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For buy-side firms, the move to T+1 is among the most anticipated – and the most welcome – items of regulation on the horizon. Over the past two years, multiple instances of market turbulence have combined to underscore the longtime position that shortening the settlement cycle will reduce risk. As a result, there is now significant industry-wide momentum around a T+1 settlement cycle, with the SEC voting in February to approve corresponding rule changes.
To manage this transition, the FIX protocol just might be the most important item in the buy-side technologist’s toolbox. By enabling bilateral communication in real time between managers and brokers, FIX demonstrates how technology has outpaced the settlement cycle in terms of innovation, empowering managers to effectively skip the T+1 milestone and move to a T+0 model.
Let’s explore the shortened settlement cycle in more detail – the challenges and benefits it presents, and how the right technology can help asset managers move beyond even this improved state of play.