T+1’s May 28th deadline is rapidly approaching in the U.S., and the window for preparations is closing. With just over two months until Memorial Day weekend, DTCC has recently issued the T+1 Conversion Guide to outline the critical steps that DTCC will take during the conversion weekend.
The T+1 Conversion Guide, which is also available on UST1.org, includes detailed information on the timeline to launch the T+1 changes into the production environment, DTCC’s systems and various processing changes for T+1, and DTCC’s support for clients during the T+1 conversion period.
Related: Visit UST1.org to stay informed about the move to U.S. T+1
“The conversion process should be transparent to clients as we ‘flip the switch’ from T+2 to T+1, but we also want the industry to know what to expect, day-by-day, over the Memorial Day weekend,” said John Abel, Executive Director of Clearance & Settlement Product Management at DTCC. “DTCC’s production environment will conform to T+2 settlement cycle right up until close of business on Friday, May 24, and it will then be fully converted into a T+1 settlement cycle environment for any activity submitted on Tuesday.”
“Throughout the conversion weekend, DTCC will be rigorously monitoring all processes, tracking and reporting status to clients at regularly scheduled intervals – and on an ad hoc basis as needed,” said Robert Cavallo, DTCC Director, Clearance & Settlement Product Management. “The T+1 Industry Steering Committee is also in the process of preparing a comprehensive communication plan for the T+1 conversion period, and DTCC’s regularly scheduled updates will be incorporated into those plans.”
“The move to a T+1 settlement cycle has been an ongoing industry collaboration for well over three years, and we are confident in our preparations,” said Abel. “It’s going to be a busy week for all of us in clearing and settlement at DTCC, for the industry and for clients, but this is what we’ve all been preparing for, testing, and working towards.”