US Clearinghouse DTCC Says Processing Issue Resolved as Industry Hits T+1 Target
- Almost 93% of trades affirmed by deadline, beating 90% goal
- Some DTCC systems experience processing delays; now resolved
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The finance industry met a key target to process US securities trades faster on the first day of new one-day settlement rules, although there were some delays to overnight systems.
Some 92.76% of transactions were “affirmed” — a mandatory step before settlement — by 9 p.m. eastern time on Tuesday, Depository Trust & Clearing Corp. data published Wednesday showed. That surpasses the DTCC’s target of 90%, a level it has said is necessary to maintain market efficiency and help avoid an increase in failed trades as the settlement cycle is halved from two days to one.