Wesley Bray explores the latest rule changes for fixed income clearing in the US, what institutions should be most conscious of, how to navigate these changes and what their impact will likely be on competition.
New developments will help improve users’ understanding of risk management and margin requirements.
New offering will provide market participants increased insight into market value, positions and risk profiles.
New tool coincides with new SEC requirements for expanded US Treasury clearing, simulating estimated CCLF obligations linked to FICC Government Securities Division membership.
The pair intend to develop a proof of concept that links DTCC’s tri-party trade matching workflow with Cboe Clear Europe.
The initial data from the DTCC have given an indication of positive affirmation and fail rates over the first week and a half, while the buy-side feel the transition has gone operationally well. However, there are still concerns around the future regarding overdrafts, public holidays, FX and more.
New estimate is up from the previous $1.63 trillion prediction in September 2023 and is based on a survey completed by 83 sell-side institutions.
Increase in affirmation rates despite double-settlement day which included T+2 trades from prior to 28 May.
‘Teething issues’ as anticipated on first day of T+1 implementation in the US while affirmation rates top the DTCC’s target on day one.
Sumitomo Mitsui Trust is the first Japanese asset manager to adopt the ITP services through Nomura Research Institute’s (NRI) SmartBridge Advance – a collaborative offering built in partnership by DTCC and NRI.