T+1证券结算行业实施手册（pdf）

Including a detailed implementation schedule, interim milestones, and identified dependencies Published: August 2022Last Updated: April 2023 The information in this Playbook was prepared by Deloitte & Touche LLP(Deloitte)ascommissioned by the Securities Industry and Financial Markets Association (SIFMA) and theInvestment Company Institute (ICI). This Playbook contains general information only, and SIFMA, ICI, and Deloitte are not, bymeans of this document, rendering accounting, business, financial, investment, legal, tax, orother professional advice or services. The information presented in this Playbook is foreducational purposes only. SIFMA, ICI, and Deloitte make no representation or warranty tothe accuracy of the information and the information in this Playbook is not to be viewed as anauthoritative statement on the quality and/or appropriateness of an individual organization’spractices. SIFMA, ICI, and Deloitte provide no assurance over the accuracy or completeness of therequirements for any particular organization’s readiness. This Playbook is meant to provide aframework to assist organizations in performing their own analysis. Before making anydecision or taking any action that may affect your organization, one should consult a qualifiedprofessional advisor. SIFMA, ICI, and Deloitte shall not be responsible for any loss sustainedby any person who relies on this Playbook. At the writing of this Playbook in August of 2022, the U.S. Securities and Exchange Commission(SEC) rule proposal is still pending. The recommendations in this Playbook are dependent uponfinal rule language, decisions, and outcomes. This Playbook will be updated to reflect anychanges in the final rule. While The Depository Trust & Clearing Corporation (DTCC) is not an author of this Playbook,DTCC provided consulting support for SIFMA and ICI in preparing this Playbook. This Playbook contains general information only, and DTCC is not, by means of this document,rendering accounting, business, financial, investment, legal, tax, or other professional adviceor services. The information presented in this Playbook is for educational purposes only. DTCCmakes no representation or warranty to the accuracy of the information and the informationin this Playbook is not to be viewed as an authoritative statement on the quality and/orappropriateness of an individual organization’s practices. DTCC provides no assurance over the accuracy or completeness of the requirements for anyparticular organization’s readiness. This Playbook is meant to provide a framework to assistorganizations in performing their own analysis. Before making any decision or taking anyaction that may affect your organization, one should consult a qualified professional advisor.DTCC shall not be responsible for any loss sustained by any person who relies on this Playbook. Contents Introduction ___________________________________________________________ 9 1.1Executive Summary_____________________________________________________________ 9 1.1.1T+1 Industry Implementation Timeline and Milestones ____________________________________ 111.1.2T+1 Industry Implementation Activity Dependencies ______________________________________ 121.1.3T+1 Market Participant Implementation Timeline and Milestones ___________________________ 14 1.2Industry Efforts on the Road to T+1 _______________________________________________ 15 1.2.1Brief History of the Settlement Cycle: T+5 to T+2 _________________________________________ 151.2.2T+1 Accelerated Settlement Cycle Initiative _____________________________________________ 151.2.3Lessons Learned from T+2 Migration___________________________________________________ 171.2.4Global Markets ____________________________________________________________________ 171.2.5Market Participant Scope ____________________________________________________________ 181.2.6Product Scope _____________________________________________________________________ 181.2.7Baseline Metrics for T+1 _____________________________________________________________ 21 2Playbook Overview _____________________________________________________ 25 2.2Approach____________________________________________________________________ 25 2.3Navigation ___________________________________________________________________ 25 2.3.3Dimension Table ___________________________________________________________________ 27 3Trade Processing _______________________________________________________ 29 3.1Introduction _________________________________________________________________ 29 3.2Timeline and Milestones________________________________________________________ 29 3.3Impact Assessment and Implementation Considerations ______________________________ 29 3.3.1Trading Systems and Reference Data __________________________________________________ 303.3.1.A. Configure Trading Systems ________________________________________________________ 30Activities to Configure Trading Systems ___________________