2024 will be a significant year for financial services market structure and our clients. Here’s what I believe will be four dominant themes for the year ahead.
第一个重点领域将是 U.S. 移动到T+1 2024年5月28日. This change in market practice will require the buy- and sell-side to ensure they have efficient 帖子-trade pre-settlement processes in place to meet the new settlement deadline. While firms should now be focused on ensuring they have 帖子-trade automation to meet an accelerated settlement cycle, they must also plan for what should come following implementation. 一旦T+1成为现实，一切都不算完成. Firms should conduct regular assessments of how they are performing as it relates to T+1 to see if there are changes required to their processes, 内部或外部, to ensure compliance with the shortened settlement cycle. There may be considerable adjustments to 帖子-trade processing systems after the deadline and in the months that follow as the industry continues to adjust to the new rules. This applies not only in the US but also to impacted market participants in Europe and Asia, who have the complexity of time zone differences to contend with as well.
Centralized matching platforms like 中医 will become increasingly critical, providing seamless connectivity from trade execution to settlement as well as access to a global community. 同时, outsourcing will become even more important because buy-side firms that have not invested in middle and back-office automation will need to outsource these functions to meet T+1 timelines. 对于买方而言, 采用自动化SSI解决方案, 要么通过外包商，要么直接, will be a crucial part of preparing for and navigating compliance with T+1 as it ensures accurate settlement instructions which reduces the chances of errors.
Related: How ITP is supporting accelerated settlement across the globe
第二个关键主题, 这也是我在2023年一直强调的话题, 数据的作用越来越重要了吗. The large-scale progress the industry has seen in data management in recent years is largely driven by the development of cloud-based tools, which has enabled new data insights and a more efficient roll-out of new business processes. 而我预计这一主题将在2024年继续, I believe it will evolve to focus more on data warehousing and the role of APIs. 在我最近参加的一个小组讨论中, banks confirmed that a critical piece for them going forward is how they can get their data back ‘sooner, 快, 更快的. 这可以通过数据仓库实现, which contain multiple disparate data systems that, 通过api, feed data into modernized platforms in near real time.
这方面的一个例子是最近推出的 交易报告分析和UTI交换，是存报告中心服务的一部分. The analytics tool enables the evaluation of trade and transaction data for accuracy, 完整性, and timeliness across derivatives trade reporting regimes. 与此同时, 新的UTI交易所, API交付, supports the exchange of UTIs by counterparties as required by most major derivatives regulatory reporting regimes under existing rules and upcoming rules rewrites.
这就引出了2024年的第三个关键主题: the forthcoming trade reporting regulatory rewrites. 今年, we’re expecting phase 2 of the CFTC rewrite in Q1, the Financial 服务 Agency of Japan (JFSA) Rewrite and the EU EMIR Refit in April 2024, 以及2024年第三季度的英国埃米尔改装. 3月ket participants should prepare for these new rules by leveraging automated tools like 交易报告分析和UTI交换, which have been specifically designed to help navigate these regulatory changes.
Related: 监管 mandates impacting firms in 2024
The fourth and final market structure theme for the coming year will be the SEC’s recently issued rule amendments around its 2022 expanded U.S. 库务结算建议. 存 believes the adoption of an expanded centralized clearing model for U.S. treasuries will reduce risk and enhance resiliency, improving the strength and stability of the entire U.S. 经济. We are prepared for this significant undertaking and will continue to evolve our access models and enhance capital efficiency whenever possible to effectively support our clients. We are also committed to facilitating industry discussions and will continue to provide education and leadership around this important topic, as we work together towards a successful implementation.
Related: 存 Comments on SEC ruling around expanded U.S. 财政结算
In summary, 2024 will be a significant year both from a technology and regulatory standpoint. In terms of technology, data warehousing and APIs will be significant themes. 从监管的角度来看, T+1的实现, derivatives trade reporting regulatory rewrites, and the expansion of central clearing requirements for US Treasuries will dominate headlines and firm agendas. 存 remains committed to working alongside all of our stakeholders to ensure the smooth transition to new market practices.