The industry's T+1 testing program, designed for full end-to-end testing for clients, formally kicked-off on August 14, 2023. Scheduled to run for the next 9 months through May 31, 2024, the program uses 21 bi-weekly testing cycles so clients can test for T+1 结算 based on the changes made to their respective systems and processes. Participating infrastructures in the industry test include 存的 subsidiaries ITP, NSCC和直接转矩, as well as exchanges Cboe and Nasdaq and the OCC.
Related: Top 5 things to do now to get ready for May 28, 2024
"From the start of the T+1 initiative, robust and coordinated testing has been recognized as one of the critical success factors by the industry," said Michele Hillery, 存 General Manager of Equity 清算 and 直接转矩 结算 Service. "This comprehensive and well-coordinated industry test that we're beginning today, which will continue for the next 9 months, will help firms assess their readiness and drive towards a successful industry implementation of T+1 on May 28, 2024."
The industry test program includes opportunities for free-form testing as well as different scenarios for non-standard 结算, 包括 production holiday processing, Corporate Actions (for example, stock splits and tender offers) and double-结算 days. 客户端s do not need to execute each scenario, nor are they limited to testing only the scenarios provided in the test plan. 而, they should consider the various processes and systems impacted by the T+1 functional changes at their firms and determine their own scope of testing, with the scenarios as a guideline for each firm's unique circumstances. Firms can participate in as many testing cycles as they choose
"The entire trade life cycle will be available for testing, 包括, but not limited to trade affirmation, 确认, 间隙, 结算, and trade exception flows" said Hillery. "We recommend that firms test run through scenarios where there are breaks in the system to assess recoverability and resiliency. The message should be loud and clear for everyone: test and be ready."
存的 T+1 Detailed Test Approach, as well as other supporting documentation, is provided on UST1.org to help firms plan, prepare and execute their T+1 testing.
存 also recently launched a new test environment to allow clients to test in both T+1 and T+2 environments concurrently. While T+1 testing for firms is not mandated by regulators or any other industry group, it is highly recommended.