Global Custodian has this year rebranded its Industry Person of the Year award for North America to honour the remarkable achievement of an organisation – The Depository Trust and Clearing Corporation (DTCC) – for its extraordinary effort in supporting the T+1 migration in North America.
Proclaimed a success from every corner of the securities world, the feat could never have been achieved without a monumental effort by the industry, which was ultimately driven by the DTCC.
Recognising that the chain would only be as strong as its weakest link, DTCC initiated an educational outreach that stretched both globally and to a diverse range of participants by size and function.
Only through a deep analysis in the months following the migration did it become evident that without the industry’s relentless pursuit of educating and drilling participants, the switch would not have been so smooth.
Beyond DTCC and the custodians working so close to the transition, it was fair to say the industry expected more disruption or issues stemming from the cycle reduction than actually occurred.
But for DTCC it was all about ticking off the miles towards the finish line for the marathon task. The organisation set metrics and milestones along the way – from inception to rollout – such as the tracking of affirmation rates, industry testing and the uptake of TradeSuite IDs.
It would probably take too long to count the combined hours which went into calls, whitepapers, webinars, media interviews, association meetings and conferences from the team at the DTCC but we can certainly say the success seen in May 2024 and thereafter would not have occurred without the colossal effort they put into preparation, education and outreach.
Speaking on the evening, Brian Steele, managing director, president, clearing & securities services at DTCC, said: “DTCC is honoured to accept the Industry Leadership Award for our efforts around the successful implementation of T+1 in the US. While DTCC may have led the transition to T+1, this was a true team effort. It required firms, industry organisations and key stakeholders across the financial system to come together to collaborate, coordinate and execute this historic change to market structure.
“The success of the move was testament to the significant work undertaken by the industry, which ultimately delivered a seamless transition as well as numerous tangible benefits including capital and liquidity enhancements, wider post trade automation, operational efficiency, and systemic risk mitigation. As other markets, such as the UK and Europe, start the work towards accelerated settlement cycles, we are ready to collaborate and support successful T+1 implementation in these regions.”