While the industry is still waiting on settlement efficiency rates from the European Central Bank’s T2S report for 2023, recent figures from Clearstream do show significant improvements, with “by value” and “by volume” fail rates decreasing by up to 90% year-on-year. That’s an important achievement as UK and Europe consider a shift to T+1, but there are still major issues to address before the end-May deadline in North America.
We speak with Bill Meenaghan, founder and chief executive officer at SSImple, as well as a member of the UK Accelerated Settlement Taskforce, about T+1 industry preparedness and what he expects to happen after go-live this year.
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