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T+1 Command Center

The move to a T+1 settlement cycle for corporate bonds, municipal bonds, and equities transactions in the U.S. is now in place.

To ensure a smooth conversion to T+1 settlement on May 28, 2024, the T+1 Command Center provided conversion status information and transparency into the activity of other participants, and served as a forum for issue identification and socialization. The T+1 Command Center’s support will be most active during the conversion period, from Friday, May 24 through Friday, May 31.

Command Center Updates

Updates from the Command Center throughout the conversion period:

Issue Identification and Socialization

Each individual firm is responsible for executing its own T+1 transition plan. Firms should first communicate directly with their clients and suppliers regarding any issues that arise during the conversion period. A firm should address any problem that occurs within the firm or with a counterparty, infrastructure, service provider, vendor, or other intermediaries directly with that entity. The T+1 Command Center is not responsible for issue identification and resolution between individual firms and their infrastructure and/or service providers.

The T+1 Command Center will provide a forum for the industry to raise and socialize broad industry issues that are beyond the scope of firm-specific challenges, provide updates, and work with appropriate parties to determine any additional steps required. Industry participants should raise such issues to or on the industry conference calls scheduled throughout the conversion period.

Command Center Email

The Command Center email is [email protected].

The following industry staff will receive and respond to emails sent to [email protected]:

  • Jeff Naylor – ICI
  • RJ Rondini – ICI
  • Tom Price – SIFMA
  • Anthony Macchiarulo – SIFMA
  • Michele Hillery – DTCC
  • John Abel- DTCC
  • Bob Cavallo – DTCC

Anonymity – All communications with the T+1 Command Center are strictly confidential. We will not share the identity of the firm submitting an issue unless permitted by the submitting party.

Industry Call Schedule

During the days and times outlined on the Industry Call Schedule, the T+1 Command Center will convene the industry to discuss the status of the conversion. The agenda for these calls will include:

  • Updates from critical markets infrastructure (e.g., NSCC, DTC, OCC, Matching Utilities);
  • Statistics on regular way and affirmation rates, when available; and
  • Shared firm status information and industry-reported issues regarding the T+1 Conversion.

CALL PARTICIPATION IS OPEN ONLY TO THOSE DESIGNATED BY THEIR ORGANIZATIONS. CALLS ARE CLOSED TO PRESS, INDUSTRY ANALYSTS AND REGULATORS.

Market Infrastructure Activity Schedule

(e.g., NSCC, DTC, Matching Utilities)

DTCC published the T+1 Conversion Guide in March of 2024. It contains DTCC’s activity schedule and plans.

Notice of Additional DTCC Email Test

On Wednesday, May 22, 2024, at 6:00 PM ET, DTCC will be doing a second test of our back up communication tool. For more information, please read the Important Notice. For more information please read the Important Notice.

Please visit the UST1 website, hosted by SIFMA, ICI and DTCC, and the Canadian Capital Markets Association’s T+1 Portal.

To learn more about the transition to a shortened settlement cycle, visit SIFMA’s issue page.