![]() ![]() The new process for a T+1 settlement means long members will enter protect instructions from 9:45 - 10:45 p.m., prior to the start of the night cycle, which will begin at 11:30 p.m. The voluntary corporate action event communication process between agents, DTCC and other industry participantsĬhanges to the DTCC processing schedules, including to the night cycle, will affect submission times of protect instructions for Continuous Net Settlement (CNS) eligible voluntary events.How an accelerated settlement cycle will shorten the Cover/Protect period.Some impacts of the voluntary corporate action event process under a T+1 scenario discussed on the panel included: A big challenge of the Guarantee of Delivery feature, which is not standardized nor mandated, is that shortening the settlement cycle makes the process riskier and more manually intensive than it was ever intended for. ![]() Cover/Protect) afforded to certain corporate actions. The group opened the discussion with an outline of key considerations around the complexities of the Notice of Guaranteed Delivery (a.k.a. Corporate Actions and Steven Gale, Northern Trust Vice President, Asset Servicing, to discuss the impact of a T+1 settlement cycle on corporate actions. In the fourth event in this five-part series, Matt Schill, DTCC Senior Product Management Director, moderated a panel consisting of Natasha Singh-Mohamed, DTCC Associate Director, NSCC Operations Christopher Thiebaut, BlackRock Director, Head of U.S. Related: Discover More from the Accelerating to T+1 Series To help firms plan and prepare for the move to a T+1 Settlement Cycle, DTCC has launched a series of virtual forums to help clients and the industry understand some of the potential impacts of the transition to a T+1 Settlement Cycle on specific DTCC processes. equities transactions could be implemented in 2024. If the rule changes are adopted, a T+1 cycle for U.S. Securities and Exchange Commission (SEC) recently proposed rule changes to accelerate the settlement cycle to T+1.
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