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“ The number one priority for all the actors involved should be making the transition a success without rushing just because other countries have moved to a compressed cycle .”
SILVIA SANCIN , SENIOR CUSTODY SOLUTIONS MANAGER , BNP PARIBAS all , and have left the current FX timeframe in situ . Taking longer to enact a T + 1 change , but using that time to ensure that due credence is given to all of the peripheral processes , feels to me like the right thing to do ." The Securities Industry and Financial Markets Association ( SIFMA ) played a key role in establishing a command centre during the US go-live , as it provided a central place to address any issues or concerns and to communicate important messages . Wotton highlights this , and stresses that the UK and EU markets need to do the same in addition to prioritising communication and automation . The latter emerged as a critical step for firms making the T + 1 transition in the US . This was less of an issue in the US , and it was more of a case of international participants turning to automation , something which could stand them in good stead for their own domestic changes . “ Firms used the US transition to T + 1 as an opportunity to automate ,” Wotton explains . “ We often focus on settlement at the CSD level , but it ' s crucial to get everything right post-execution .” For asset managers , completing block allocations as quickly as possible to move them downstream is key . However , the US experience wasn ' t without its challenges . Wotton warns that without a clear regulatory mandate , firms will struggle to secure funding , particularly for back-office improvements . He also points out that many operations remain stuck in outdated practices , with some still relying on fax messages , adding : “ It ’ s ironic to hear people discuss AI , machine learning , and DLT when faxes are still in use .”
Will the UK be next ? The UK stands out with a strong transition plan ; but there are still details to be
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