An ISITC Europe T+1 Forum Event

In Association with the SIO, CISI, PIMFA, and the IA

Navigating the Journey to T+1 and Digitalization of the Capital Markets

Date: Thursday, 18 September 2024

Time: 09:00 – 17:00 (Drinks from 17:00)

Location: The Royal Scots Club, 29 – 31 Abercromby Place, Edinburgh, EH3 6QE

Overview

This one day event will cover T+1 and digitalization of the Capital Markets. The morning session will explore lessons learned from the NA move to T+1 and give firms an enhanced understanding of the various challenges created through accelerating the settlement cycle and efficiencies that can be made today, which can assist both their clients and business. It will help them prepare and budget for any changes in technology or processes and resources to enable successful operations to settle on T+1 for the UK, EU, and rest of the world. While the afternoon session will explore the future of the financial markets and in particular the move towards digitalization and tokenization of funds. As the intention to make use of innovative, modern technology seems firmly set on a path towards implementation.

Starting back in 2022 with the HMT launch of the digitalization taskforce chaired by Sir Douglas Flint, who’s final report is due for publication this year. This was followed in 2023 by the creation of the Technology Working Group for the Asset Management Taskforce, who released their first interim report entitled ‘UK Fund Tokenization: A Blueprint For Implementation’ in 2023 and most recently ‘Further Fund Tokenization: Achieving Investment Fund 3.0 Through Collaboration’ In addition the release of tokenized funds by Blackrock, Franklin Templeton and Citi’s proof of concept on tokenization of private funds and pilot of token services for cash management and trade finance further demonstrates the trend and intention to grow.

Format

A mixture of interactive roundtables and panel sessions, presentations, and Q & A conducted under the Chatham House rule to ensure a free flowing discussions.

Who it is for

All buy-side firms, custodian banks/outsourcers or sell-side firms that service the buyside.

Speakers

Click link above for further information on our speakers and panellists.

Tony Freeman, Andrew Douglas, Lia Oyman, Adam Conn, Professor Daniel Bropy, Hector McNeil,

T+1 and Digitalization Agenda

Registration

Welcome / Overview of the day

Fireside Chat: Tony Freeman, Director of Policy, ISITC Europe in conversation with Andrew Douglas, Chair UK Technical Taskforce update followed by audience Q & A

Presentation: T+1 Funding Impacts – by roundtable leads, Adam Conn, Baillie Gifford and Lia Oyman, Franklin Templeton to set up the roundtable discussion.

Roundtable discussion – Part 1: Impacts of US move to T+1.

Looking at:

• • What are the main lessons learned and expectations ahead of more markets moving to T+1?
  • What challenges have been caused by the US move to T+1? How have these been dealt with? Could current solutions be improved upon?
    • FX Funding / collateral and cash management
    • Affirmations, Matching and Reconciliations
    • Record Keeping
    • Time Zones
  • What if any regulatory challenges have occurred?
  • Has there been an increase in Risk? Market/Operational
  • How has the move to T+1 Impacted ETFs, open-ended funds, and other collective funds?

Coffee Break

Roundtable Discussion – Part 2: UK/ EU/ ROW moving to T+1.

Looking at:

• • Improving communications with Transfer Agents
  • Managing FX funding/collateral and cash management for domestic and international markets.
  • Managing Affirmations, matching and reconciliations for domestic and international markets.
  • Managing Stock Loans/ Borrow / recalls for domestic and international markets.
  • Market Liquidity
  • Regulatory Challenges
  • What are the costs and benefits to investors of the move to T+1?
  • Do settlement systems need to be real-time?

Lunch

Presentation: Digitalization and the future of financial markets

Panel Session: Digitalization of Assets and Tokenization of Funds with audience Q&A

• How is the tokenized securities market growing and what challenges does it present?
• How do you settle FX in a digitalized tokenized (e.g. move from GBP to ‘digital pound’)? market?
• Scaling up processing of tokenized funds

Panelists: Hector McNeil, CEO, HANetf, Professor Daniel Bropy, Ulster Business School, Lia Oyman, Franklin Templeton, DTCC (tbc),  plus 1 other panel member (tbc)

Coffee Break

Presentation  (tbc)

Closing Address

Drinks

If you are interested in attending this event, please complete the form below. Please note places are limited so confirmation of your place, will be affirmed subsequently by ISITC Europe via email.