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Accelerating the settlement cycle: An opportunity to modernise across the industry
Journal of Securities Operations & Custody,
15
(1),
62-67
(2023)
Abstract
The financial services industry has analysed the benefits and barriers of accelerating the US securities markets to trade date plus one day (T + 1). The focus of this paper is on the areas impacted and the need for driving industry modernisation efforts through technological advancement and operational scalability while at the same time seeking to mitigate risks and operational inefficiencies in the capital markets infrastructure. The purpose of the paper is to provide the reader with an understanding of the impacts across the different brokerage functions, businesses, behaviours that need to be considered, in order for individual firms and the industry as a whole, to transition to a T + 1 settlement. Firms will need to prepare for the anticipated transition scheduled for September 2024 (pending SEC rule adoption).
Keywords: accelerated settlement; T + 1; brokerage operations; settlement; securities operations
The full article is available to subscribers to the journal.
Author's Biography
Robert Walley is Principal, Financial Services at Deloitte. Bob is a New York advisory principal with over 39 years of experience and leads Deloitte's capital markets and global financial markets industry sectors. He assists clients with operations transformation, operationalising rules and regulations and non-financial regulatory reporting. Bob has comprehensive working knowledge of the traded markets, regulatory and compliance functions. Bob leads several industry transformation programmes including the project office for Consolidated Audit Trail, LLC (CAT) as well as the effort to change US Settlement Cycle from T + 2 to T + 1, which will impact the securities settlement ecosystem.
