常见问题

A: 结算时间等于交易对手风险, 保证金要求, 哪些是为了减轻这些风险而设计的, 代表成员的成本. The immediate benefits of moving to a T+1 settlement cycle could mean cost savings, 降低市场风险和降低利润要求.

如今，平均价格超过13美元.4 billion is held in margin every day to manage counterparty default risk in the system. 缩短结算周期将有助于在基于风险的保证金和减少顺周期影响之间取得平衡. 这篇论文的一个重要发现是, 我们的风险模型模拟表明，通过移动到T+1，澳门金沙赌场保证金的波动性成分可能会减少41%, assuming current processing and without any other changes in client or market behavior.

A: NSCC在该行业的主要角色之一是净额结算——将公司对特定证券的买入指令与该证券的卖出指令进行自动抵消的过程. 净额将一家公司交易的所有不同证券的到期和欠下的金额合并为一个净借方或净贷方.

允许交易“净”结算减少了全天来回交易的现金和证券的总量，并消除了大量的操作和市场风险. 通过减记或减少需要兑换货币结算的客户交易债务的总数, NSCC helps to minimize risk and free up trillions of dollars of capital each year. Every day, NSCC netting reduces the value of payments that need to be exchanged by an average of 98-99%.

A: Real-time settlement is a simple technical solution but a very complicated market structure change. 虽然行业应该继续追求实时, it is more pragmatic to reduce the settlement cycle in stages to capture the benefits faster. 在当今的市场结构中具有实时结算, 整个行业——客户, brokers, 投资者-失去了流动性和降低风险的净额收益, and that is particularly critical during times of heightened volatility and volume. 例如，在一个典型的交易日，澳门金沙城中心处理平均约1美元.7万亿的股票交易. 多边净额结算程序将这一数字减少了约98%, 和解的总价值约为380亿美元. Netting allows brokerages to transfer that $38 billion between parties only once at the end of the day. 在实时结算场景中, 净赚是不可能的，数万亿美元的现金和证券必须在整个交易日连续不断地通过金融系统. 这造成了巨大的市场和资本效率低下, 增加了信贷和经营风险, 并增加了贸易各方之间的成本, 可能会破坏市场的稳定.

加速结算需要慎重考虑, 行业协调, and a balanced approach so settlement can be achieved as close to the trade as possible (for example, T+1 or T+½), 不会造成资本效率低下和引入新的, 意外的市场风险, such as eliminating the enormous benefits and cost savings of multilateral netting.

A:DTCC is prepared to move quickly to lead the industry to accelerate the settlement cycle to T+1 and beyond. NSCC and DTC already support T+1 and even some same-day settlement using existing technology, though many market participants do not use this option due to market structure complexities, 遗留业务和操作流程. 许多人没有意识到, 自1973年成立以来，DTC一直是一个T+0结算平台——即使行业结算为T+5, T+3 and now T+2.

正如我们在论文中所描述的, 在我们与业界的讨论中, many firms appear ready to start revising their processes to accelerate settlement. 他们意识到这符合他们的最大利益:缩短结算时间可以降低市场风险和保证金要求, 这将允许公司以其他方式使用这些vns6060威尼斯城官网.

Equity clearing and settlement is part of a much larger ecosystem of linked financial markets. 加快结算周期将对市场结构的其他部分产生上下游影响, 包括衍生品, securities lending, cash borrowing, 外汇及担保品处理, and developing a new accelerated settlement system could fundamentally change current market structure. 为了移动到T+1, industry participants must align and implement the necessary operational and business changes, 监管机构必须参与进来 .

A: 自从该行业转向T+2以来，就一直在讨论T+1提议, 但这种紧迫感确实是在过去几年市场剧烈波动的时期出现的. A T+1 settlement cycle will significantly increase market efficiency and mitigate market and counterparty risk, 尤其是在极度动荡的时期. The reduction in risk results in a reduction in margin requirements freeing up member capital.

A: 将结算周期加快到T+1将要求行业参与者迁移到更有效的交易处理方式，包括进一步自动化和采用行业标准. 除了提高每个公司的个别处理效率, these improvements have the added benefit of improving the efficient for the entire industry.

A:The primary benefits of the move to T+1 are risk reduction and operational efficiencies. 已经完成的研究表明，NSCC活动的风险降低约为NSCC保证金要求的VaR部分的41%. 这意味着会员的利润将减少数十亿美元. Similar risk reduction exist for buyside firms although those values are more difficult to quantify. 通过采用行业标准和推荐的行业解决方案以及改进流程，参与者将获得运营效率. 迁移到T+1的相关成本预计会因公司的自动化水平和现有业务组合而有所不同.

A: 将结算周期加快到T+1将要求行业参与者迁移到更有效的交易处理方式，包括进一步自动化和采用行业标准. 这包括促进STP和减少事务失败的改进.

A: 行业转向T+1将影响整个行业的净收入和流动性. 行业净值流程的时间将发生变化. 12月发布的T+1概述文件概述了这些变化. 转移到T+1对流动性的影响将取决于每个公司的单独交易组合和现有的流动性程序. Industry participants are encouraged to carefully review their individual processes and adjust as needed.

A: 在行业从T+3到T+2的过程中, 业界仔细监控了围绕对话日期的企业行动事件，并提供了所需的指导. 在向T+1转变的过程中，该行业将采取类似的方法. 发行人和代理商是否能够在对话日期前后抑制公司行动事件，还有待观察.

A: Please see the T1 Executive Summary Paper, where this is an extensive section on New Issues and IPOs.

A: Currently, the Canadian market is the only market that has formally announced a move to T+1 in conjunction with the US. A number of other markets are currently exploring a similar move but none have announced any formal plans.

A: 在美国转向T+1将要求市场参与者评估他们支持国际客户和外汇的流程. 目前，美国有许多现有的市场结算T+1, e.g.、固定收益市场. Market participants should evaluate how existing T+1 markets are currently supported and determine what, if any, 要支持美国股市的“T+1”，就需要做出改变.

A: Each firm will need to determine how best to meet the US trade confirmation requirements.

A: 在美国向T+1转型，将要求市场参与者评估他们支持国际客户的流程. 目前，美国有许多现有的市场结算T+1, e.g.、固定收益市场. Market participants should evaluate how existing T+1 markets are currently supported and determine what, if any, 要支持美国股市的“T+1”，就需要做出改变.

A: 目前没有针对外国投资者的例外建议. However, 鼓励外国投资者与其托管人和服务提供商合作，确保在拟议的时间表内完成确认和确认处理.

A: DTCC is uniquely positioned to provide insights that tap into the breadth and depth of our experience. 有影响力的前后咨询, DTCC can leverage our industry relationships and ability to offer a seamless and positive client experience. 如欲了解更多有关DTCC的咨询服务，请浏览: http://gcl7vtqp.bjyhk120.com/consulting.

随着我们向T1结算周期的过渡，DTCC已经开始确定所需的变化，以帮助我们的客户和整个行业. These changes have been published in the T1 Executive Summary Paper which can be found at UST1.ORG.

我们有专门的团队来研究所需的变化及其对DTCC整体生态系统的影响以及对我们客户的影响. 团队已经集合起来，开始对确定的变更进行开发工作，我们将利用敏捷方法来实现它们.

As far as testing, DTCC正在制定一份T1高级测试文件——就像我们在从T3到T2的过程中所做的那样——该文件将于2022年第三季度或第四季度(可能会有变化)提交给行业，具体取决于选择的最终日期，以转移到T1结算周期. 我们将与SIFMA和ICI的同事一起分发这份报告. From there, 我们将再次通过行业工作组就我们正在准备的DTCC详细T1测试文件举行专门会议，但需要行业投入才能完成. 时间安排, again, is subject to a final date being chosen for implementation and is still to be determined.

A: 公司应该参与到测试的行业计划中来. 在我们共同迈向T+1的过程中，行业工作组的投入是无价的. 我们计划在2022年底开始初步的行业测试.

A: 我们相信，通过适当的协调，“T+1”是可以实现的, socialization, 计划和测试.

A: 就像我们过去一年半所做的那样, 我们利用SIFMA, DTCC, and ICI-led working ISC and IWG groups to continue to work with the industry on open issues, timelines, regulatory issues, 测试信息, 举办Zoom/网络研讨会，以确保在我们向T1结算周期的实施迈进的每一步，行业都参与其中.

vns6060威尼斯城官网T1实施手册, SIFMA, ICI, DTCC和德勤正在合作编写剧本，并在2022年6月至8月的某个时间(可能会有变化)供行业使用。. It will have the same feel of the playbook that was created when the industry moved from T3 to T2.

公司应该密切关注美元.ORG网站更新. Please visit UST1.组织提供所有行业文件、公告和工作文件.