![]() ![]() In 2013, Depository Trust Co., a subsidiary of Depository Trust & Clearing Corp., the central securities depository of the U.S., began to roll out its plan to promote intraday settlement finality and reduce credit and liquidity risk associated with reclaims via a pre-settlement matching mechanism. “People are moving confirmations upstream to the front office catching anything there and having operations be a settlement agent.” The need for real-time matching across all assets “is forcing people to move upstream,” Roy Saadon, co-founder and head of EMEA at Traiana, told Markets Media. Where necessary or preferable, an FMI should provide final settlement intraday or in real time, according to principle 8 of the BSCBS/Iosco Principles. Global regulators are pushing for clearinghouses and trade repositories to tighten the procedures by which transactions are settled, which is causing ripple effects through the capital markets.Īccording to the Principles for Financial Market Infrastructures issued by the Basel Committee and the International Organization of Securities Commissions, institutions should provide clear and certain final settlement, at a minimum by the end of the value date. Manage Products and Account Information.
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