ISC release T+2 guide
22 December 2015 New York
Image: Shutterstock
The T+2 Industry Steering Committee (ISC) has published an Implementation Playbook to help market participants in their transition to a T+2 settlement cycle.
The playbook, developed in partnership with Deloitte Advisory, offers a detailed timeline, milestones and dependencies that market participants should consider in order to migrate to a T+2 settlement for US equities, corporate and municipal bonds, and unit investment trust trades.
The implementation period is set to be completed by Q4 2017.
The playbook was developed in response to a request by Securities and Exchange Commission (SEC) chair Mary Jo White for a more detailed implementation plan.
The playbook builds upon the white paper that was published by the T+2 ISC and outlined the high-level industry requirements and a high-level timeline for shortening the settlement cycle.
“Moving to a two-day settlement is a transformational change for the securities industry, which will also yield long-term benefits and help reduce risk for investors,” said Bob Walley, principal, Deloitte & Touche LLP, in the finance and operations practice, who spearheaded the development of the playbook for Deloitte Advisory.
“The industry’s work with Deloitte Advisory to develop the Implementation Playbook is a critical next step to help ensure that all market participants have the tools and knowledge they need to prepare their individual firms to be T+2 ready,” said Tom Price, co-chair of the T+2 ISC and managing director of the technology, operations and business continuity group for SIFMA.
The playbook, developed in partnership with Deloitte Advisory, offers a detailed timeline, milestones and dependencies that market participants should consider in order to migrate to a T+2 settlement for US equities, corporate and municipal bonds, and unit investment trust trades.
The implementation period is set to be completed by Q4 2017.
The playbook was developed in response to a request by Securities and Exchange Commission (SEC) chair Mary Jo White for a more detailed implementation plan.
The playbook builds upon the white paper that was published by the T+2 ISC and outlined the high-level industry requirements and a high-level timeline for shortening the settlement cycle.
“Moving to a two-day settlement is a transformational change for the securities industry, which will also yield long-term benefits and help reduce risk for investors,” said Bob Walley, principal, Deloitte & Touche LLP, in the finance and operations practice, who spearheaded the development of the playbook for Deloitte Advisory.
“The industry’s work with Deloitte Advisory to develop the Implementation Playbook is a critical next step to help ensure that all market participants have the tools and knowledge they need to prepare their individual firms to be T+2 ready,” said Tom Price, co-chair of the T+2 ISC and managing director of the technology, operations and business continuity group for SIFMA.
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