Tag: DTCC

‘Teething issues’ as anticipated on first day of T+1 implementation in the US while affirmation rates top the DTCC’s target on day one.

Sumitomo Mitsui Trust is the first Japanese asset manager to adopt the ITP services through Nomura Research Institute’s (NRI) SmartBridge Advance – a collaborative offering built in partnership by DTCC and NRI.

DTCC encourages market participants to “ramp up their preparations and testing” and encourages continued collaboration between investment managers and their custodians.

The TRADE sits down with Nadine Chakar, global head of DTCC Digital Assets, to discuss how digital assets are impacting traditional financial markets, their influence on traditional trading practices and how market infrastructure can help bridge these two separate worlds together.

The T+1 service aims to support clients impacted by the upcoming T+1 settlement deadline set forth by the US Securities and Exchange Commission (SEC) slated for 28 May 2024.

Goldman Sachs has achieved more than 99% same day affirmation rates and improved settlement rates for transactions utilising DTCC’s Match to Instruct workflow.

Trades processed through the NSCC are on track, with more work to be done around the bilateral settlement segment.

Testing schedule began in August 2023, providing industry players nine months and 21 cycles of testing ahead of scheduled shift to T+1 in May.