ISITC TALKTIME: Standard Settlement Instructions for T+1
TalkTime Podcast: Standard Settlement Instructions for T+1
In this T+1 Podcast industry post-trade settlement expert Bill Meenaghan, CEO and founder of SSimple, discusses with ISITC Europe, Director, Gary Wright, the need for a wide-scale upgrade across the capital markets of Standard Settlement Instructions (SSI’s) management.
The discussion included recommendations given in the recently published T+1 UK Accelerated Settlement (AST) Task Force report and much more.
The importance of standardising SSI’s was discussed, with reference to the aforementioned report, which provides a clear and unambiguous call for all firms to follow the Standard for Sharing of Standard Settlement Instructions published by the Financial Markets Standards Board in January 2025.
Bill provided a practitioner’s view of the problems that non-standard SSI’s can create if not managed correctly, with minute-by-minute urgency.
The one-day FX funding gap that T+1 creates in the international investing markets, which will be further exacerbated if failed settlement transactions are added to the cost was talked about. And that an international take-up of the SSI standard would improve settlement efficiency and reduce the risk of fines and funding fail positions.
It was considered imperative that firms begin an assessment of their systems ability to operate in real-time and that they should research the best solution, whether that be a system or service, for their business to enable them to benefit from the use of standard SSIs.
Real-time settlement requires real-time systems and management and hence the discussion included new technologies, particularly DLT. Interoperability being considered essential.
It was suggested that firms should expand their understanding, away from legacy systems to look at AI and the build of new systems architecture.
Viewing time: 22 mins
Bill Meenaghan is CEO at SSImple, whose mission is to fundamentally change the way that SSIs are stored, shared and enriched across the financial services industry. He’s also a Member of the UK’s Accelerated Settlement Taskforce. Simplifying the complexities of the trade lifecycle has been his passion for more than 20 years.
Prior to founding SSImple, Bill worked in senior product management roles at IHS Markit (now merged with S&P Global), The Depository Trust & Clearing Corporation (DTCC)/Omgeo and State Street Global Advisors.
He holds a BA in Accounting & Finance from Nottingham Business School.
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