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Significant improvements have been made to the securities settlement operating model over the years. Still, transaction and securities processing inefficiencies remain a recurrent challenge, instructing a swift resolution. We think 24 hours settlement cycle findings are an interesting read for every capital market executive, providing insight into several vital aspects of the transition. Let’s dive deep into the impact of the T+1 Settlement.
Resilient system and improved trade processing programs to minimize the impacts of system outages
Standardizing reference data, strict policies, and procedures to update SSI reference data promptly before settlement. This includes contacting clients before settlement and updating internal systems prior to trade execution and settlement.
Several testing iterations is required for participants' internal systems, integrated vendor products, DTCC, exchanges, and other market players.
The process of rectifying trades, correcting errors, or resolving exceptions during the trade settlement cycle must be automated.
Adoption of technology (e.g., CTM/M2i) and messaging protocols to automate the trade communication.
Coordination and collaboration across market participants, including custodians, clearinghouses, and settlement agents.