As delegates gather in Atlanta for the annual Sibos meeting, the Securities and Exchange Commission (SEC) will be considering the securities industry's response to its concept paper on moving to shorter settlement times. But judging by the comments that have been posted, and the slant of the Sibos session on where the industry should go next, it is fairly obvious the industry has little appetite for the investment needed, especially in the current market. For Ed Neeck, head of securities at JPMorgan, there is still much work to be done on achieving better straight-through processing (STP) rates before any move to same-day confirmation and shorter settlement times can be considered. He says: "This is a concept the industry is generally interested in - but as an end-goal. STP needs to be further enabled before it can be achieved. Then, how shorter setdement times would work across me different timezones must be fully addressed - especially with regard to Europe and Asia investment in the US, where markets would have huge difficulties with trading and operating procedures. There is a drive towards T+1 for risk mitigation reasons but it cannot be achieved until certain changes to the processing cycle have been achieved."
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