The Canadian Capital Markets Association (CCMA) is conducting a second survey on the status of preparations for transitioning to T+1.
The purpose of the survey is to:
- Measure progress on the T+1 initiative and provide a benchmark for the remaining route to T+1.
- Give industry players a sense of where they stand compared to competitors.
- Help plan the CCMA’s efforts for the remainder of 2023 and into 2024.
The survey is for participants or clients using a participant in the securities clearing and settlement framework (e.g., broker-dealer/sell side, asset, or portfolio manager or adviser/buyside, custodian, or infrastructure/service provider/vendor).
For the buyside, responsibilities are to confirm at least 90% of allocated trades by 3:59 a.m. ET on T+1 (pending regulatory approval) and to ensure securities or funds are ready to settle by 4 p.m. on T+1.’
The sell-side’s responsibility is to report 100% of trades including all allocations by 7:30 p.m. on T (trade date), and to ensure securities or funds are ready to settle by 4 p.m. on T+1.
Custodians’ responsibility is to facilitate confirmation of at least 90% of allocated trades by 3:59 a.m. on T+1 and to ensure securities or funds are ready to settle by 4 p.m. on T+1.
While for service bureaus/providers, vendors, marketplaces, CDS, and Fundserv, their participants/clients expect the facilitation of the industry’s transition to T+1 by having the necessary systems changes implemented in sufficient time to start testing in the earliest testing cycle.