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为什么缩短结算周期会使行业和投资者受益

A Q&一个与 Michael McClain, 董事总经理兼股权清算和直接转矩结算服务公司|总经理, 2021

存长期以来一直主张缩短结算周期,以增强市场弹性, reduce margin requirements and lower costs for investors. In 2017, we led the industry-wide initiative to shorten the U.S. 结算周期为T+2,这是20多年来市场结算周期最显著的变化.

虽然存的股票清算和结算子公司, NSCC and 直接转矩, 可以支持一些T+1,甚至当天结算使用现有技术, 由于市场结构的复杂性,许多市场参与者没有利用这一选择, legacy business and operational processes.

尽管该行业继续围绕进一步缩短结算周期进行调整, as announced in January 2018, 存已开始稳步实施一系列优化当前流程的操作改进,以进一步加快结算时间, 并为推荐正规买球平台所看到的最终向T+1转变奠定基础. 例如, in early 2020, 直接转矩 reengineered its night cycle processing, which produced greater operational and capital efficiencies, improved intraday settlement finality, 并以降低交易成本的形式节省了大量资金.

Most recently, in mid-2020, 存 announced 项目离子 – an initiative that explores accelerated settlement, including T+1 and T+0 settlement cycles, 通过在存的清算和结算服务中利用数字资产和分布式分类账技术(DLT). 推荐正规买球平台期待着与推荐正规买球平台的客户合作推进这项重要工作和其他关键项目, the regulatory community and key stakeholders, as we have done for decades, 为客户和最终的个人投资者带来更大的价值和风险降低.

Is 存 advocating for T+1 or T+0?

存 has engaged with its clients, including asset managers, brokers and banks, its regulators, and other key stakeholders to explore a move to T+1, or potentially T+½, 进一步降低保证金要求和成本.

作为项目离子研究的一部分,基于过去6个月客户的深入反馈, 存认为,在向T+0转变的过程中,行业并没有充分协调一致. Industry participants perceive the barriers to this change, such as challenges with predictive financing, 实时对账和当前工作流程在制度贸易处理生命周期中作为超过效益.

Would a move to T+1/T+0 require regulatory approval?

任何对结算周期时间的改变都需要监管部门的参与.

Why can’t 存 impose T+1/T+0?

存没有监管或法律授权单方面改变结算周期. 行业参与者必须一致同意通过实施必要的操作和业务变化来缩短结算周期, and regulators must be engaged. Nevertheless, 存 will take a leadership position, as we did for the move to T+2, in advancing any further shortened settlement cycle, 包括参与市场参与者,以获得更深入的理解,广泛的行业利益相关者的观点和关注. 与此同时, 存将继续寻找向当前系统提供增强功能的方法,以帮助降低风险, enhance efficiencies, achieve margin reductions and lower costs.

你能提供一些市场结构和传统运营问题的例子吗?这些问题阻碍了结算周期的缩短?

股票清算和结算是关联金融市场的更大生态系统的一部分. 加速结算周期会对市场结构的其他部分产生上下行影响, including derivatives, securities lending, cash borrowing, foreign exchange and collateral processing.

Are there disadvantages to real-time settlement?

加快结算需要仔细考虑和平衡的方法,以便能够尽可能接近贸易(例如)实现结算, T + 1或T +½), without creating capital inefficiencies and introducing new, unintended market risks, 例如消除多边网络的巨大好处和节省成本.

As described in “Steampunk 结算,” 由Greenwich Associates与存于2019年9月联合发布的白皮书, 实时结算可能标志着回到1891年之前的双边结算总额, requiring that all transactions in the U.S. market be funded on a transaction-by-transaction basis, 这样就失去了流动性和降低风险的好处. 即时结算不允许交易员将尚未交易的股票作为抵押品,因此不可能在有担保的基础上为交易提供资金. 这种情况将要求在无担保的基础上预先为交易提供资金, which could limit market liquidity.

How is 存 working with the industry?

存正在与代表不同客户和关键利益相关者的行业工作组进行合作, 了解他们的意见,并就进一步缩短结算周期寻求意见. 作为这项工作的一部分,推荐正规买球平台在去年秋天对广泛的市场参与者进行了深入采访.

你认为行业何时会朝着T+1或T+0方向发展?

存准备以行业设定的速度支持向T+1的转变. 考虑到迁移到T+2所涉及的全行业的努力, 来自行业各个受影响部门的大约600名专业人员在多年时间里参加了工作组和子小组,以开发和实施缩短结算周期的操作框架. 直到行业参与者和监管机构共同同意进一步改变结算周期, 存仍然专注于继续提供优化和增强,以降低风险, enhance efficiencies, achieve margin reductions and lower costs.

 

 

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