{"id":70470,"date":"2015-10-06T12:21:51","date_gmt":"2015-10-06T16:21:51","guid":{"rendered":"http:\/\/broker.commercegurus.com\/?page_id=5"},"modified":"2024-11-20T12:03:35","modified_gmt":"2024-11-20T17:03:35","slug":"priorities-priorites","status":"publish","type":"page","link":"https:\/\/ccma-acmc.ca\/en\/priorities-priorites\/","title":{"rendered":"Priorities \/ Priorit\u00e9s"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row type=&#8221;container&#8221; padding_top=&#8221;75&#8243; padding_bottom=&#8221;&#8221;][vc_column][vc_separator color=&#8221;&#8221; type=&#8221;normal&#8221; thickness=&#8221;&#8221; up=&#8221;0&#8243; down=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;container&#8221; padding_top=&#8221;&#8221; padding_bottom=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<h1><span style=\"color: #d71635;\"><strong>Priorities<\/strong><\/span><\/h1>\n<h3><strong><em>Current Priorities<\/em> <\/strong><\/h3>\n<ul>\n<li>None at present.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]<\/p>\n<h3><em><strong>Future Priorities<\/strong><\/em><\/h3>\n<ul>\n<li>The CCMA will continue to investigate and support initiatives that are important to the Canadian investment industry, broadly defined. The CCMA Board approves all new initiatives in consultation with the overall industry.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]<\/p>\n<h3><em><strong>Past\u00a0Priorities<\/strong><\/em><\/h3>\n<ul>\n<li><strong>2021 \u2013\u00a0<\/strong><strong>2024: <\/strong><strong>Shortening Canada\u2019s standard settlement cycle to T+1<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">The CCMA Board approved an initiative to support the Canadian investment industry as it moved, with the U.S., to shorten their common settlement cycle for equities, and most debt, some mutual funds, and certain other investment products from the then North-American standard of T+2 to T+1 \u2013 the day after a trade is made.\u00a0 Given Canada\u2019s and the U.S.\u2019s highly inter-related capital markets, the CCMA led national industry-wide efforts to reduce the settlement cycle from T+5 to T+3 in 1995, and from T+3 to T+2 in 2017, on the same day as the U.S.\u00a0 <strong><em>Visit the<\/em><\/strong> <strong><a href=\"https:\/\/ccma-acmc.ca\/en\/t1-portal\/\"><em>T+1 Portal<\/em><\/a>.<\/strong><\/p>\n<ul>\n<li><strong>2018 \u2013 2023:\u00a0<\/strong><strong>TMX\/CDS Post-Trade Modernization Project (PTM)<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">The CCMA Board approved an initiative to support the industry in working with CDS to modernize its clearing and settlement systems, as well as its entitlement and corporate action systems.\u00a0 This project was put aside during the T+1 project and restarted up again in June under CDS without CCMA involvement.<\/p>\n<ul>\n<li><strong>2015 \u2013 2017: <\/strong><strong>Shortening Canada\u2019s standard settlement cycle to T+2<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">CCMA led the financial industry\u2019s transition to a T+2 settlement environment. The move to settle trades more quickly was designed to reduce margin and liquidity needs during times of economic volatility and lessen credit and counterparty exposure. This transition was successfully completed on September 5, 2017.\u00a0 In April 2018, the CCMA published <a href=\"http:\/\/ccma-acmc.ca\/en\/wp-content\/uploads\/T2-Project-Post-Mortem-Report-April-19-2018.pdf\"><em>Transition to T+2 \u2013 Post-Mortem Report<\/em><\/a>, which looked at what went well, lessons learned, and impediments to further shortening the settlement period<\/p>\n<ul>\n<li><strong>2007: Daylight Savings Time (DST decision<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">CCMA efforts focused on whether to extend daylight saving time (DST) by five weeks with the United States.<\/p>\n<ul>\n<li><strong>1999 to 2004: Shortening Canada&#8217;s standard settlement cycle and improving efficiencies<br \/>\n<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">The CCMA\u2019s priority was to move to a T+1 settlement cycle with the U.S.\u00a0 This project was replaced after 2001 to facilitating the Canadian securities industry\u2019s overall preparedness to implement straight-through-processing (STP) strategies while promoting efficient and timely trade-date matching among capital market participants should the U.S. again move to shorten the securities settlement cycle at a later date.<\/p>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<h1><span style=\"color: #d71635;\"><strong>Priorit\u00e9s<\/strong><\/span><\/h1>\n<h3><em><strong>Priorit\u00e9s\u00a0 actuelles<br \/>\n<\/strong><\/em><\/h3>\n<ul>\n<li>Aucune priorit\u00e9 n\u2019est inscrite pr\u00e9sentement.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]<\/p>\n<h3><em><strong>Priorit\u00e9s futures<\/strong><\/em><\/h3>\n<ul>\n<li>L&#8217;ACMC poursuivra ses recherches et appuiera les projets qui rev\u00eatent de l&#8217;importance pour le secteur canadien des placements. Le conseil d&#8217;administration de l&#8217;ACMC approuve toutes les nouvelles initiatives de l&#8217;association, en consultation avec l&#8217;ensemble du secteur.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]<\/p>\n<h3><em><strong>Priorit\u00e9s pass\u00e9es<\/strong><\/em><\/h3>\n<ul>\n<li><strong>2021-2024 : Raccourcissement du cycle de r\u00e8glement standard du Canada \u00e0 T+1 :<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">Le conseil d&#8217;administration de l&#8217;ACMC a approuv\u00e9 un projet visant \u00e0 appuyer le secteur canadien de l\u2019investissement alors qu&#8217;il s&#8217;appr\u00eatait, avec les \u00c9tats-Unis, \u00e0 raccourcir le cycle de r\u00e8glement commun pour les actions et la plupart des titres de cr\u00e9ance,\u00a0 des fonds communs de placement et de certains autres titres de placement, de la norme nord-am\u00e9ricaine actuelle de T+2 \u00e0 T+1 &#8211; le jour suivant la cl\u00f4ture d&#8217;une transaction.\u00a0 Vu l&#8217;interd\u00e9pendance des march\u00e9s financiers canadiens et am\u00e9ricains, l&#8217;ACMC a d\u00e9ploy\u00e9 des efforts \u00e0 l&#8217;\u00e9chelle nationale pour r\u00e9duire le cycle de r\u00e8glement de T+5 \u00e0 T+3 en 1995, et de T+3 \u00e0 T+2 en 2017, le m\u00eame jour qu&#8217;aux \u00c9tats-Unis.\u00a0 <strong><em>Visitez le <\/em><\/strong><strong><em><a href=\"http:\/\/www.ccma-acmc.ca\/en\">Portail T+1<\/a><\/em><\/strong>.<\/p>\n<ul>\n<li><strong>2018-2023 : Projet de modernisation post-n\u00e9gociation TMX\/CDS<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">Le conseil d\u2019administration de l\u2019ACMC a approuv\u00e9 une initiative visant \u00e0 appuyer le secteur dans sa collaboration avec la CDS pour la modernisation de ses syst\u00e8mes de compensation et de r\u00e8glement, et de ses syst\u00e8mes de droits et privil\u00e8ges et d&#8217;op\u00e9rations sur titres.\u00a0 Ce projet a \u00e9t\u00e9 suspendu pendant le projet T+1 et relanc\u00e9 en juin sous l&#8217;\u00e9gide de la CDS, sans la participation de l&#8217;ACMC<\/p>\n<ul>\n<li><strong>2015-2017 \u2013 Raccourcissement du cycle de r\u00e8glement standard \u00e0 T+2 :<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">L&#8217;ACMC a men\u00e9 la transition du secteur financier vers un mode de r\u00e8glement \u00e0 T+2. Le passage \u00e0 un r\u00e8glement plus court des transactions a \u00e9t\u00e9 con\u00e7u pour r\u00e9duire les besoins de marge et de liquidit\u00e9 en p\u00e9riode de volatilit\u00e9 \u00e9conomique et att\u00e9nuer l&#8217;exposition au risque de cr\u00e9dit et de contrepartie. Cette transition s&#8217;est achev\u00e9e avec succ\u00e8s le 5 septembre 2017.\u00a0 En avril 2018, l&#8217;ACMC a publi\u00e9 le rapport de bilan de la transition \u00e0 T+2, qui examinait les points positifs, les le\u00e7ons tir\u00e9es et les entraves \u00e0 la poursuite du raccourcissement de la p\u00e9riode de r\u00e8glement.<\/p>\n<ul>\n<li><strong>2007 : D\u00e9cision aff\u00e9rente \u00e0 l\u2019heure d\u2019\u00e9t\u00e9<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">Les travaux de l&#8217;ACMC ont \u00e9t\u00e9 ax\u00e9s sur l&#8217;opportunit\u00e9 de prolonger de cinq semaines l&#8217;heure d&#8217;\u00e9t\u00e9 avec les \u00c9tats-Unis.<\/p>\n<ul>\n<li><strong>1999-2004 : Raccourcissement du cycle de r\u00e8glement standard et am\u00e9lioration d\u2019efficiences<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">la priorit\u00e9 de l&#8217;ACMC consistait \u00e0 passer au cycle de r\u00e8glement avec les \u00c9tats-Unis. Ce projet a \u00e9t\u00e9 remplac\u00e9 apr\u00e8s 2001 dans le but de faciliter la pr\u00e9paration g\u00e9n\u00e9rale du secteur canadien des valeurs mobili\u00e8res \u00e0 appliquer des strat\u00e9gies de traitement direct (STP) tout en favorisant un appariement efficace et dans les d\u00e9lais des dates de transaction entre les intervenants sur les march\u00e9s de capitaux, si les \u00c9tats-Unis raccourcissaient de nouveau le cycle de r\u00e8glement des titres \u00e0 une date subs\u00e9quente.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;container&#8221; padding_top=&#8221;75&#8243; padding_bottom=&#8221;&#8221;][vc_column][vc_separator color=&#8221;&#8221; type=&#8221;normal&#8221; thickness=&#8221;&#8221; up=&#8221;0&#8243; down=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;container&#8221; padding_top=&#8221;&#8221; padding_bottom=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text] Priorities Current Priorities None at present. [\/vc_column_text][vc_column_text] Future Priorities The CCMA will continue to investigate and support initiatives that are important to the Canadian investment industry, broadly defined. The CCMA Board approves all new initiatives in consultation with the overall industry. 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