Transition to T+2 – Post Mortem Report
The CCMA Board has approved an initiative to complete a post mortem report on the transition to T+2. The report will look at ‘what went well’ and ‘lessons learned’ of the recently completed project, while at the same time look at what impediments will need to be overcome to shorten the settlement period even further. The report will be delivered in the spring of 2018.
TMX/CDS Post-Trade Modernization Project
The CCMA Board has approved an initiative to support the industry in working with CDS to modernize their Clearing and Settlement systems (Atlas), as well as their Entitlement and Corporate Action systems (Mercury).
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.
Between 2015 and 2017, CCMA led the financial industry’s transition to a T+2 settlement environment. The move to settle trades more quickly was designed to reduce margin and liquidity needs during times of economic volatility and lessen credit and counterparty exposure. This transition was successfully completed on September 5, 2017.