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The SEC Concept Release on Securities Settlement: Will Operational Efficiency Be Mandated?

Published by: TowerGroup

Published: May. 29, 2004 - 13 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Vision




The Affirmation Process

Affirmation Models


Exhibit 1: Three Basic Models a Buy-Side Firm Can Follow to Affirm Trades With Its Broker (2004)


The Case for Central Matching


Exhibit 2: Strength and Weaknesses of Different Affirmation Models from the Buy-Side Perspective (2004)




Enforcing Affirmation

Affirmation and Risk

Mandating Central Matching

Enforcement Challenges




T plus 1 Revisited


Exhibit 3: Post-Trade, Presettlement Risks (2004)


Time Equals Risk

Replacement Cost Myths

Immobilize or Dematerialize

Same Day Affirmation

T plus 1




Summary

Abstract

This TowerGroup Research Note discusses the benefits and challenges that arise from implementing same-day affirmation and next-day settlement. We offer an in-depth view on the different affirmation models and how the process of same-day affirmation and next-day settlement helps reduce operational risk. Finally, we examine the nature of post-trade risks, the probability of regulatory mandates in this area, and the likely response from industry participants to this latest Release.

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