随着美国、加拿大和墨西哥步入加入tpp的轨道 T+1结算周期, 世界其他国家正忙着评估其影响, 机会, 影响, 以及将结算周期压缩到一个工作日所涉及的障碍. 而其他市场在考虑他们的选择, 英国 和欧洲 are evaluating such a move and we should expect their reports sometime in the second half of 2024 detailing the findings to guide their migration to T+1.
相关:管理T+1的外汇挑战
这种多米诺骨牌效应并不奇怪, 鉴于美国股市是全球规模最大的股市，并将继续跻身最深的股市之列, 最具流动性的, 而且效率最高, according to the Securities Industry and Financial Markets Association (Sifma) Q2 2023 quarterly report. North America’s move to T+1 represents a structural change in the financial ecosystem and other major markets should follow suit to harmonize their settlement cycle with 美国.
走向次日结算
Accelerating the settlement cycle to T+1 globally could help ensure that major financial markets remain competitive and become more resilient. 也就是说, there are important considerations that need to be studied in each market and across markets at the macro level.
例如, 英国和欧洲高度分散, 有超过30家中央证券存管机构在区内运作, 每个都有自己的截止时间和结算批运行. 这些都需要市场参与者的关注，以防无法实现真正的协调.
“The transition to T+1 may trigger firms with trading counterparties beyond domestic shores to review and upgrade existing processes and consider adjustments for all parties involved in the 帖子-trade, 设置保护区链.”
还有英国和欧洲, Asia will need to address some key issues like fragmentation pressures arising from different tax and legal systems, 不同的规定, 以及各地在资本管制要求上的细微差别, 等. 抛开市场和运营的复杂性不谈, one cannot ignore the benefits of reduced counterparty risks and improved capital efficiencies that a shortened settlement cycle brings, 这就解释了为什么加速结算仍然是整个市场的一个关键话题.
亚洲内部和亚洲之间资本市场的联系日益紧密, 美国, 英国, 和欧洲, could be the added nudge for markets to consider the switch to T+1—to bridge misalignment in settlement cycles with overseas counterparties and enable efficient processing of trades on an international level.
随着缩短结算周期的发展逐渐在整个市场展开, the transition to T+1 may trigger firms with trading counterparties beyond domestic shores to review and upgrade existing processes and consider adjustments for all parties involved in the 帖子-trade, 设置保护区链.
This is an opportunity to modernize technology and enhance processes both at the firm level and the entire ecosystem level to meet the demands of shortened settlement cycles and evolving regulatory and market requirements. End-to-end automation and no-touch processing is an undeniable building block to achieving accelerated settlement. 在当今不可预测的vnsr威尼斯城官网登入领域，变化的速度和速度, firms should not wait until the eleventh hour to source for solutions to cope with compressed settlement cycles.
扩展网络连接
对于市场参与者, a key element to a successful shift to shortened settlement is to eliminate manual processes and human intervention in the 帖子-trade process by leveraging technology that achieves automated no-touch trade processing and standardization of communications for clearance and settlement. 无接触工作流程可以帮助加快交易生命周期, 快速识别问题和异常, 降低与手工流程相关的风险, 并确保为操作基准和合规性目的提供审计跟踪.
扩大市场准入，让更多的市场参与者参与, the no-touch workflow can be extended to integrate with prime brokers—instead of just benefiting institutional investors and broker/dealers—to form a tri-party matching workflow, which will help unlock clearing 机会 by connecting more broadly with CCPs across Europe and Asia to achieve settlement efficiencies.
同样的道理, standards like unique transaction identifiers (UTIs) are important industry agreed-upon formats that can be leveraged to provide transparency and a common communication protocol for market participants. Using UTIs across all platforms will ensure greater visibility into a transaction’s movement through the trade lifecycle—allowing parties involved to track the status of any given trade, 在任何时候, 在生态系统的任何地方，实现加速定居的关键.
同时, 贸易问题和例外情况可以迅速发现和解决, 有效地将公司层面的交易与下游的结算和结算系统连接起来. This can increase the speed at which trade information can be identified and paired at the CSD level to reduce latency and facilitate greater settlement efficiencies in the age of T+1.
无触控不只是幻想
跨国界和csd采用非接触式工作流程不仅仅是纯粹的理论. The HKEX Synapse integrated settlement platform is now linked with the Depository Trust and 清算 Corp.’s (存’s) 机构贸易处理 (ITP) suite of services—enabling global investors and HKEX participants to leverage central matching of cross-border trades to create a “golden source” of trade data for simultaneous processing by clearing brokers and custodians.
The no-touch workflow helps to address time-zone and settlement cycle differences by automating the trade confirmation, 结算通知和异常处理过程通过Synapse的实时链接. This capability is crucial for managing tight settlement cycles like China’s T+0 market where global investors could utilize the Synapse platform via 存’s ITP services to trade in eligible Chinese securities or A-shares on either the Shanghai or Shenzhen stock exchanges via the northbound Stock Connect.
Stock Connect is a cross-border program that enables foreign investors to access China’s equities market without the need to obtain a Qualified Foreign Investor (QFI) license onshore to keep their exposures within Hong Kong.
By connecting the dots across the 帖子-trade lifecycle to remove operational inefficiencies and ensure transparency and oversight from trade execution to settlement finality at the CSD-level, trades can move more quickly and with greater confidence to settlement—facilitating the advancement to a safer, 更高效的, 弹性金融体系.
本文最初发表于 WatersTechnology 2024年3月13日.