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T+1: complacency before the storm?

Gresham Technologies

This paper, created by WatersTechnology in association with Gresham Technologies, outlines what the move to T+1 (next-day settlement) of broker/dealer-executed trades in the US and Canadian markets means for buy-side and sell-side firms. It explores where firms are in their T+1 projects, what they are especially struggling with and the extent to which they are seeking external help with their initiatives.

Key findings include:

  • Most respondents expect a reduction in settlement risk, while just under half expect a reduction of margin and/or funding requirements and a short-term increase in failed trades due to exceptions.
  • One-third of respondents cited system interoperability/communication issues as their most acute challenges relating to the move to T+1.
  • Almost half of the respondents are yet to start their T+1 projects, a significant finding considering the survey underpinning this paper closed in early October 2023, only eight months before the T+1 go-live date.

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