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

ITP data shows how many trades are ready to settle and when.  For ITP statistics starting January 2016, please visit CDS ITP Statistics.  For earlier data, please click here.

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)