation Rate: 84.29% (up from 51% in January)

Statement from Brian Steele, Managing Director, President, Clearing & Securities Services: “After working closely with the industry for over three years, we are pleased these efforts are driving a smooth transition, including very high same day affirmation rates, which increased to 94.55% yesterday. While we are proud of this progress, we will continue to collaborate with SIFMA, ICI and the industry to ensure a successful T+1 implementation in the coming days and weeks.”

Fail Rates

  • CNS Fail Rate: On May 29, the first day of T+1 settlement, the CNS Fail Rate was 1.90%. This is lower than the May average of 2.01% for T+2 settlements.
  • DTC Non-CNS Fails Rate: Similarly, on May 29, the DTC Non-CNS Fails Rate was 2.92%. This is lower than the May average of 3.24% for T+2 settlements.

Clearing Fund Impact

In a T+1 environment, the NSCC Clearing Fund decreased by US$3.7 Billion (29%) from the past quarter average value of US$12.8 Billion to US$9.1 Billion. The NSCC Clearing Fund decreased by US$3.1 billion (25%) from the past month average value of $12.2 billion in a T+2 environment to US$9.1 Billion.

Statement from Tim Cuddihy, Managing Director and Group Chief Risk Officer: “One of the key industry benefits of T+1 is the significant decrease in clearing fund requirements, which will enhance liquidity. At the same time, the move to T+1 will increase efficiency and mitigate risk for market participants.”

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About DTCC

With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2023, DTCC’s subsidiaries processed securities transactions valued at U.S. $3 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $85 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 20 billion messages annually. To learn more, please visit us at or connect with us on LinkedIn, X, YouTube, Facebook, and Instagram.

Press Contacts


Kristi Morrow

+1 617 905 8440

[email protected]



Eric Hazard, Vested

+1 917 765 8720

[email protected]



Ana Reynaud

+44 (0) 7866 202 656

[email protected]



Corinne Lee, DTCC

+65 6805 8033

[email protected]


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