Clearing and settlement
Where have all the exchange platform providers gone?
The IMD Wrap: Running an exchange is a profitable business. The margins on market data sales alone can be staggering. And since every exchange needs a reliable and efficient exchange technology stack, Max asks why more vendors aren’t diving into this space.
Zeros and ones: Industry contemplates T+0 as the next step
With the North American transition to T+1 settlement complete, same-day settlement could be the next goalpost set, though skeptics are many.
All eyes turn to North America as T+1 arrives
As T+1 settlement becomes a reality in North America, long-lingering questions will get their answers.
DTCC urges affirmation focus ahead of T+1 move
On May 28, large numbers of securities transacted across the North American marketplace will be required to settle one day after they are executed. DTCC is urging all market participants to scrutinize their existing technology and operational procedures,…
‘Very careful thought’: T+1 will introduce costs, complexities for ETF traders
When the US moves to T+1 at the end of May 2024, firms trading ETFs will need to automate their workflows as much as possible to avoid "settlement misalignment" and additional costs.
Waters Wavelength Podcast: Countdown to T+1
DTCC’s Val Wotton joins the podcast this week to discuss the impending move to T+1 in the US.
Prepare now for the inevitable: T+1 isn’t just a US challenge
The DTCC’s Val Wotton believes that firms around the globe should view North America’s move to T+1 as an opportunity—because it’s inevitable.
European firms prime for lopsided settlement in North America and at home
With T+1 imminent in North America and increasingly likely to traverse the Atlantic, operations and trading professionals in Europe are fighting on two fronts.
How GenAI could improve T+1 settlement
As well as reducing settlement failures, researchers believe generative AI can provide investment managers with improved research, prioritization, and allocation resources.
As T+1 looms, non-US firms consider out-of-hours trading
Pruned settlement cycle forces foreign buy-siders to explore automating the FX leg of securities trades.
ASX CHESS replacement to be delivered in phases, with clearing first in 2026
The Australian Securities Exchange announced in November it had chosen Tata Consulting Services to run the new CHESS replacement project after initial plans with Digital Asset were scrapped in 2022.
Ticking clock: Firms in Asia face unique T+1 challenges
Firms in Asia worry about unintended consequences of massive change to settlement cycle.
Citi details API for HKEX’s Synapse
New pieces of technology, like Synapse, assist Citi in migrating clients to newer technologies, and newer ways to settle and clear more efficiently.
Waters Wrap: A glimpse of 2024 through the looking glass of 2023
Anthony examines some of the biggest stories from the past year to preview what might be ahead.
One step forward, two steps back—European regulation grapples with the same old problems
Stop me if you've heard this one before...
Managing the FX challenge for T+1
As firms prepare for T+1 in May 2024, DTCC’s Val Wotton says they should also consider the complexities for cross-border trades.
Waters Wrap: Examining ASX’s CHESS do-over
The Australian exchange was the first exchange to be all-in on DLT—and the project failed. Anthony speaks with ASX’s Tim Whiteley to discuss the lessons learned and why he thinks the second attempt will succeed.
Settlement ‘instructions’: Firms look to US for guidance as Europe braces for T+1
Operations professionals in Europe look across the pond for lessons in managing shorter settlement cycles.
Crypto ECNs aim to offer alternative to Clobs
CrossX and Cypator bring ECN-style trading and settlement to crypto, but rivals claim infrastructure isn’t ready
Waters Wrap: ICE, Nasdaq and differing views about cloud
As exchanges continue to embrace cloud, the decisions they make today will have long-lasting implications.
Outsourced trading sees uptick as buy side seeks more bang for its buck
Buy-side firms see outsourced trading as a way to simplify their operating model, while custodians see an opportunity to sell bundled services.