Current Priority: Transition to T+2
In recent years, the global financial industry has taken measures to mitigate operational and systemic risk in capital markets. The move to settle trades more quickly is designed to reduce margin and liquidity needs during times of economic volatility and lessen credit and counterparty exposure. Most European countries have successfully shifted to T+2, Australia and New Zealand are shortening their settlement cycle to T+2 in 2016, and U.S. markets have committed to moving to T+2 in Q3, 2017. Now that the U.S. is planning to implement T+2 in Q3, 2017, the need for industry-wide co-ordination is again paramount, with Canada committed to meeting the same target and timeline. See T+2 FAQs.
The CCMA will continue to investigate and support initiatives that are important to the Canadian investment industry. The CCMA Board approves all new initiatives to be undertaken by the association, in consultation with the overall industry.
The CCMA’s priority in 1999 was to facilitate the Canadian securities industry’s overall preparedness to implement straight-through-processing (STP) strategies while promoting efficient and timely trade-date matching among capital market participants. A later CCMA effort focused on whether to extend daylight saving time (DST) by five weeks with the United States in 2007.