On May 28, 2024, the implementation date for the move to T+1 settlement for transactions in US cash equities, corporates debt, and unit investment trusts will go into effect. In addition to shortening the settlement cycle, DTCC Institutional Trade Processing Matching (ITPM), an affiliate of DTCC ITP will become a Central Matching Service Provider (CMSP) that is mandated to establish, implement, maintain and enforce written policies and procedures reasonably designed to facilitate straight-through processing (STP).
ITPM will also be required to submit an annual report to the SEC that describes its policies and procedures for facilitating STP, documents progress during the past 12-month period, and details what steps ITPM intends to take to facilitate and promote STP during the 12-month period following. The report will also include a quantitative presentation of data related to STP performance that includes specified metrics organized in a specified manner.
ITP has developed and further defined policies and procedures to support ITPM’s compliance with a rule that ITP Clients are subject to adhere to as part of the terms of their Master Services Agreement (MSA).