T+1 Steering Committee (T1SC)
The T+1 Steering Committee (T1SC) has been mandated to co-ordinate an industry-wide effort to shorten the securities settlement cycle from the current two-day period, or T+2, to a one-day period, or T+1. The T1SC identifies legal and regulatory changes, systems, processes and procedural changes, and ensures effective communication and education of the overall Canadian financial services industry.
The Canadian T+1 initiative is being coordinated in concert with the United States. The joint Canadian-American implementation date is targeted for the first half of 2024.
The T1SC membership is open to individuals representing firms and organizations with an interest in the T+1 initiative. These firms and organizations include the buy-side, custodians, sell-side, service providers, industry utilities, self-regulatory organizations, and other regulatory bodies.
The T1SC reports to the CCMA Board of Directors via the Executive Director/Co-Chair of the T1SC.
The T1SC will, or will oversee working groups that will:
- identify all areas (system development, procedure, process, etc.) that need to be addressed,
- identify the solution(s) to the above,
- gain industry agreement on required standards,
- identify and promote supportive rule changes, if any,
- agree on timelines,
- coordinate activities to complete the tasks,
- engage and communicate with all parts of the industry,
- educate those in need of education,
- plan the industrywide testing that will be needed to ensure overall industry readiness, and
- coordinate with the U.S. to ensure a lock-step approach with regards to implementation.
Meetings will be called by one of the Co-Chairs. Notices calling meetings and agendas will be sent to all TiSC members/observers. Meetings will be minuted and attendance recorded. Meeting minutes will be tabled with the T1SC for approval. There is no set minimum quorum requirement for meetings. Minutes and decisions of the T1SC may be posted on the CCMA website.
Member List (as at March 23, 2023)
Refer to working group pages
July 25, 2023
June 27, 2023
May 28, 2023
April 25, 2023
March 28, 2023
March 13, 2023
February 28, 2023
January 24, 2023
December 20, 2022
November – No Meeting
October 25, 2022
September 20, 2022
August 23, 2022
July 26, 2022
June 28, 2022
May 30, 2022
April 26, 2022
March 21, 2022
February 22, 2022
January 25, 2022
December 16, 2021
November 18, 2021