Name: T+1 Industry Briefing
Start: 2024-04-08T12:00:00-04:00
End: 2024-04-08T13:00:00-04:00
Location: Virtual

April 8, 2024 at 12:00 PM ET | Virtual

T+1 Industry Briefing

50 Days To Transition – The Last Mile

Under T+1, many securities transactions will settle on the next business day following their trade date.

With just 50 days left until the U.S. transitions to a T+1 settlement, SIFMA, ICI, DTCC and Deloitte hosted a virtual briefing on April 8 to discuss what financial services organizations are focusing on between now and the deadline:

- May 28, 2024 in the United States
- May 27, 2024 in Canada

Participants learned how this transition affects them and and joined the webinar to benchmark their organization's readiness.

Discussion topics included:

• Getting ready for T+1
• Key rule changes and meeting regulatory requirements
• Considerations for buy and sell-side firms
• Allocations – confirmations - affirmations: what firms should know
• Testing, policies & procedures
• Vendor communication
• International considerations
• DTCC weekend conversion plan
• Industry transition week command center

Featured Speakers

Ashley Banfield, Co-Head, US Sector Trading, Fidelity Investments
Robert Battalio, Professor of Finance, University of Notre Dame
Kenneth E. Bentsen, Jr., President and CEO, SIFMA
Gregg E. Berman, Ph.D., Director of Market Analytics & Regulatory Structure, Citadel Securities
Michael Blaugrund, CFA, Chief Operating Officer, New York Stock Exchange
Douglas Cifu, Chief Executive Officer, Virtu Financial
Hubert DeJesus, Global Head of Electronic Trading & Market Structure, BlackRock
Alex Ellenberg, Vice President, Regulatory Risk Counsel, FINRA
Dan Gallagher, Chief Legal Officer, Robinhood; Former SEC Commissioner
Ellen Greene, Managing Director, Equity and Options Market Structure, SIFMA
Terrence Hendershott, Professor & Faculty Director, Haas School of Business, UC Berkeley
Adam Inzirillo, Head of US Equities, Cboe Global Markets
JJ Kinahan, CEO of IG North America, tastytrade
Mehmet Kinak, Global Head of Systematic Trading & Market Structure, T. Rowe Price

Chris Larkin, Managing Director, Digital Brokerage Product E*TRADE, Morgan Stanley
Nicholas Losurdo, Partner, Goodwin Procter LLP
James Martielli, CFA, CAIA, Head of Investment & Trading Services, Vanguard
Michael Masone, Director, Head of Americas Equities Market Structure, Citigroup
Rick McDonald, Director of Compliance, Susquehanna
Joe Mecane, Head of Execution Services, Citadel Securities
Annette Nazareth, Partner, Davis Polk & Wardwell LLP
Sapna C. Patel, Head of Americas Market Structure & Liquidity Strategy, Morgan Stanley
John Ramsay, Chief Market Policy Officer, IEX Group, Inc.
Elad L. Roisman, Partner, Cravath, Swaine & Moore LLP; Former SEC Commissioner
Racquel Russell, Senior Vice President, Director of Capital Markets, FINRA
Heather Seidel, Chief Counsel, Office of Chief Economist, FINRA
Chester Spatt, Professor of Finance, Carnegie Mellon University
Jeffrey Starr, Senior Vice President, Charles Schwab
Debbie Toennies, Managing Director, Head of Regulatory Affairs, JPMorgan Chase & Co.

Under T+1, many securities transactions will settle on the next business day following their trade date.

With just 50 days left until the U.S. transitions to a T+1 settlement, SIFMA, ICI, DTCC and Deloitte hosted a virtual briefing on April 8 to discuss what financial services organizations are focusing on between now and the deadline:

- May 28, 2024 in the United States
- May 27, 2024 in Canada

Participants learned how this transition affects them and and joined the webinar to benchmark their organization's readiness.

Discussion topics included:

• Getting ready for T+1
• Key rule changes and meeting regulatory requirements
• Considerations for buy and sell-side firms
• Allocations – confirmations - affirmations: what firms should know
• Testing, policies & procedures
• Vendor communication
• International considerations
• DTCC weekend conversion plan
• Industry transition week command center

Watch On Demand

Watch a replay of the briefing, download the related presentation slides, and visit ust1.org for more resources.

Speakers

Michele Hillery

General Manager, NSCC's Equity Clearing & DTC's
Settlement Service, DTCC

Anthony Macchiarulo

AVP, Financial Services Operations, and Assistant General Counsel, SIFMA

Jeff Naylor

Chief Industry

Operations Officer

ICI

Tom Price

Managing Director, Technology, Operations, and BCP, SIFMA

Bob Walley

Principal,

Financial Services

Deloitte

Program

12:00 p.m. - 12:15 p.m.

Welcome and Opening Remarks

The briefing will begin with an overview of the transition to the T+1 settlement cycle and who is impacted.

12:15 p.m. - 12:55 p.m.

What Firms Should Focus On

Speakers from SIFMA, ICI, DTCC and Deloitte will discuss:

• Getting ready for T+1
• Key rule changes and meeting regulatory requirements
• Considerations for buy and sell-side firms
• Allocations – confirmations - affirmations: what firms should know
• Testing, policies & procedures
• Vendor communication
• International considerations
• DTCC weekend conversion plan
• Industry transition week command center
• And more.

12:55 p.m. - 1:00 p.m.

Looking Ahead to Post-Transition and Closing Remarks

The briefing will conclude with a look ahead to post-transition efforts.

Asia Program

January 24 from 9:00 a.m. – 12:30 p.m. HK/SG.

9:00 – 9:25 a.m.

Welcome and Introduction

The webinar will begin with a brief regulatory and industry overview.

Welcome

Speakers:

Deborah Mercer-Miller, Director, Citi; and Chair of Association of Global Custodians

Tom Price, Managing Director, Technology, Operations, and Business Continuity, SIFMA

Regulatory and Industry Update

Speakers:

Jeff Mooney, Associate Director, Office of Clearance and Settlement, Trading & Markets, SEC

Bob Walley, Principal, Financial Services, Deloitte

9:25 – 10:25 a.m.

Trade Lifecycle Overview

This panel will delve into the intricacies of the trade lifecycle from its inception to final settlement, how these stages impact market efficiency and stability, and related regulations. This session - featuring experts from buy-side firms, sell-side firms, custodians, ISCDs, clients/end-users, and the DTCC - will also discuss the impacts on market participants as the industry prepares for T+1.

Moderator:

Tom Price, Managing Director, Technology, Operations & Business Continuity, SIFMA

Panelists:

Sean McEntee, Executive Director, Institutional Trade Processing, DTCC
Tom Damico, Managing Director, Global Equities Operations, JPMorgan Chase & Co.
Louis J. Rosato, Director, Investment Operations, BlackRock

Adam Watson, Senior Director, Head of Commercial Product – Custody, BNY Mellon

10:25 – 10:30 a.m.

Brief Break

10:30 – 11:30 a.m.

T+1 Impacts on Global Custodians

This panel will feature representatives from global custodians, local custodians, international central securities depositories (ICSDs), and industry associations. During this session, panelists will share their perspective as it relates to the T+1 transition, addressing key questions such as timing, customer communication, significant changes and challenges, and their overall preparedness.

Moderator:

Deborah Mercer-Miller, Director, Citi; and Chair of Association of Global Custodians

Panelists:

Paul Bishop, Executive Director, JPM

Roberto Gonzalez, CEO, Post Trade Division, Grupo BMV

David Kirby, Managing Director, Global Head of Bank and Broker/Dealer Coverage, DTCC
David Petiteville, Director, Global Custody Product, RBC Investor Services
Michele Pitts, Managing Director, Head of NAM Custody Product Strategic Initiatives, Citi

11:30 – 12:30 p.m.

International Accelerated Settlement Considerations

Subject matter experts will explore the implications surrounding international accelerated settlement including pre-settlement strategies, regional impacts, impacts to liquidity, dual-listed securities, ICSDs role in international settlement, foreign exchange, and future trends. Panelists will also describe the distinctive impacts and regional nuances of accelerated settlement on global markets, such as India, Mexico, Canada, Europe, and Asia.

Moderator:
Cornelia (Nellie) Dagdag, Managing Director, APAC Marketing & Communications and APAC Regional Manager, DTCC

Panelists:

Janet Dawson, Managing Director, Global FX Division, GFMA
Bill Hughes, Head of Operations, Americas, Nomura
Chris McHugh, Senior Investment Operations Specialist, Vanguard

Justin Wilcox, Managing Director, Global Banking & Markets, Goldman Sachs

Tae Yoo, Managing Director & Co-head Asset Accumulation, Hong Kong Exchanges and Clearing Limited

Program

All times are in Eastern Time (ET).

1:00 p.m. - 2:00 p.m.

Introduction and Panel Discussion

The panel will discuss the SEC's re-proposal, the impacts of it, the industry's response, and where this issue is headed.

Moderator

Chris Killian, Managing Director, Securitization and Corporate Credit, SIFMA

Speakers

Christopher Horn, Counsel, Mayer Brown
Stuart Litwin, Partner and Co-Head of Global Finance Practice, Mayer Brown
Michelle Stasny, Counsel, Mayer Brown

2:00 P.M.

Closing Remarks and Webinar Concludes

Register

Registration was required to participate and closed on Sunday, April 7 at 7:00 p.m. ET.

Questions? Please contact SIFMA.

This webinar was complimentary and open to the members of:

- SIFMA (broker-dealers, investment banks and asset managers)

- ICI (investment advisers, underwriters, and fund directors)

- DTCC (participants of NSCC and DTC).

It was closed to media.

Useful Information

Technical Requirements

This webinar was hosted on Zoom. View instructions on joining and participating in Zoom webinars.

Access Instructions

Access link and instructions were sent to participants after they registered.

Code of Conduct

Inappropriate behavior at SIFMA events is not tolerated. View our Code of Conduct and anonymous incident report form.

Related Resources

01

Comment Letters

SIFMA and SIFMA AMG statement and comment letters on the SEC's re-proposal on conflicts of interest in securitizations.

READ

02

TOB Comment Letter

SIFMA's supplemental letter relating to the potential application of the proposed rule to tender option bonds (TOB).

DOWNLOAD

03

SIFMA Research

Statistics and reports related to U.S. Asset Backed Securities, including quarterly reports, downloadable xls files and more.

Explore

04

SIFMA SmartBrief

A daily snapshot of all the news that matters to the capital markets.

sign up

05

My Profile

Be in the know: update contact information and email preferences.

Manage

06

Sources

The definitive guide of products and services for the securities industry.

download

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CLE Credit

This program is eligible for 1 CLE credit in New York State for non-transitional attorneys. Attendance must be certified by completing the affirmation form (found on the webinar console) immediately following the webinar; enter the CLE code word as provided by the moderator and email the form to conferences@sifma.org.

SIFMA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the State of New York. Participants seeking credit in New York State will receive CLE certificates within 60 days of the conclusion of the event. Participants seeking credit in states other than New York will receive instructions from SIFMA’s third-party vendor and may be directed to self-file. It is the responsibility of the registrant to comply with all rules and regulations governing the jurisdictions in which they seek credit.

Registration fee reduction may be available for qualified registrants; please view our hardship policy to learn more.

Credits

This event will be eligible for [#] CAMS credit hours. -OR- This program OR parts of this program will be available for CLE credit: [# hours] in [list states separated by comma and note if any pending approval]. -OR- This program will be available for CPE credit.

Credits are available for live programs only; they are not available for on demand content. Be sure to indicate your interest in applying for credits by checking the applicable box during registration; fees may apply.

SIFMA offers a variety of continuing education credits to help our members reach their professional development goals. Find out more details about accreditation.

The Industry Viewpoint

There has never been a better time to be an investor. U.S. equity market structure is highly competitive and retail investors in particular enjoy the greatest access, best execution quality and lowest cost to investing that they have ever experienced.

SIFMA has long called for a review of equity market structure, having previously presented recommendations designed to enhance the current structure to the SEC and Congress in 2013, 2014 and 2017.

Chair Gensler suggested several reforms, some of which SIFMA has previously publicly supported, including decreasing access fees, implementation of the new round lot sizes and enhancements to the dissemination of odd-lot information as contemplated by the Commission’s 2020 Market Data Infrastructure Rule. We also see value in updates to SEC Rule 605, which Chair Gensler discussed as disclosure enhancements for all market participants including exchanges, market centers and brokers.

However, some of the suggested changes could impact investors’ costs by eliminating low or zero-dollar commissions or limiting order execution venues. These should be reviewed closely and subject to robust cost benefit analysis.

Moreover, any changes to the rules governing the current equity market structure should be considered holistically with a view to ensuring there are no negative, unintended consequences for investors.

Learn more.

See you soon.

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