Affirmation rates came in at 94.55% on the second day of T+1 in the US, which also happened to be the double settlement day, whereby trades from prior to the switch were also settling on T+2.
The rate increased from 92.76% on the first day of T+1.
In addition, settlement fails appear not to have spiked yet, with the percentage still under 2% over the first two days of the new setup.
According to the data from DTCC, CTM Allocations Rate by 7PM ET also rose above 99%.
Overall, there appears to have been no major issues across the first two days of T+1 settlement for US equities, however Global Custodian reported yesterday that DTCC had experienced system issues within its DTC and NSCC night cycle processing on the first day of T+1.
The issue was described by sources as having minor impact and is in line with ‘expected teething issues’ anticipated by the US market infrastructure.
DTCC has issued a notice to market participants that a system issue had occurred, but according to sources at a number of custodians, transactions were still processed in accordance with the DTCC deadlines for settlement.
The processing delays were subsequently resolved.
Elsewhere, Global Custodian also revealed that Canadian exchange TMX had some minor system issues on its first night of T+1, which was one day prior to its North American neighbour.
“We experienced some isolated intra-day processing delays on Monday, 27 May, and undertook measures to address the issue,” a TMX spokesperson said. “All key and critical functions have been operating as normal. CDS continues to prioritise communication with participants during the transition.”