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GMAC adopts T+1 resources guide to help markets prepare for accelerated settlement
Summary
GMAC adopted a technical‑subcommittee resource document to help market participants transition to T+1 settlement, covering scope, affected products, securities lending, collateral management, FX/time‑zone issues and industry testing resources.
The Global Markets Advisory Committee adopted a resource guide prepared by its Technical Issues Subcommittee to help market participants prepare for the U.S. transition to T+1 settlement and parallel moves in Canada and Mexico.
Charles D. Simone, co‑presenter, described the document as a practical industry guide that scopes which products and processes move to T+1, explains exemptions (for example, U.S. Treasury bills and certain listed options already on shorter cycles), and links to industry playbooks and DTCC testing resources.
The guide flags product areas that will be most affected — trade affirmation and confirmation cycles, securities lending, collateral management, and certain cross‑border FX/foreign‑listed securities scenarios — and provides links to industry playbooks, DTCC FAQs and testing enrollment resources. It also highlights time‑zone considerations for Asia‑based participants and prefunding options where same‑day FX interactions are difficult.
GMAC moved and seconded adoption of the T+1 resources document; a voice vote passed and the recommendation will be submitted to the Commission. The subcommittee said the guide is intended as an industry resource and urged firms to use it to verify readiness ahead of Memorial Day implementation dates.
