Nasdaq and FIA Tech partner to improve resiliency of post-trade infrastructure
The move will see the two firms help reduce systemic inefficiency across the global post-trade network.
Post-Trade
Inside the FX cut-off conundrum sparking animosity between the buy-side, CLS and custodians as T+1 looms
Finger of blame is being pointed in each direction between custodians, non-US traders and settlement system CLS over FX cut-offs, with last minute decisions and confusion meaning some asset managers are now left facing operational challenges, pre-funding trades and balancing settlement security with best execution obligations.
AccessFintech and BNY Mellon collaborate to tackle expected FX workflow challenges linked to T+1
The two firms aim to provide clarity on the ‘predicted to settle’ status of securities trades, helping enable the necessary liquidity for international clients trading US securities.
Sumitomo Mitsui Trust AM set to leverage DTCC’s Institutional Trade Processing service in T+1 transition
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.
CLS decides not to move FX settlement cut-off for T+1 following evaluation
Members of the multi-currency settlement system claim that development to accommodate a move in the initial pay-in schedule could take “considerable time to implement”, therefore CLS will not shift its cut-off but will analyse T+1 impact in June and September following cycle shortening.
European task force calls for coordinated approach between the EU, Switzerland and the UK on T+1
Following the reveal of the UK’s T+1 plans, European task force says alignment of dates across the continent will reduce the complexity of implementation projects for firms active across multiple jurisdictions.
Clear Street to offer clearing services in listed US equities and options
The move follows the successful third tranche of Clear Street’s Series B funding in December 2023 which raised the firm’s valuation to $2.1 billion.
Cboe Clear Europe adds two key players to launch of securities financing transactions clearing service
Bank of America and State Street are set to support the service from its launch, anticipated in Q3 2024, adding to the likes of BNY Mellon, Citi and JP Morgan who are already behind the initiative.
Progress still slow in affirmation rates improving ahead of T+1 in May
DTCC encourages market participants to “ramp up their preparations and testing” and encourages continued collaboration between investment managers and their custodians.
Exchange trading hours under the spotlight in ESMA’s T+1 consultation
Most concerns from market participants mirror those seen with the US shift to T+1, with additional worries surrounding exchange trading hours and post-trade windows, fragmentation of the region and increasing penalties.