With fail rates high due to market volatility and penalties pouring in through CSDR, experts are recommending Europe addresses current inefficiencies, or risk complicating matters though a rushed move to T+1.
Individual has previously held various senior positions at Goldman Sachs.
Market infrastructure says 350 investment managers are now leveraging CTM’s automated trade affirmation capabilities, while uptake of Match to Instruct (M2i) workflow with a broker/dealer counterpart has nearly doubled.
Arrangement will allow eligible clearing members to gain increased margin efficiencies between US treasury securities and CME Group interest rate futures, with an expected launch in January 2024.
Key phase of preparation for T+1 begins today as experts say testing will reveal the cracks; meanwhile DTCC has highlighted the need for a comprehensive and well-coordinated industry test to confirm readiness and ensure a successful implementation.
New expansion will allow eligible clearing members to gain increased margin efficiencies between US Treasury securities and CME Group interest rate futures, with changes expected to launch in January 2024.
The move follows ongoing concerns from clients and industry participants that the DTCC’s data feed contributed to information leakage.
Thoughts from across the industry as the countdown to T+1 drops below 12 months.
The move comes as firms prepare for the 2024 implementation of T+1 settlement cycles in the US; addresses domestic and cross-border transactions.
New solution is part of DTCC’s Legal Notice System service, supporting the dissemination of benchmark information for over 100,000 securities which need to be updated before the June 2023 Libor cessation date.