08.10.2017

T+2 Dress Rehearsal Set

08.10.2017

The Financial Industry Regulatory Authority has planned a dry run for T+2 settlement migration for August 19, 2017, in preparation for the migration’s slated go-live date of September 5, 2017.

The industry regulator will start the three-hour user acceptance test at approximately 9 am ET. FINRA plans to keep a conference line open during the duration of the test.

SRO officials suggest that firms should consider sharing lines if they are calling in from the same location since there will be a limited number of lines available.

The UAT will allow clients to test the changes they’ve made to their settlement workflows with connections to FINRA’s Over-The-Counter Reporting Facility and Alternative Display Facility.

Firms and service bureaus participating in the test can use FINRA’s Computer-to-Computer Interface, the FIX messaging protocol, and the TRAQS Web browser to report their transactions. Clients using CTCI and FIX will need to connect via their production circuits while those using TRAQS browser can access the test via https://www.finratraqs.org.

FINRA also invitest clearing firms to take part in the UAT to monitor their correspondents’ trade activity marked for clearing by using the TRAQS Clearing Scan function.

The regulator requests that firms that are interested in participating in the UAT should contact FINRA Market Operations no later than 12 pm on August 17, 2017.

Markets Media Group was pleased to host the 2025 European Women in Finance Awards last night at Claridge’s in London.
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HSBC AI Markets harnesses natural language processing to meet market participants’ trading and hedging needs, from pre-trade analysis, to execution, to post-trade. Markets Media caught up with Tom Croft to learn more about the platform.

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Related articles

  1. Monetary Authority of Singapore aims to enable settlement in tokenised bank liabilities & stablecoins.

  2. The UK FCA has also warned firms to prepare for the transition on 11 October 2027.

  3. EU and UK are due to move to T+1 in October 2027.

  4. The trading venue allows clients to settle through a traditional CSD or a crypto wallet.

  5. Settlement fees in European CSDs are on average 65% higher than in North America.

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