Transition to T+1

T+1 Readiness Checklist

Explore key insights and solutions as you prepare for T+1

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Ready for the transition to T+1? Use the checklist below to ensure you’ve considered the key impacts of a shortened settlement cycle.


  • Document end-to-end trade process from order placement to settlement
  • Identify manual processes within your existing trade management workflow (e.g., front/middle/back office, including broker, custodian, fund accountant, transfer agent activities)
  • Identify current process for trade confirmations and affirmations
  • Determine the number of trades matched on T versus T+1, T+2 or T+3
  • Identify existing STP and failed trade rates and impact of late settlement
  • Closely monitor trade settlement activity in months leading up to and immediately following T+1 transition
  • Confirm if trade matching and other trade processes are manual or supported by market utilities
  • Determine access to consolidated real-time reporting or reliance on trade status email updates
  • Confirm current method of communication with counterparties, custodians and other participants
  • Identify “key person” dependencies and other risks within operating model


  • Review transition plans of brokers, custodians, transfer agents, fund accountants and other service providers
  • Assess T+1 funding implications, including ability to buy or sell CAD earlier or change the settlement cycle of foreign exchange transactions
  • Identify technical upgrades to automate and streamline the end-to-end trade process
  • Identify solutions for trade confirmations and affirmations to meet the 9:00 pm and 3:59 am deadlines in the US and Canada
  • Determine cost and implementation timelines for new technologies and market utilities, along with ongoing maintenance costs to support resiliency, business continuity, cyber security, system maintenance and data consolidation
  • Evaluate potential to outsource in-house operations to a third-party specialist provider to meet T+1 operational requirements and prepare for the future shift to T+0
  • Identify resource requirements for non-standard Canadian work hours to support trade deadlines


  • Implement outsourced solution or any new technologies or market utilities prior to T+1 transition date
  • Communicate operating model changes to impacted employees and provide any required training or support
  • Make any required updates to policies and procedures that relate to settlement cycle
  • Make any required updates to Standing Settlement Instructions (SSIs) for counterparties
  • Develop and implement business continuity plan to support new operating model and T+1 trading activity
  • Continue to closely monitor trade settlement activity in the months leading up to and following the T+1 transition and make any required adjustments to the operating model as required

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