The Depository Trust Company (直接转矩), a subsidiary of The Depository Trust & 清算 Corporation (存), is planning on implementing a number of major structural modifications to the U.S. settlement process that will fundamentally alter the way securities transactions in equities, corporate debt and municipal debt securities are settled in the U.S. These proposed changes represent significant enhancements to the settlement process.
存, through its subsidiaries, 帮助自动化, 集中, standardize and streamline processes critical to the safety and soundness of the capital markets. 直接转矩, 保管人, provides clearing and settlement capabilities for the financial services industry, and in 2011 settled transactions worth more than $287 trillion.
This paper provides a high-level overview of key 直接转矩 settlement initiatives planned for the next five years. Together, these initiatives will:
- enhance intraday settlement finality
- substantially reduce systemic credit and liquidity risk for 直接转矩 and participants
- align 直接转矩 with internationally-established best practices
- promote straight-through processing (STP)
- encourage institutional trade affirmation
- improve processing efficiency
- better position 直接转矩 for a shorter settlement cycle, if and when recommended.
直接转矩 continuously monitors and reviews its settlement processes and makes adjustments as needed. 然而, in light of 直接转矩’s recent efforts to further reduce systemic risk (as outlined in 存’s Systemic Risk Paper published in September of 2011) and in light of recently published recommendations for Securities 结算 Systems (SSS) by the Committee on Payment and 结算 Systems (CPSS) of the 国际 Organization of Securities Commissions (IOSCO), 直接转矩 has identified a number of significant enhancements to the U.S settlement process that will further improve the safety and soundness of the system for years to come while at the same time aligning its settlement system closer to global standards. These enhancements are multi-year projects and represent 直接转矩’s vision for the future of settlement finality and risk reduction; they will likely require significant planning and development by participants. 像这样, 直接转矩 has created this settlement roadmap that will provide a high-level overview of upcoming system enhancements and provide a proposed implementation timeline for each enhancement. It should be noted that these dates and deliverables are subject to change based on continued input from participants and regulators.
如前所述, this paper will discuss enhancements targeted for implementation over the next five years. Some of the enhancements are still being refined. 像这样, the enhancements will be presented at a high level for context with more detailed descriptions to follow. The objective of the paper is to provide participants with information regarding the strategic future of the U.S. settlement process in 直接转矩 and to allow participants to begin projecting development resource requirements accordingly.
Download the White Paper: A Roadmap for Promoting Intraday 结算 Finality in U.S. 市场