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Markets body urges caution on shorter settlement in Europe

By Huw Jones LONDON (Reuters) - Halving settlement time for stock trades in Europe to one business day would be "challenging" and needs full analysis by regulators before any...
Markets body urges caution on shorter settlement in Europe © Reuters. A trader works at the Frankfurt stock exchange in Frankfurt, Germany, February 22, 2022. REUTERS/Timm Reichert

By Huw Jones

LONDON (Reuters) - Halving settlement time for stock trades in Europe to one business day would be "challenging" and needs full analysis by regulators before any decision is taken, a markets industry body said on Wednesday.

Since 2014, banks and brokers have had two working days, known as T+2, to settle - the final leg of a trade where legal ownership of a stock is swapped for cash.

"A move to T+1 would remove the only business day between trading and settlement, creating significant pressure on post-trade operations, particularly for global participants," the Association for Financial Markets in Europe (AFME) said in a discussion paper.

Pressure is building for such a move in Europe after initiatives in the United States, Canada and India.

The U.S. Securities and Exchange Commission has proposed rules https://www.sec.gov/rules/proposed/2022/34-94196.pdf to introduce T+1 from the end of March 2024 to cut exposures to credit, market and liquidity risks, and reduce the number and value of unsettled transactions at any given time.

It also reduces the amount of time brokers have to tie up capital and margin to cover unsettled trades, saving them money.

Authorities in Britain and the European Union, mindful of keeping their capital markets globally competitive, have already held informal discussions with industry on T+1.

AFME said adopting T+1 in the EU would be more complex given it has far more trading, clearing and settlement operators than single jurisdictions like the United States, Switzerland and Britain.

It called for a comprehensive analysis by regulators, policymakers and industry to quantify the impact of moving to one day settlement, while also keeping an eye on what's happening in Switzerland and Britain as well.

"An important area for further discussion will be whether or not a synchronised implementation timeline is required across Europe more broadly," AFME said.

Some market participants are already planning instant settlement using blockchain, the technology that underpins cryptoassets. U.S. settlement house DTCC is piloting T+0 https://www.dtcc.com/news/2022/august/22/project-ion settlement.

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04-10-2022 14:38:58 (UTC+7)

EUR/USD

0.9882

+0.0057 (+0.59%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

EUR/USD

0.9882

+0.0057 (+0.59%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.1418

+0.0096 (+0.85%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

USD/JPY

144.54

+0.01 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

AUD/USD

0.6536

+0.0020 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.3578

-0.0044 (-0.32%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

EUR/JPY

142.83

+0.84 (+0.59%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (11)

EUR/CHF

0.9763

+0.0021 (+0.22%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

Gold Futures

1,719.15

+17.15 (+1.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Silver Futures

21.043

+0.454 (+2.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Copper Futures

3.4880

+0.0692 (+2.02%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

Crude Oil WTI Futures

84.02

+0.39 (+0.47%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Brent Oil Futures

89.38

+0.52 (+0.59%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Sell (7)

Natural Gas Futures

6.471

-0.031 (-0.48%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

US Coffee C Futures

215.55

-6.00 (-2.71%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

3,420.85

+78.68 (+2.35%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

S&P 500

3,678.43

+92.81 (+2.59%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (3)

Sell (8)

DAX

12,436.66

+227.18 (+1.86%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (3)

Sell (1)

FTSE 100

6,980.75

+71.99 (+1.04%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (7)

Hang Seng

17,079.51

-143.32 (-0.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,709.05

+41.78 (+2.51%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

IBEX 35

7,594.12

+132.12 (+1.77%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

41.690

+0.750 (+1.83%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (4)

Bayer AG NA

48.45

+0.50 (+1.04%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (6)

Allianz SE VNA O.N.

163.31

+1.77 (+1.10%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (8)

Adidas AG

122.73

+3.73 (+3.13%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

Deutsche Lufthansa AG

5.810

+0.094 (+1.64%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Siemens AG Class N

103.41

+2.49 (+2.47%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

Deutsche Bank AG

7.777

+0.147 (+1.93%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

    EUR/USD 0.9882 Sell  
    GBP/USD 1.1418 ↑ Buy  
    USD/JPY 144.54 ↑ Sell  
    AUD/USD 0.6536 ↑ Sell  
    USD/CAD 1.3578 Neutral  
    EUR/JPY 142.83 ↑ Sell  
    EUR/CHF 0.9763 ↑ Sell  
    Gold 1,719.15 ↑ Buy  
    Silver 21.043 ↑ Buy  
    Copper 3.4880 Neutral  
    Crude Oil WTI 84.02 Neutral  
    Brent Oil 89.38 ↑ Sell  
    Natural Gas 6.471 ↑ Buy  
    US Coffee C 215.55 ↑ Sell  
    Euro Stoxx 50 3,420.85 ↑ Buy  
    S&P 500 3,678.43 ↑ Sell  
    DAX 12,436.66 ↑ Buy  
    FTSE 100 6,980.75 Neutral  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,709.05 Buy  
    IBEX 35 7,594.12 ↑ Buy  
    BASF 41.690 Neutral  
    Bayer 48.45 Sell  
    Allianz 163.31 Sell  
    Adidas 122.73 Buy  
    Lufthansa 5.810 ↑ Sell  
    Siemens AG 103.41 ↑ Buy  
    Deutsche Bank AG 7.777 Sell  
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SJC Eximbank6,550/ 6,630
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Cập nhật 04-10-2022 14:39:00
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$1,708.58 +7.62 0.45%
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Sản phẩm Vùng 1 Vùng 2
RON 95-V22.12022.560
RON 95-III21.44021.860
E5 RON 92-II20.73021.140
DO 0.05S22.20022.640
DO 0,001S-V24.18024.660
Dầu hỏa 2-K21.68022.110
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WTI $83.94 +0.01 0.02%
Brent $89.27 -0.1 -0.11%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.720,0024.030,00
EUR22.864,8324.144,42
GBP26.379,6327.503,66
JPY160,63170,05
KRW14,4117,55
Cập nhật lúc 13:23:31 04/10/2022
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