Data is important in determining a firm’s readiness, an industry segment’s readiness, and national readiness to move to change a standard securities settlement cycle.
Institutional Trade Processing (ITP) Data
CDS ITP Statistics Report Definitions
- Entered: Trade details received by CDS awaiting confirmation (broker/dealer and/or custodians)
- Confirmed: Status of entered trade changed to reflect “confirmed status awaiting settlement at CDS” once brokers/dealers and custodians agree on trade details
- Efficiency rate (%): Number of trades confirmed divided by number of trades entered
Note: The CDS ITP statistics:
- Include client trades only, with USD transactions converted to CAD dollars for reporting purposes
- Exclude any free movement items or trades reported by a matching services utility (MSU)
- Exclude same-day trades and entitlement-generated transactions
- Are reported based on a trade date cut-off of midnight EST/EDT.
- The ‘AM’ breakdown includes trade entries and confirmations made from 12:00 AM to 11:59 AM
- The ‘PM’ breakdown includes entries/confirmations made from 12:00 PM to 11:59 PM EST.
Key Performance Indicators
- Order entry rate: Trades entered on T, T+1, T+2, etc., as a percent of total trades for the period
- Trade repair (exception processing) rate: Number of trades requiring modification in order to be completed as a percent of total trades
- Order confirmation/affirmation/matching rate: Trades confirmed on T, T+1, T+2, etc., as a percent of total trades confirmed for the period
- STP (straight-through-processing) rate: Number of trades processed without intervention as a percent of total trades
- Failed Trade Rate: Number of failed trades as a percent of all trades
- Trade Matching Rate: The percent of participant trades (by volume and value) confirmed at CDS on T, T+1, T+2 or later, that must is to be compared to a threshold of 90% specified in National Instrument (NI) 24-101 for delivery against payment/receive against payment (DAP/RAP) trades on the specified trade date (currently T+2)