T+1 Information and Tools
The CCMA and the organizations it works with prepare and share material to help advance a smooth transition to T+1, should the U.S. capital markets proceed with their proposed move to a shorter standard settlement cycle. Examples include white papers, submissions, surveys, checklists, and so on. Below is Canadian information, followed by links to U.S. and international T+1 material, as well as links to CCMA T+2 resources that also may be useful.
Canadian T+1 Information
February 26, 2024: Joint CCMA-CETFA Request for Regulatory Guidance re Collateral for ETF Delayed Basket Securities
January 30, 2024: Considerations re: Operationalizing/communicating T+1 mutual fund settlement cycles / 30 janvier 2024 : Considérations—Opérationalliser et communiquer les fonds T+1
August 30, 2023: Summary of the Second T+1 Readiness Survey Results / 30 août 2023 : Résultats du sondage de l’état de préparation à T+1
April 5, 2023: CDS Documentation – T+1 Industry Test Plan Approach
March 22, 2023: Webinar – The ValueExchange, CCMA and TMX Survey Result
March 8, 2023: Survey Results – ValueExchange “Operationalizing T+1”
February 23, 2023: White Paper – The Move to T+1 – A business case for automating the middle office (Firebrand Research with Torstone Technology)
February 21, 023: Publication – T+1 Implementation Date – The U.S. Securities and Exchange Commission Sets May 28, 2024 (CIBC Mellons Straight Talk)
February 15, 2023: CCMA Announces SEC Releases Final T+1 Rules, Date
15 février 2023: La SEC publie les règles finales afférentes au passage à T+1 et la date de transition
February 9, 2023: CCMA Letter to SEC – Risks of Q1 Implementation v. Benefits of Labour Day 2024
January 31, 2023: Updated CCMA T+1 Asset List / 31 janvier 2023 : Mise à jour de la liste des actifs T+1
January 31, 2023: Updated Recommended T+1 ITP Processing Timing / 31 janvier 2023 : Recommandations mis à jour des modifications T+1 apportées au cycle de traitement de la CDS
December 22, 2022: Plain Language Summary of Confirm Requirements
December 15, 2022: CCMA Announcement – Canadian securities regulators outline steps to support transition to T+1 / Le 15 décembre 2022 : Annonce de l’ACMC – Les autorités en valeurs mobilières du Canada décrivent les étapes à suivre pour appuyer la transition vers T+1
December 15, 2022 / 15 décembre 2022 :
- Canadian securities regulators outline steps to support transition to T+1
- National Instrument (NI) 24-101 – Institutional Trade Matching and Settlement
- CSA Staff Notice 81-335 – Investment Fund Settlement Cycles
- Les mesures proposées pour faciliter la transition vers un cycle de règlement d’un jour
- Norme canadienne 24-101 — Appariement et règlement des opérations institutionnelles
- Avis 81-335 du personnel des ACVM — Cycles de règlement des fonds d’investissement
December 1, 2022: CDS Migration to T+1 (Business Requirements)
September 12, 2022: Investment funds and the move to T+1: The best solution to the complex transition may be flexibility” (Executive Executive), Paul Bourque, President and CEO, Investment Funds Institute of Canada
July 31, 2022: CCMA publishes list of assets changing to a T+1 settlement cycle in various formats, with explanation of changes
July 31, 2022: CCMA issues T+1 Awareness Survey Results (July 29, 2022) (see July 31 newsletter for a summary of highlights)
July 31, 2022: Recommended T+1 CDS Scheduler Adjustments / 31 juillet 2022 :Recommandations et répercussions des modifications T+1 apportées au cycle de traitement de la CDS
May 31, 2022: CCMA requests comments on List of Assets Moving to T+1 Settlement / L’ACMC invite vos commentaires sur la Liste d’actifs canadiens T+1 pour l’ACMC
May 31, 2022: CCMA seeks feedback on T+1 awareness in the industry:
May 2, 2022: CCMA seeks comments on list of assets expected to change to standard T+1 settlement cycle
April 29, 2022: CCMA issues high-level integrated T+1 timeline, reflecting Fundserv and U.S./SEC timelines
April 11, 2022: CCMA responds regarding T+1 implementation date to SEC request for comments on proposed T+1 rules
April 11, 2022: IIAC replies to SEC regarding T+1 proposals
April 11, 2022: CDS/TMX recommends common T+1 implementation date in answer to SEC request for comments on proposed T+1 rules
February 3, 2022: CSA issues Staff Notice 24-318 – Preparing for the Implementation of T+1 Settlement
January 31, 2022: CCMA issues January newsletter, Time to Talk T+1 / L’ACMC a publié le dernier numéro de son infolettre : « C’est le temps de parler T+1 »
December 20, 2021: IIAC Publishes Op Ed – IIAC and Members Working with CCMA towards T+1
December 1, 2021: CCMA Confirms Faster Securities Settlement Project in Canada Is a Go / 1 décembre 2021 : L’ACMC confirme que le projet de règlement accéléré des valeurs mobilières au Canada sera mis en œuvre
November 16, 2021: Update on CCMA T+1 Settlement Efforts (CIBC Mellon, Straight Talk)
August 17, 2021: Article – U.S industry plots move to T+1; Canada is also considering a move to the shorter settlement cycle
June 21, 2021: CDS Bulletin – Canada’s Transition to T+1 – June 1, 2021.pdf
April 30, 2021: Article – Contemplating T+1 for Canada – As the U.S. industry considers shorter settlement, the CCMA ponders it too
April 29, 2021: CCMA Announcement – Study of Shortening the Standard Canadian Settlement Cycle to T+1
Pre-2021
April 19, 2018: T+2 Project Post-Mortem Report (CCMA)
July 6, 2017: Canadian List of Assets at Standard T+2 Settlement Date (CCMA)
November 10, 2000: Economic Case for Canada to Move to T+1 (Charles River Associates)
U.S. T+1 Related Information
March 23, 2023: DTCC T+1 Test Approach (updated)
March 23, 2023: T+1 Impacted Product Scope
February 15, 2023: SEC releases final T+1 rules and transition date for T+1
February 15, 2023 – DTCC T+1 Test Approach: Detailed Testing Framework
December 20, 2022: SIFMA urges SEC to choose Q3 2024 for T+1 implementation (posted on SEC website January 13, 2023)
December 20, 2022: SIFMA/ICI/DTCC publishes updated T+1 Implementation Playbook (main change relates to securities lending notice recall)
November 17, 2022: Suzanne Quinn (Baillie Gifford Overseas Ltd) makes recommends proposals to SEC to address FX concerns
November 4, 2022: U.S. Senator Thom Tillis asks SEC to comment on volume of SEC regulatory proposals and capacity
October 10, 2022: Nine industry associations write to ask SEC to publish T+1 implementation date (CCMA is a signatory)
September 30, 2022: DTCC letter to SEC re content, time period, and method for submission of annual report
August 25, 2022: SIFMA letter to SEC regarding T+1 settlement and affirmation
August 3, 2022: SIFMA letter to SEC re importance of e-delivery in a T+1 environment
September 19, 2022: Industry gears up for T+1 settlement but needs SEC clarity (Pensions & Investments), Brian Croce
August 1, 2022: SIFMA, ICI and DTCC issue T+1 Playbook, Workbook, and other material to help prepare for the move to T+1
- T+1 Securities Settlement Industry Implementation Playbook
- T+1 Securities Settlement Industry Implementation Workbook
- T+1 Workbook Excel
April 11, 2022: T+1 proposal responses to the SEC
April 5, 2022: SIFMA/ICI/DTCC joint presentation on accelerating settlement to T+1
March 30, 2022: Asset Servicing Times article (p. 19) on the countdown to T+1 with David Smith from Broadridge Consulting Services.
February 9, 2022: Shortening the Securities Transaction Settlement Cycle (Securities and Exchange Commission (SEC) File No. S7-05-22, Request for Comments on T+1, including implementation by March 31, 2024, and on T+0 (247 pages))
February 7, 2022: T+O? More risk, fewer benefits (Sifma op ed)
December 1, 2021: SIFMA, ICI and DTCC lay out path to shorten U.S. securities settlement cycle to T+1 (joint news release by SIFMA, ICI, DTCC)
December 1, 2021: Accelerating the U.S. Securities Settlement Cycle to T+1 (a ‘roadmap’ for shortening the settlement cycle to T+1, including considerations, recommendations, and next steps)
August 31, 2021: U.S. T+1 Microsite (DTCC)
August 13, 2021: Letter to U.S. SEC Chairman Gensler re T+1 (Sifma, ICI, DTCC)
April 28, 2021: DTCC Proposes Approach to Shortening U.S. Settlement Cycle to T+1 Within 2 Years
April 28, 2021: Media Release – U.S. Leading Effort to Shorten U.S. Securities Settlement Cycle to T+1, Collaborating with the Industry on Next Steps (SIFMA, ICI and DTCC)
March 31, 2021: Interview – How Recent Volatility and Margin Requirements Make the Case for T+1 Settlement (Nasdaq Talks; five-minute listen)
February 24, 2021: White Paper – Advancing Together: Leading the Industry to Accelerated Settlement (DTCC)
February 27, 2020: Working Paper – Settling Down; T+2 Settlement Cycle and Liquidity (Utah University Centre for Growth and Opportunity)
Non-North-American T+1-related Information
September 21, 2022: T+1 Settlement in Europe: Potential Benefits and Challenges (discussion paper) Association for Financial Markets in Europe (AFME), September 2022
September 21, 2022: AFME calls for industry discussion on shortening settlement cycles in Europe, Global Custodian, Jonathan Watkins
September 1, 2022: The Operational Twists and Turns in the Race to T+1, Traders Magazine, Rob McGowan, Senior Sales Executive, Gresham Technologies
February 16, 2022: India going live on T+1 on 25 February 2022 (DTCC announcement it is working with India’s T+1 Industry Working Group (IWG); two main objectives are avoiding both an increase in the number of unconfirmed trades a shift of India into a pre-funding market)
November 12, 2021: “Explainer: All You Need to Know about T+1 Settlement” (Palak Shah, The Hindu Business Line)
November 9, 2021: “Stock exchanges to start T+1 settlement cycle from Feb 25, 2022 in phases” (Ashley Coutinho, Business Standard)
November 9, 2021: “Top Indian Stocks to Switch to New Settlement Cycle Only in 2023” (Dhwani Pandya and Ashutosh Joshi Bloomberg)
Note: The Centre for European Policy Studies (CEPS) and European Capital Markets Institute (ECMI) held a December 15, 2022 joint event titled: Settlement cycle: Should it stay (T+2) or should it go (T+1)?
T+1 Information and Tools
The CCMA and the organizations it works with prepare and share material to help advance a smooth transition to T+1, should the U.S. capital markets proceed with their proposed move to a shorter standard settlement cycle. Examples include white papers, submissions, surveys, checklists, and so on. Below is Canadian information, followed by links to U.S. and international T+1 material, as well as links to CCMA T+2 resources that also may be useful.
Canadian T+1 Information
Note: Latest CCMA T+1 Asset List v.2 Jan. 31, 2023 (under further revision) / Mise à jour de la liste des actifs T+1 v.2 31 janvier 2023 (en cours de révision)
August 30, 2023: Summary of the Second T+1 Readiness Survey Results / 30 août 2023 : Résultats du sondage de l’état de préparation à T+1
April 5, 2023: CDS Documentation – T+1 Industry Test Plan Approach
March 22, 2023: Webinar – The ValueExchange, CCMA and TMX Survey Result
March 8, 2023: Survey Results – ValueExchange “Operationalizing T+1”
February 23, 2023: White Paper – The Move to T+1 – A business case for automating the middle office (Firebrand Research with Torstone Technology)
February 21, 023: Publication – T+1 Implementation Date – The U.S. Securities and Exchange Commission Sets May 28, 2024 (CIBC Mellons Straight Talk)
February 15, 2023: CCMA Announces SEC Releases Final T+1 Rules, Date
15 février 2023: La SEC publie les règles finales afférentes au passage à T+1 et la date de transition
February 9, 2023: CCMA Letter to SEC – Risks of Q1 Implementation v. Benefits of Labour Day 2024
January 31, 2023: Updated CCMA T+1 Asset List / 31 janvier 2023 : Mise à jour de la liste des actifs T+1
January 31, 2023: Updated Recommended T+1 ITP Processing Timing / 31 janvier 2023 : Recommandations mis à jour des modifications T+1 apportées au cycle de traitement de la CDS
December 22, 2022: Plain Language Summary of Confirm Requirements
December 15, 2022: CCMA Announcement – Canadian securities regulators outline steps to support transition to T+1 / Le 15 décembre 2022 : Annonce de l’ACMC – Les autorités en valeurs mobilières du Canada décrivent les étapes à suivre pour appuyer la transition vers T+1
December 15, 2022 / 15 décembre 2022 :
- Canadian securities regulators outline steps to support transition to T+1
- National Instrument (NI) 24-101 – Institutional Trade Matching and Settlement
- CSA Staff Notice 81-335 – Investment Fund Settlement Cycles
- Les mesures proposées pour faciliter la transition vers un cycle de règlement d’un jour
- Norme canadienne 24-101 — Appariement et règlement des opérations institutionnelles
- Avis 81-335 du personnel des ACVM — Cycles de règlement des fonds d’investissement
December 1, 2022: CDS Migration to T+1 (Business Requirements)
September 12, 2022: Investment funds and the move to T+1: The best solution to the complex transition may be flexibility” (Executive Executive), Paul Bourque, President and CEO, Investment Funds Institute of Canada
July 31, 2022: CCMA publishes list of assets changing to a T+1 settlement cycle in various formats, with explanation of changes
July 31, 2022: CCMA issues T+1 Awareness Survey Results (July 29, 2022) (see July 31 newsletter for a summary of highlights)
July 31, 2022: Recommended T+1 CDS Scheduler Adjustments / 31 juillet 2022 :Recommandations et répercussions des modifications T+1 apportées au cycle de traitement de la CDS
May 31, 2022: CCMA requests comments on List of Assets Moving to T+1 Settlement / L’ACMC invite vos commentaires sur la Liste d’actifs canadiens T+1 pour l’ACMC
May 31, 2022: CCMA seeks feedback on T+1 awareness in the industry:
May 2, 2022: CCMA seeks comments on list of assets expected to change to standard T+1 settlement cycle
April 29, 2022: CCMA issues high-level integrated T+1 timeline, reflecting Fundserv and U.S./SEC timelines
April 11, 2022: CCMA responds regarding T+1 implementation date to SEC request for comments on proposed T+1 rules
April 11, 2022: IIAC replies to SEC regarding T+1 proposals
April 11, 2022: CDS/TMX recommends common T+1 implementation date in answer to SEC request for comments on proposed T+1 rules
February 3, 2022: CSA issues Staff Notice 24-318 – Preparing for the Implementation of T+1 Settlement
January 31, 2022: CCMA issues January newsletter, Time to Talk T+1 / L’ACMC a publié le dernier numéro de son infolettre : « C’est le temps de parler T+1 »
December 20, 2021: IIAC Publishes Op Ed – IIAC and Members Working with CCMA towards T+1
December 1, 2021: CCMA Confirms Faster Securities Settlement Project in Canada Is a Go / 1 décembre 2021 : L’ACMC confirme que le projet de règlement accéléré des valeurs mobilières au Canada sera mis en œuvre
November 16, 2021: Update on CCMA T+1 Settlement Efforts (CIBC Mellon, Straight Talk)
August 17, 2021: Article – U.S industry plots move to T+1; Canada is also considering a move to the shorter settlement cycle
June 21, 2021: CDS Bulletin – Canada’s Transition to T+1 – June 1, 2021.pdf
April 30, 2021: Article – Contemplating T+1 for Canada – As the U.S. industry considers shorter settlement, the CCMA ponders it too
April 29, 2021: CCMA Announcement – Study of Shortening the Standard Canadian Settlement Cycle to T+1
Pre-2021
April 19, 2018: T+2 Project Post-Mortem Report (CCMA)
July 6, 2017: Canadian List of Assets at Standard T+2 Settlement Date (CCMA)
November 10, 2000: Economic Case for Canada to Move to T+1 (Charles River Associates)
U.S. T+1 Related Information
March 23, 2023: DTCC T+1 Test Approach (updated)
March 23, 2023: T+1 Impacted Product Scope
February 15, 2023: SEC releases final T+1 rules and transition date for T+1
February 15, 2023 – DTCC T+1 Test Approach: Detailed Testing Framework
December 20, 2022: SIFMA urges SEC to choose Q3 2024 for T+1 implementation (posted on SEC website January 13, 2023)
December 20, 2022: SIFMA/ICI/DTCC publishes updated T+1 Implementation Playbook (main change relates to securities lending notice recall)
November 17, 2022: Suzanne Quinn (Baillie Gifford Overseas Ltd) makes recommends proposals to SEC to address FX concerns
November 4, 2022: U.S. Senator Thom Tillis asks SEC to comment on volume of SEC regulatory proposals and capacity
October 10, 2022: Nine industry associations write to ask SEC to publish T+1 implementation date (CCMA is a signatory)
September 30, 2022: DTCC letter to SEC re content, time period, and method for submission of annual report
August 25, 2022: SIFMA letter to SEC regarding T+1 settlement and affirmation
August 3, 2022: SIFMA letter to SEC re importance of e-delivery in a T+1 environment
September 19, 2022: Industry gears up for T+1 settlement but needs SEC clarity (Pensions & Investments), Brian Croce
August 1, 2022: SIFMA, ICI and DTCC issue T+1 Playbook, Workbook, and other material to help prepare for the move to T+1
- T+1 Securities Settlement Industry Implementation Playbook
- T+1 Securities Settlement Industry Implementation Workbook
- T+1 Workbook Excel
April 11, 2022: T+1 proposal responses to the SEC
April 5, 2022: SIFMA/ICI/DTCC joint presentation on accelerating settlement to T+1
March 30, 2022: Asset Servicing Times article (p. 19) on the countdown to T+1 with David Smith from Broadridge Consulting Services.
February 9, 2022: Shortening the Securities Transaction Settlement Cycle (Securities and Exchange Commission (SEC) File No. S7-05-22, Request for Comments on T+1, including implementation by March 31, 2024, and on T+0 (247 pages))
February 7, 2022: T+O? More risk, fewer benefits (Sifma op ed)
December 1, 2021: SIFMA, ICI and DTCC lay out path to shorten U.S. securities settlement cycle to T+1 (joint news release by SIFMA, ICI, DTCC)
December 1, 2021: Accelerating the U.S. Securities Settlement Cycle to T+1 (a ‘roadmap’ for shortening the settlement cycle to T+1, including considerations, recommendations, and next steps)
August 31, 2021: U.S. T+1 Microsite (DTCC)
August 13, 2021: Letter to U.S. SEC Chairman Gensler re T+1 (Sifma, ICI, DTCC)
April 28, 2021: DTCC Proposes Approach to Shortening U.S. Settlement Cycle to T+1 Within 2 Years
April 28, 2021: Media Release – U.S. Leading Effort to Shorten U.S. Securities Settlement Cycle to T+1, Collaborating with the Industry on Next Steps (SIFMA, ICI and DTCC)
March 31, 2021: Interview – How Recent Volatility and Margin Requirements Make the Case for T+1 Settlement (Nasdaq Talks; five-minute listen)
February 24, 2021: White Paper – Advancing Together: Leading the Industry to Accelerated Settlement (DTCC)
February 27, 2020: Working Paper – Settling Down; T+2 Settlement Cycle and Liquidity (Utah University Centre for Growth and Opportunity)
Non-North-American T+1-related Information
September 21, 2022: T+1 Settlement in Europe: Potential Benefits and Challenges (discussion paper) Association for Financial Markets in Europe (AFME), September 2022
September 21, 2022: AFME calls for industry discussion on shortening settlement cycles in Europe, Global Custodian, Jonathan Watkins
September 1, 2022: The Operational Twists and Turns in the Race to T+1, Traders Magazine, Rob McGowan, Senior Sales Executive, Gresham Technologies
February 16, 2022: India going live on T+1 on 25 February 2022 (DTCC announcement it is working with India’s T+1 Industry Working Group (IWG); two main objectives are avoiding both an increase in the number of unconfirmed trades a shift of India into a pre-funding market)
November 12, 2021: “Explainer: All You Need to Know about T+1 Settlement” (Palak Shah, The Hindu Business Line)
November 9, 2021: “Stock exchanges to start T+1 settlement cycle from Feb 25, 2022 in phases” (Ashley Coutinho, Business Standard)
November 9, 2021: “Top Indian Stocks to Switch to New Settlement Cycle Only in 2023” (Dhwani Pandya and Ashutosh Joshi Bloomberg)
Note: The Centre for European Policy Studies (CEPS) and European Capital Markets Institute (ECMI) held a December 15, 2022 joint event titled: Settlement cycle: Should it stay (T+2) or should it go (T+1)?