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The Advent of the Global Day. Client Cash Collection. Banks and T+1. FX Deals. 24 Hour Banking Operations. Unsettled Transactions. Systems Costs. Operations vs Accounting. Cost / Benefits. Conclusion. Strategic Solutions. Z2  ?   Is T+1 a poor relative to T+0? Processes that used to take 72 hours -> 4 hours T+1 needs real-time, or near real time processes. SEGA/Intersettle implemented real time settlement. Risk Management is quantitatively different in T+0. Risk is that T+1 is little different to T+3 in terms of: Availability of Securities and Funds. Existing practises (i.e. merely speeding them up) No radical re-thinking of the whole process. h02f9fff*g     The Advent of the Global Day  HK Institutional client instructs UK Broker. 5pm in HK = 9 am in UK. UK broker directs order and performs allocations. Contacts HK, by which time their trading day is over. Wait till next day to confirm allocations? Risk of mis-matched trading hours in a Global Day. 3f2  '  Client Cash Collection Private Clients - a cash collection problem in T+1? Not geared up for T+1 payment unless pre-fund. Broker capital adequacy may be stretched. Risk of lost business or over-stretched capital base. 7f   Banks and T+1  VRTGS / DNS systems used for  end of day batches. Window for entries usually during early afternoon. Shortens the T+1 window. Risks arising from inflexible payment timing.~.f   FX Deals A typical Money Market deal may still take 2 days. Eg HK$ to USD in the previous example. Some progress with Continuous Linked Settlement. Risk that some deals will not settle in T+1.-f23    24 Hour Banking Operations T+1 creates a 24 hour global processing cycle. Global banks will need 24 hour coverage. Risk that inadequate banking services causes T+1 breakdown.X<f   Unsettled Transactions Increase in unsettled transactions & by orders of magnitude for the 1st 6 months? Reducing over time. Risks that breaks in an  unstable  T+1 process will rapidly lead to large settlement backlogs.0D`f  Systems Costs  Multiple systems will mostly remain in place Interface development for STP /  Just in time Move from batch -> multiple batch / real-time Require highly resilient and fault tolerant systems. Maintenance costs are higher, especially interfaces Need faster response times to problems. Risk to T+1 Cost/ Benefit assumptions .D(fC Operations vs Accounting2     8Operational risk may increase in some areas. STP systems standardise operational processes.. ..but accounting may not be fully addressed Good STP systems create accounting entries at all the right stages & do you know where these are? STP reduces processes cost and generates many reports. Risk that errors are difficult to pick up / explain and rapidly accumulate (e.g. Barings style problems)4a2 4if2    Cost / Benefits jReducing transaction volumes need to be weighed against capital and maintenance costs. 3.3bn spent modifying processes in US. 50% by institutional Broker/Dealers. 25% by Asset Managers. A further 2.9bn spent on standardisation. Assumed that outstanding settlements cut by 67%. Risk: Cost/ Benefits may not be as attractive as thought in the short to medium term.B~<~<[Vfj Conclusion - Risks Risk Area Is T+1 a Poor Relative to T+0? The Advent of the Global Day Client Cash Collection Banks and T+1 FX Deals 24 Hour Banking Operations Unsettled Transactions Systems Costs Operations vs. Accounting Cost / Benefits( Z_ Strategic Solutions Environmental Assessment followed by& ZLE Real-Time Management for T+1 ( $KJ      www.tradingtechnology.com Goutam Bose Director of new markets Trading Technology Limited 21 Godliman Street London EC4V 5BD, UK Tel: +44-0-7336 0302 $Z\   F   4 !0  ` ` ̙33` 333MMM` ff3333f` f` f` 3>?" dd@$v?" dd@  " @ ` n?" dd@   @@``PR    @ ` ` p>>    @k (    A?C:\Documents and Settings\administrator.LONDON\My Documents\Images\back.jpg"Z P # "PN P@  P2  <?P  B   <` ?P B   < ?@  B   <?` B   6 "P   T Click to edit Master title style! !$  0| "  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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H X 0޽h ? ̙33_  0P(  PR P s *]j]: P 3 4 P # &nx{ P 6aZ bT+1 Environmental Assessment*$$ P 6a W @" "  P 6a:O OTo determine the "  P 6 a:i Roperational impact$  P 6a~-h Aon "  P 6aJ: Ythe institution of T+1 and "  P 6ظa:- J improved STP"   P 6оa Wt  @" "  P 6a:t  K To determine "   P 6amt  J issues such "   P 6aW :  Aas "  P 6aW }  Bthe "  P 6daW MI  Eintra$  P 6aW `  A-$  P 6aW 1  Cday$  P 6aW   Hprocess $   P 6a ::  Fchange$  P 6a G:  I and risk $    P 6a :  J management$   !P 6Da   G in a real"   "P 6a   ?-"  #P 6a~ :a  J time or near"   $P 6Hc~ !k  ?-"  %P 6c~ @   Breal"  &P 6h c~ "  ?-"  'P 6|c~   Ctime "  (P 6c :ua  I environment"   )P 6c) W  @" "  *P 6c) :  NTo identify the "  +P 6P c) u  I business $   ,P 6$%c :  M opportunities$   -P 60*c   J that can be "   .P 6/c :a  G realised "  : /P 3 k9: 0P 3 HW 1P 64c^1 @" "  2P 69c^) OTo determine the "  3P 6T>cB Roperational impact$  4P 6dCcWA Aon "  5P 6Hc#n Ythe institution of T+1 and "  6P 6Lc J improved STP"   7P 6Qc1N  @" "  8P 6VcN  K To determine "   9P 6[cFN  J issues such "   :P 6(`c0   Aas "  ;P 6Xdc0 V  Bthe "  P 6pc0   Cday$  ?P 6tc0 u  Hprocess $   @P 6yc   Fchange$  AP 6~c l   I and risk $   BP 6lc v  J management$   CP 6xc `u  G in a real"   DP 6Pc u  ?-"  EP 6cX ;  J time or near"   FP 6cX D  ?-"  GP 6DcX   Breal"  HP 6\cX   ?-"  IP 6tcX   Ctime "  JP 6c O:  I environment"   KP 6c 1  @" "  LP 6lc   NTo identify the "  MP 6@c jO  I business $   NP 6Lce   M opportunities$   OP 602ce s  J that can be "   PP 6Dc }:  G realised "   QP 6c > J Objectives$ : RP 3 : SP 3 ^W TP 6csy J Objectives$ 8 Fc  qPcF  UP 6c @" "  VP 6 c t  FCurrent "   WP 6c  l J transaction "   XP 6\c