(Editor’s note: Bond giant Pacific Investment Management Company, a.k.a. PIMCO, successfully “championed the use of electronic, digitized settlement instructions for the movement of collateral,” says Cynthia Meyn, executive vice president for operations at PIMCO. Meyn lists “electronically agreeing collateral, instructing collateral and ultimately net settling collateral at the DTCC on a same-day basis,” as one… Read More >>
U.S. Stuck in a Rut on T+2
A busy man, Tony Freeman, the London-based executive director of industry relations for post-trade systems and services provider Omgeo, says that the main barriers to shortening the settlement cycle to T+2 are “about behavioral issues” because “people have gotten used to working in a certain way.” Omgeo’s parent company, the DTCC, has been building support… Read More >>
The ADR Project’s Big Spinoff
A successful pilot project to automate corporate actions processing for American Depositary Receipts has inspired XBRL International’s Standards Board (XSB) to think seriously about a global corporate actions taxonomy (dictionary) for a digital language — the eXtensible Business Reporting Language (XBRL) — that could bring a new order to the reporting of corporate actions data…. Read More >>
ADR Corporate Action Processing Grows Up
Michael Silverence is hoping that the days of using PDFs to spread the word in the U.S. and globally about the corporate actions impacting American Depositary Receipts (ADRs) are numbered. The BNY Mellon vice president, who oversees global product management, particularly innovation and technology, has been heavily involved in a project to automate corporate actions… Read More >>
DTCC, Euroclear Mull Collateral Utility
Euroclear and the DTCC are exploring the creation of an industry utility to streamline margin settlement processes and improve access to collateral across the globe. The two have proposed a joint venture to deliver a collateral processing infrastructure that will build upon their capabilities. Euroclear and the DTCC have been authorized by their respective boards… Read More >>
CBR Complexity Takes a Quantum Leap Forward
This year marks the start of far more challenging requirements for cost-basis reporting upon fixed income instruments and options to the Internal Revenue Service. Broker-dealers and buy-side firms are facing complex calculations and data-gathering challenges. Bob Linville, director, product management at Scivantage, took time out of his schedule to provide an update. Q: In your… Read More >>
T+2 to Expose Buy Side’s Shortcomings
The now-global push to shorten settlement cycles for securities transactions will profoundly challenge the buy side’s lack of investment over the years in automated, back-office infrastructures, particularly at Tier-2 and Tier-3 firms, according to a new report from market research firm Aite Group. In fact, for all firms, the move to settlement two days after… Read More >>
T+2 Too Soon for Some?
Post-trade services utility the DTCC, securities industry trade group SIFMA and major market participants want to shorten the current three-day settlement cycle, but there is pushback from some broker-dealers, particularly in the retail space. The move from settling trades on the third day after a trade is executed, known as T+3, to two days or… Read More >>
T+2 Switch May Need Regulatory Help
Post-trade services utility DTCC has stepped up its efforts to move the industry to a shorter, T+2 settlement cycle for U.S. equities, corporate and municipal bonds and unit investment trust (UIT) trades. Neil Henderson, the DTCC’s managing director of clearing, is helping lead the charge and took a few minutes to answer FTF News’ questions…. Read More >>
DTCC Steps Up Push for T+2
The DTCC is building support to move the industry to a shorter, T+2 settlement cycle for U.S. equities, corporate and municipal bonds and unit investment trust (UIT) trades in a bid to reduce credit and liquidity risks, say officials at the post-trade processing utility. In addition, JPMorgan and industry groups such as the Investment Company… Read More >>
