The current T+2 settlement cycle is a convention of market practice and shortening that period as regular-way for all market participants will require industry coordination, similar to the change in 2017 from T+3 to T+2. DTCC is prepared to move quickly to accelerate the settlement cycle to T+1 and beyond and has already implemented several key operational enhancements that lay the foundation for this change. To become an active part of this industry conversation, please contact us at Testing questions can be sent to: [email protected]
DTCC/SIFMA Testing and Integration Sessions
- January 18, 2023 – DTCC T+1 Test Approach: Detailed Testing Framework (PDF)
- November 16, 2022 – US T+1 Detailed Testing Plan – Asset Services Corporate Actions Testing Overview (PDF)
- November 16, 2022 – Real -Time (RT) Balance Order Message (PDF)
- November 10, 2022 – Shortened Settlement T1 CNS Midday Projection CSV Layout (PDF)
- November 10, 2022 – Shortened Settlement T1 – CNS Projection (Midday): AutoRoute ID 02042358
- October 18, 2022 – T1 Net Reason Codes – this document provides a table of the net reason codes that can be reported on the Consolidated Trade Summary (CTS) output for T1.
- August 10, 2022 – DTCC T+1 Test Approach – this paper from DTCC should be used by members and clients of these entities to begin aligning their test systems with NSCC, DTC and ITP to prepare for industrywide testing.
- August 3, 2022 – Accelerated Settlement (T+1) – DTC, NSCC AND ITP FUNCTIONAL CHANGES – This document from DTCC outlines the systems and processing changes required to move to a one-day settlement cycle for DTCC subsidiaries — Institutional Trade Processing (ITP), National Securities Clearing Corporation (NSCC) and The Depository Trust Company (DTC).
- July 2022 – Mutual Fund Trade Correction Processing in T+1 Environment
- December 1, 2021 – Accelerating the U.S. Securities Settlement Cycle to T+1 – The purpose of this executive summary report is to document the work conducted by these collective groups and present recommendations required to be undertaken by the financial services industry to accelerate the U.S. settlement cycle to T+1.
- September 2021 – Enhancing the U.S. Equities Settlement System – In this white paper, DTCC reviews the progress made on the path to a shortened settlement cycle and the vision of a settlement system of the future. The Project Ion platform underlines DTCC’s commitment to innovation, leveraging distributed ledger technology (DLT) to build an alternative settlement process with next-gen capabilities.
- Feb 2021 – Advancing Together: Leading the Industry to Accelerated Settlement – this white paper outlines a two-year industry roadmap for shortening the settlement cycle for U.S. equities to one business day after the trade is executed (T+1).
- Reducing Risk in Clearance and Settlement – a factsheet from the US Securities and Exchange Commission (SEC)
- SEC Proposed Rule Filing for the move to T+1
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