The Impact on Retail Investors of T+1

A T+1 Forum Event – The Impact on Retail Investors of T+1

Wednesday 31st January 2024

In Association with the CISI, THE INVESTMENT ASSOCIATION and PIMFA

T+1 is being introduced on the 27^th May in Canada and 28^th May 2024 in the USA, with the UK due to follow at a date soon to be announced, then eventually mainland Europe. This leaves hardly any time for Stock Brokers, Wealth Managers and all firms offering investing and settlement services to prepare for the operational issues, which will arise both domestically and internationally.

ETF’s are likely to be most affected, but any fund or portfolio that has cross jurisdiction settlement will be impacted. The problems that will require resolution are wide ranging and include; system or technology upgrades to facilitate; contractual changes, compliance and business issues, risk and liquidity/collateral/treasury management and client servicing.

ISITC Europe, PIMFA, the CISI and the Investment Association have come together to assist their members in achieving T+1 as efficiently as possible, by bringing together senior executives from the retail investing market to share knowledge and exchange ideas. This roundtable aims to provide a deeper understanding of the challenges and discuss possible solutions, without incurring excessive costs, risks or most importantly disadvantaging clients. Areas of discussion are likely to be:

• Existing systems capability and potential areas of change
• Pre trade operations including client and reference Data
• Matching/confirmation with clients on trade date
• FX risks and costs
• Prefunding client positions and how to do this economically
• Collateral Management
• Trade date Allocations
• Out of hours working
• Paper Certificates
• ETF increased costs

The ISITC Europe T+1 Forum series of roundtable discussions are designed to facilitate an in-depth, cross-industry understanding of those challenges and what solutions can be found for the short, medium and long term.

Each roundtable will be conducted under the Chatham House Rule, where no individuals or companies will be named, to facilitate a free and frank exchange of views. The roundtable will be moderated by a member of the ISITC Europe T+1 research team.

Kindly hosted by Euroclear

Location: Watling House, 33 Cannon Street, London EC4M 5SB.

Time: 12:15 – 13:15 Lunch  – 12:45 Welcome/Opening Address  followed by roundtable discussion – 14:45 Close