围绕加速结算、提高运营效率的讨论日益升温.
在过去的30年里, 有几个主要的行业发展和变化, 包括加速美国的结算周期.S. 从T+5到T+3，再从T+3到T+2. 作为美国.S. 继印度于2022年加入后，加拿大将于2024年5月28日加入T+1, conversations are once again heating up around the topic of accelerated settlement.
相关:T+1:美国结算周期缩短对亚太地区的影响
在Q1中确定的一个特定问题, 2023 ValueExchange survey was that many respondents didn’t know their plans around T+1 preparations in key areas, 比如当他们期望完成核心流程时, 他们什么时候进行召回啊, when they will do foreign exchange and even when T+1 projects would run or how much they would cost. 自从ValueExchange进行调查以来, the good news is that many firms have begun to understand and identify how the move to T+1 will impact them, 他们正在积极地接触解决方案提供商, 以及他们的交易对手和代理人, to discuss specific implementation options and the implications of various workflows.
消除假设
也就是说, there is a common misconception among institutional investors in Asia-Pacific that the operational burden required to move to T+1 will be managed by their custodians and brokers. 美国的情况就是如此.S. 2017年转到T+2, where buy-side firms were able to delegate the operational heavy lifting to their custodians and counterparty brokers. 因为T+1的时间线被压缩了, 然而, it is important to note that buy-side firms will need to be more actively involved this time around.
在新的联合国.S. T+1 mandate, buy-side firms will need to actively ensure the affirmation of trades – i.e., 在交易后, pre-settlement process – be completed by the designated industry cut-off time of 9pm ET on trade date or no later than the U.S. Securities and Exchange Commission (SEC) deadline of the end of the trading day – referred to as same day affirmation (SDA). 根据美国证券交易委员会的新规定，美国证券交易委员会将对美国证券交易委员会进行监管.S. 经纪人必须执行为实现SDA而设计的政策或协议. 为了迎接这些新的美国人.S. 代理的期望, buy-side firms can perform the affirmation themselves or delegate this task to their custodians, 但不管这是怎么做的, 无论哪种方式，买方都要承担责任.
相关:早期指标表明T+1测试成功
揭开肯定程序的神秘面纱
贸易确认是美欧贸易后处理的关键步骤.S. 市场. 确认是机构投资经理采取的行动, 托管人或主要经纪人同意交易的细节, 比如当事人的身份, 长期结算说明, 还有存款处的结算账户. This process is akin to the pre-settlement matching or pre-matching process that takes place across Asia-Pacific 市场.
确认书的目的是确保所有的贸易细节, 包括拨款和长期结算指示, are matched and confirmed by both sides of the transaction so accurate information is sent to the local depository; in the case of the U.S. 这是存管信托公司. The affirmation process helps to ensure that settlement will happen smoothly and that the only reason that settlement will fail is because of insufficient securities or funds – there should not be a settlement failure due to a mismatch in instructions.
解释贸易匹配，分配
As trade matching and allocation are common terms used in 帖子-trade processing in Asia-Pacific, there are questions on the difference between trade matching and allocation and affirmation.
在一般情况下, 交易完成后, matching and allocation are the initial steps in 帖子-trade processing where market participants can leverage automated central matching solutions to efficiently assign or allocate stocks to the respective funds and match relevant trade details. The entities involved could vary depending on the specific arrangements made by the institutional investment manager. 在买方, matching and allocation can be done by the institutional investment manager or an outsourcer. 卖方, the counterparty can be the broker located in the same country as the institutional investment manager. 例如，韩国的机构投资经理投资美国.S. 这个市场是由一位韩国经纪人服务的. 另外, the trade matching process could be managed by a global securities firm in Hong Kong, or the institutional investment manager could be dealing directly with a local broker in the U.S.
There is a common misconception among institutional investors in Asia-Pacific that the operational burden required to move to T+1 will be managed by their custodians and brokers.
The key difference between trade matching and allocation and affirmation for institutional 帖子-trade processing: the former is needed to successfully facilitate settlement while the latter, 特别是当天确认, is now expected of broker-dealers subject to the SEC’s New Exchange Act Rule 15c6-2. As there is no single global regulator governing the matching and allocation of institutional trades, market participants can look to platform providers for solutions and best practices to ensure standardization and efficiency.
不足为奇的是, the level of automation in 在交易后 space has increased significantly over the years, supporting the various approaches to the trade matching and allocation process as settlement times compress. 当公司考虑为T+1做准备时, 以及他们如何根据SEC的建议成功实现SDA, 自动交易后, 预结算中心匹配解决方案, such as the Depository Trust and 清算 Corporation’s (存) central matching platform, 中医®, 应该被考虑. 没有一个自动的中央匹配平台, 双方通常通过交换excel文件或电子邮件来进行这些活动, 一种容易出错的手动方法, 可能导致代价高昂的延误，并可能阻碍T+1的实现.
前进
Given that there are varied approaches to the trade matching and allocation process, the big discussion that has been taking place now hinges on operational efficiency. In addition to a thorough review of the trade lifecycle to identify and determine the action or responsibility for each activity, replacing manual or batch processing with real-time automation and straight-through processing are must haves to ensure that there are no operational hiccups or breaks in the process. 和, 鉴于T+1的全行业测试已于8月14日开始, 2023, firms in Asia-Pacific should be well on their way with T+1 preparations and testing.
本文首次发表于2023年8月25日.