T+2 Information and Tools (2015-2018)
The CCMA and the organizations it works with prepare and share material to help advance a smooth transition to T+2. Examples include white papers, submissions, surveys, checklists, and so on.
Key Canadian Documents
(American documents and those of other T+2 transitioning countries follow)
2018
April 19, 2018: T+2 Project – Post-Mortem Report
2017
September 8, 2017: CCMA Announces Successful T+2 Transition, Credits Industry Efforts
September 1, 2017: CCMA Publishes Transition Support Plan
August 31, 2017: CSA Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds – Amendments to National Instrument 81-102 Investment Funds
August 31, 2017: CSA Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds – Amendments to NI 81-102 Investment Funds (pdf)
August 10, 2017: CCMA T+2 Transitional Implementation Plan
August 6, 2017: CCMA’s Third T+2 Readiness Survey Results
August 3, 2017: CSA Staff Notice 24-316 Feedback on CSA T+2 Consultations – August 3, 2017 (pdf)
August 3, 2017: Feedback on CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment – August 3, 2017 (pdf)
July 13, 2017: TMX Notice on Changes to Ex Dividend Procedures
July 6, 2017: CCMA Letter to CSA on T+2-related NI 81-102 Investment Funds Amendments
July 6, 2017: UPDATED CCMA List of Assets Moving to T+2
July 6, 2017: T+2 Communications Materials for Clients
June 29, 2017: IIROC Amendments to Facilitate the Investment Industry’s Move to T+2 Settlement
May 2, 2017: Updated CDS T+2 Test Plan
April 27, 2017: Canadian securities regulators outline steps to support transition to T+2
- Final amendments to National Instrument 24-101 Institutional Trade Matching and Settlement and its companion policy
- Consultation: Notice and Request for Comment: Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds, with proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102)
April 27, 2017: Firms that Have Confirmed a Project Manager or Other Official Contact for Last CCMA T+2 Survey (Updated) (If your firm’s name is not on this list, please e-mail us with the official contact for your firm)
April 27, 2017: Updated CCMA FAQs
April 26, 2017: Asset List Investment Fund Extract Expanded – Deadline Extended (Please provide feedback by May 31, 2017)
March 30, 2017: Fundserv T+2 FAQs (pdf)
March 28, 2017: Fundserv T+2 Frequently Asked Questions (FAQs) (Note: Updated; original version issued March 9)
March 12, 2017: Updated CDS T+2 Test Plan (Note: Any further changes to the CDS Test Plan are sent by notice directly to CDS participants and the CCMA)
March 12, 2017: Updated CDCC T+2 Test Plan
March 9, 2017: Fundserv T+2 Survey and Results
February 22, 2017: MFDA Bulletin: Canadian Investment Industry’s Move to T+2 Settlement
February 22, 2017: Asset List Investment Fund Extract Expanded – February 22, 2017 (Please provide feedback by March 15, 2017)
February 22, 2017: CCMA T+2 Project Acknowledgement Form
February 22, 2017: List of CCMA Key Infrastructure, Service Providers, Custodians and Intermediaries Requested to Sign T+2 Project Acknowledgement Form
February 22, 2017: T+2 Readiness Progress Survey Results
February 14, 2017: IFIC Letter to CSA on T+2 Impact on Funds
February 3, 2017: CCMA Letter to CSA re Investment Funds and T+2
January 13, 2017: CDS T+2 Industry Test Plan v3.0
2016
December 19, 2016: UPDATED Final T+2 Asset List
November 30, 2016: CDCC External Test Plan
November 16, 2016: IIAC Letter to CSA on 24-402 Settlement Consultation Paper
November 1, 2016: CCMA Letter to CSA on NI 24-101 T+2 Amendments
November 1, 2016: CCMA Letter to SEC on Proposed T+2 Amendments
October 26, 2016: Letter to IIROC on Notice 16-0177 re Amendments to Facilitate T+2 Move
October 22, 2016: CDS T+2 Industry Test Plan
October 17, 2016: T+2 Testing Strategy – Fundserv’s High-Level Testing Plan
September 4, 2016: Buy-Side T+2 Checklist
September 4, 2016: T+2-In-A-Box PowerPoint
September 4, 2016: Updated and Expanded FAQs (as at September 3, 2016)
August 18, 2016: CSA Notice and Request for Comments on Proposed Amendments to National Instrument (NI) and Companion Policy (CP) 24-101 – Institutional Trade Matching and Settlement and CSA Consultation Paper 24-402: Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment (Request for Comments by Nov. 16, 2016)
July 28, 2016: IIROC Rules Notice 16-0177 Amendments to facilitate the investment industry’s move to T+2 settlement (Request for Comments by Oct. 26, 2016)
July 22, 2016: T+2 Preparedness Survey Results
July 18, 2016: Final Canadian T+2 Asset List
June 2, 2016: CSA Staff Notice 24-314: Preparing for the Implementation of T+2 Settlement: Letter to Registered Firms
May 24, 2016: T+2 Readiness Survey (Please complete this confidential survey by Friday, June 3, 2016. Note: If your firewall security settings do not allow you to access/complete this survey online, please download and complete this Word version, and then save and e-mail it to us)
April 2016: T+2 Asset List (Request for Comment by May 27, 2016)
April 2016: CCMA – T+2 Readiness Self-Assessment Checklist
January 2016: Fundserv T+2 White Paper
2015 and earlier
December 2015 : IFDS Bulletin on T+2
September 2015: CDS T+2 White Paper
April 2, 2015: CSA Staff Notice 24-312: Preparing for the Implementation of T+2 Settlement
June 23, 2014: IIAC Industry Asset Classification Schema (pdf)
July 12, 2004: Capco Summary Report Canadian STP/T+1 Assessment Results
July 12, 2004: Capco Assessment of Canada’s STP/T+1 Readiness and a Comparison of Canada’s vs. United States’ T+1 Readiness – STP/T+1 Readiness Assessment Report for Canada
November 10, 2000: Charles River Associates – Economic Case for Canada T+1
KEY U.S. DOCUMENTS (also visit www.ust2.com)
January 22, 2018: Modernizing The U.S Equity Markets Post-Trade Infrastructure
January 22, 2018: Modernizing The U.S Equity Markets Post-Trade Infrastructure (pdf)
January 2018: Daily Total U.S. Treasury and Agency Fails (pdf)
August 22, 2017: U.S. Asset List Clarifications
August 22, 2017: T+2 Product Scope Clarifications (securitized mortgages, non-U.S. securities) (pdf)
July 10, 2017: T+2 Update Collateralized Mortgage Obligations (pdf)
June 16, 2017: T+2 Changes to the Securities Lending Recall Period
May 8, 2017: Shortened Settlement Cycle – U.S. Rule Changes (Willkie Farr Gallagher LLP)
March 23, 2017: SEC FINAL Rule Changes
January 31, 2017: DTCC Test CUSIPs for T+2 Industry Testing
January 20, 2017: DTCC T+2 Test Approach Detailed Testing Framework Version 2
October 28, 2016: Version 2 – DTC, NSCC and Omgeo Functional Changes for a Shorter Settlement Cycle
October 10, 2016: Frequently Asked Questions
October 10, 2016: Cash Products in Scope
October 10, 2016: U.S. T+2 Primary Markets Working Group Recommendations
August 31, 2016: U.S. Cash Products in Scope for T+2 (pdf)
March 7, 2016: U.S. ISC Recommends Shorter Settlement Cycle Implementation Date (pdf)
August 1, 2016: T+2 Test Approach – Detailed Testing Framework
March 7, 2016: U.S. T+2 ISC Recommends Move to Shorter Settlement Cycle on September 5, 2017
December 2015: T+2 Industry Steering Committee Publishes Playbook for Achieving Shortened Settlement Cycle in U.S. by the End of 3Q 2017
December 18, 2015: U.S. T+2 Industry Implementation Playbook (pdf)
September 16, 2015: SEC Letter to SIFMA and ICI Confirming Support and Labour Day Implementation Date (pdf)
June 28, 2013: Order Approving Proposed Rule Change to Require that All Locked-in Trade Data Submitted to NSCC for Trade Recording be Submitted in Real-time (pdf)
October 2012: Boston Consulting Group Cost-benefit analysis of shortening the settlement cycle
October 2012: Boston Consulting Group Cost-Benefit Analysis on Shortening the Settlement Cycle (pdf)
June 16, 2004: SIA Comments to the SEC on the Securities Transaction Settlement Cycle (pdf)
OTHER T+2 TRANSITIONS IN GLOBAL MARKETS
Argentina: Argentinian T+2 Announcement (in Spanish; August 24, 2017)
Australia Experience: Transition to T+2 Settlement for Cash Equities
European Experience: CSD Regulation – Migration to T+2
- August 23, 2017: European Commission Public Consultation on post-trade in a Capital Market Union – dismantling barriers and strategy for the future (pdf)
- March 2017: International Capital Markets Association (ICMA) CSDR Framework for Late Settlement Penalties (pdf)
- October 20, 2014: ECSDA Reports “A very smooth transition to T+2” in 29 European Countries
- October 2014: T+2 EU Industry-wide Shortened Settlement Cycle for Securities HSBC Client Guide
- July 23, 2014: European Commission CSDs Securities Settlement (Central Securities Depositories EU Regulation No 909-2014) (pdf)
Mexico: Mexico to Move to T+2 on September 5, 2017
New Zealand Experience: Transition to T+2 Settlement Cycle for Cash Trades
Peru:
- Peruvian T+2 Announcement (in Spanish; August 17, 2017)
- T+2 Update (July 6, 2017)
- Peru to Move to T+2 on September 5, 2017
T+2 Information and Tools (2015-2018)
The CCMA and the organizations it works with prepare and share material to help advance a smooth transition to T+2. Examples include white papers, submissions, surveys, checklists, and so on.
Key Canadian Documents
(American documents and those of other T+2 transitioning countries follow)
2018
April 19, 2018: T+2 Project – Post-Mortem Report
2017
September 8, 2017: CCMA Announces Successful T+2 Transition, Credits Industry Efforts
September 1, 2017: CCMA Publishes Transition Support Plan
August 31, 2017: CSA Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds – Amendments to National Instrument 81-102 Investment Funds
August 31, 2017: CSA Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds – Amendments to NI 81-102 Investment Funds (pdf)
August 10, 2017: CCMA T+2 Transitional Implementation Plan
August 6, 2017: CCMA’s Third T+2 Readiness Survey Results
August 3, 2017: CSA Staff Notice 24-316 Feedback on CSA T+2 Consultations – August 3, 2017 (pdf)
August 3, 2017: Feedback on CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment – August 3, 2017 (pdf)
July 13, 2017: TMX Notice on Changes to Ex Dividend Procedures
July 6, 2017: CCMA Letter to CSA on T+2-related NI 81-102 Investment Funds Amendments
July 6, 2017: UPDATED CCMA List of Assets Moving to T+2
July 6, 2017: T+2 Communications Materials for Clients
June 29, 2017: IIROC Amendments to Facilitate the Investment Industry’s Move to T+2 Settlement
May 2, 2017: Updated CDS T+2 Test Plan
April 27, 2017: Canadian securities regulators outline steps to support transition to T+2
- Final amendments to National Instrument 24-101 Institutional Trade Matching and Settlement and its companion policy
- Consultation: Notice and Request for Comment: Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds, with proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102)
April 27, 2017: Firms that Have Confirmed a Project Manager or Other Official Contact for Last CCMA T+2 Survey (Updated) (If your firm’s name is not on this list, please e-mail us with the official contact for your firm)
April 27, 2017: Updated CCMA FAQs
April 26, 2017: Asset List Investment Fund Extract Expanded – Deadline Extended (Please provide feedback by May 31, 2017)
March 30, 2017: Fundserv T+2 FAQs (pdf)
March 28, 2017: Fundserv T+2 Frequently Asked Questions (FAQs) (Note: Updated; original version issued March 9)
March 12, 2017: Updated CDS T+2 Test Plan (Note: Any further changes to the CDS Test Plan are sent by notice directly to CDS participants and the CCMA)
March 12, 2017: Updated CDCC T+2 Test Plan
March 9, 2017: Fundserv T+2 Survey and Results
February 22, 2017: MFDA Bulletin: Canadian Investment Industry’s Move to T+2 Settlement
February 22, 2017: Asset List Investment Fund Extract Expanded – February 22, 2017 (Please provide feedback by March 15, 2017)
February 22, 2017: CCMA T+2 Project Acknowledgement Form
February 22, 2017: List of CCMA Key Infrastructure, Service Providers, Custodians and Intermediaries Requested to Sign T+2 Project Acknowledgement Form
February 22, 2017: T+2 Readiness Progress Survey Results
February 14, 2017: IFIC Letter to CSA on T+2 Impact on Funds
February 3, 2017: CCMA Letter to CSA re Investment Funds and T+2
January 13, 2017: CDS T+2 Industry Test Plan v3.0
2016
December 19, 2016: UPDATED Final T+2 Asset List
November 30, 2016: CDCC External Test Plan
November 16, 2016: IIAC Letter to CSA on 24-402 Settlement Consultation Paper
November 1, 2016: CCMA Letter to CSA on NI 24-101 T+2 Amendments
November 1, 2016: CCMA Letter to SEC on Proposed T+2 Amendments
October 26, 2016: Letter to IIROC on Notice 16-0177 re Amendments to Facilitate T+2 Move
October 22, 2016: CDS T+2 Industry Test Plan
October 17, 2016: T+2 Testing Strategy – Fundserv’s High-Level Testing Plan
September 4, 2016: Buy-Side T+2 Checklist
September 4, 2016: T+2-In-A-Box PowerPoint
September 4, 2016: Updated and Expanded FAQs (as at September 3, 2016)
August 18, 2016: CSA Notice and Request for Comments on Proposed Amendments to National Instrument (NI) and Companion Policy (CP) 24-101 – Institutional Trade Matching and Settlement and CSA Consultation Paper 24-402: Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment (Request for Comments by Nov. 16, 2016)
July 28, 2016: IIROC Rules Notice 16-0177 Amendments to facilitate the investment industry’s move to T+2 settlement (Request for Comments by Oct. 26, 2016)
July 22, 2016: T+2 Preparedness Survey Results
July 18, 2016: Final Canadian T+2 Asset List
June 2, 2016: CSA Staff Notice 24-314: Preparing for the Implementation of T+2 Settlement: Letter to Registered Firms
May 24, 2016: T+2 Readiness Survey (Please complete this confidential survey by Friday, June 3, 2016. Note: If your firewall security settings do not allow you to access/complete this survey online, please download and complete this Word version, and then save and e-mail it to us)
April 2016: T+2 Asset List (Request for Comment by May 27, 2016)
April 2016: CCMA – T+2 Readiness Self-Assessment Checklist
January 2016: Fundserv T+2 White Paper
2015 and earlier
December 2015 : IFDS Bulletin on T+2
September 2015: CDS T+2 White Paper
April 2, 2015: CSA Staff Notice 24-312: Preparing for the Implementation of T+2 Settlement
April 2, 2015: CSA Staff Notice 24-312 Preparing for the Implementation of T+2 Settlement – April 2, 2015 (pdf)
June 23, 2014: IIAC Industry Asset Classification Schema (pdf)
July 12, 2004: Capco Summary Report Canadian STP/T+1 Assessment Results
July 12, 2004: Capco Assessment of Canada’s STP/T+1 Readiness and a Comparison of Canada’s vs. United States’ T+1 Readiness – STP/T+1 Readiness Assessment Report for Canada
November 10, 2000: Charles River Associates – Economic Case for Canada T+1
KEY U.S. DOCUMENTS (also visit www.ust2.com)
January 22, 2018: Modernizing The U.S Equity Markets Post-Trade Infrastructure
January 22, 2018: Modernizing The U.S Equity Markets Post-Trade Infrastructure (pdf)
January 2018: Daily Total U.S. Treasury and Agency Fails (pdf)
August 22, 2017: U.S. Asset List Clarifications
August 22, 2017: T+2 Product Scope Clarifications (securitized mortgages, non-U.S. securities) (pdf)
July 10, 2017: T+2 Update Collateralized Mortgage Obligations (pdf)
June 16, 2017: T+2 Changes to the Securities Lending Recall Period
May 8, 2017: Shortened Settlement Cycle – U.S. Rule Changes (Willkie Farr Gallagher LLP)
March 23, 2017: SEC FINAL Rule Changes
January 31, 2017: DTCC Test CUSIPs for T+2 Industry Testing
January 20, 2017: DTCC T+2 Test Approach Detailed Testing Framework Version 2
October 28, 2016: Version 2 – DTC, NSCC and Omgeo Functional Changes for a Shorter Settlement Cycle
October 10, 2016: Frequently Asked Questions
October 10, 2016: Cash Products in Scope
October 10, 2016: U.S. T+2 Primary Markets Working Group Recommendations
August 31, 2016: U.S. Cash Products in Scope for T+2 (pdf)
March 7, 2016: U.S. ISC Recommends Shorter Settlement Cycle Implementation Date (pdf)
August 1, 2016: T+2 Test Approach – Detailed Testing Framework
March 7, 2016: U.S. T+2 ISC Recommends Move to Shorter Settlement Cycle on September 5, 2017
December 2015: T+2 Industry Steering Committee Publishes Playbook for Achieving Shortened Settlement Cycle in U.S. by the End of 3Q 2017
December 18, 2015: U.S. T+2 Industry Implementation Playbook (pdf)
June 28, 2013: Order Approving Proposed Rule Change to Require that All Locked-in Trade Data Submitted to NSCC for Trade Recording be Submitted in Real-time (pdf)
October 2012: Boston Consulting Group Cost-benefit analysis of shortening the settlement cycle
October 2012: Boston Consulting Group Cost-Benefit Analysis on Shortening the Settlement Cycle (pdf)
June 16, 2004: SIA Comments to the SEC on the Securities Transaction Settlement Cycle (pdf)
OTHER T+2 TRANSITIONS IN GLOBAL MARKETS
Argentina: Argentinian T+2 Announcement (in Spanish; August 24, 2017)
Australia Experience: Transition to T+2 Settlement for Cash Equities
European Experience: CSD Regulation – Migration to T+2
- August 23, 2017: European Commission Public Consultation on post-trade in a Capital Market Union – dismantling barriers and strategy for the future (pdf)
- March 2017: International Capital Markets Association (ICMA) CSDR Framework for Late Settlement Penalties (pdf)
- October 20, 2014: ECSDA Reports “A very smooth transition to T+2” in 29 European Countries
- October 2014: T+2 EU Industry-wide Shortened Settlement Cycle for Securities HSBC Client Guide
- July 23, 2014: European Commission CSDs Securities Settlement (Central Securities Depositories EU Regulation No 909-2014) (pdf)
Mexico: Mexico to Move to T+2 on September 5, 2017
New Zealand Experience: Transition to T+2 Settlement Cycle for Cash Trades
Peru:
- Peruvian T+2 Announcement (in Spanish; August 17, 2017)
- T+2 Update (July 6, 2017)
- Peru to Move to T+2 on September 5, 2017