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CCMA T+1 Readiness Survey

This is the CCMA's third and final survey which deals with firm and industry readiness for transitioning to T+1 on May 27, 2024.
Please ONLY reply to this survey if you are a participant or client using a participant in the Canadian securities trading, clearing and settlement framework, that is, a broker-dealer (on the sellside); fund manufacturer or asset/portfolio manager (buyside); custodian; clearing agency; marketplace; or service bureau/provider or vendor.
If you are a direct participant or using a direct participant in the Canadian trade-to-settlement cycle (one of the entities mentioned above), thank you for completing this survey. Please organize inhouse so that one person per firm (or business line if a firm has operations in multiple channels) completes this survey. For example, an integrated firm would have a responsible person respond to the survey for the broker-dealer, asset manager, and custodian arm.
Please complete and submit this short survey, by firm/business line, to the CCMA by noon on Thursday, March 28, 2024. The purpose of the survey is to give industry participants a view of Canadian industry preparedness for successfully transitioning to T+1 to help finalize plans (and contingency measures) for T+1 implementation on May 27, 2024. It is essential for each organization to respond candidly to the questions. All individual responses will be kept strictly confidential and only industry segment as well as overall results will be communicated to the industry.
Readiness means:
  • Buyside (asset/investment managers; manufacturers; investment counsel): Able to consistently confirm at least 90% of allocated trades by 3:59 a.m. ET on T+1 and ensure securities or funds are ready to settle by 4 p.m. on T+1.
  • Sellside (broker-dealers): Able to consistently report 100% of trades including all allocations by 7:30 p.m. on trade date and ensure securities or payments are ready to settle by 4 p.m. on T+1.
  • Custodians, marketplaces, CDS, CDCC, Fundserv, service bureaus/providers, and vendors: Able to consistently facilitate confirmation of at least 90% of allocated trades by 3:59 a.m. on T+1 and that securities or funds are ready to settle by 4 p.m. on T+1.
1.What size company best describes the company you work for? (Please select one answer only)(Required.)
2.Does your firm expect to be ready to transition to T+1 on May 27, 2024? (Please select one answer only) (Required.)
Very confident
Somewhat confident
Not confident
Don't know
Not applicable
Broker/dealer (Sellside)
Buyside
Custodian
Clearing agency
Marketplace
Service provider or vendor
3.With respect to each of the following organization types, what is your firm’s testing status? (Please select one answer per row) (Required.)
We interact but aren’t testing with
We are testing with
We have completed testing with
Don’t know
Not applicable
Marketplace(s)
Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax)
Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B)
Other service providers or vendors
Custodians
Broker-dealers
Mutual fund dealers
Investment (portfolio) managers/fund manufacturers
Other (Please specify below)
4.What is the status of your communication(s) with each of the following groups? (Please select one answer to each question) (Required.)
Not started
In planning
Underway
Completed
Don't know
Not applicable
Downstream to financial firm clients/members/ participants?
Upstream to service providers?
To institutional investors?
To retail investors?
To other parties?
5.How confident are you that your firm is on target...: (Please select one answer per row)(Required.)
Very confident
Somewhat confident
Not confident
Don't know
Not applicable
To successfully complete industry testing with CDS by April 30, 2024?
To report ~100% of allocated trades to CDS by 7:30 p.m. on T or to your service provider by their cut-off time which may be before 7:30 p.m.?
To confirm 90% of trades by 3:59 a.m. ET on T+1?
To settle 98% or more of trades by 4 p.m. ET on T+1?
To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024?
6.How worried are you regarding the following industry challenges? (Please select one answer per row)(Required.)
Major issue
Somewhat of an issue
Not an issue
Don't know
Not applicable
Meeting a 3 p.m. ET on T securities loan recall cut-off.
Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX).
Having the ETF create process resolved.
Having fund manufacturers communicate which funds are moving to T+1.
Settling trades denominated in foreign currencies on T+1.
Receiving vendor/service provider support during and following transition.
Keeping up with matching error corrections in the first month following transition
Keeping up with an increase in fails in the first month following transition
Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3
7.How comfortable are you that...: (Please select one answer per row and please be more specific in the free-form section below this question)(Required.)
Very comfortable
Somewhat comfortable
Not comfortable
Don't know
Not applicable
Your infrastructure, service providers/vendors will smoothly handle the transition to T+1?
Your counterparties in the industry will smoothly handle the transition to T+1?
Other firms in the industry will smoothly handle the transition to T+1?
8.What steps or precautions are you taking in the run-up to and for the months following May 27, 2024 (Please select one answer per row and please be more specific in the free-form section below this question)(Required.)
No change
Some change
A big change
Don't know
Not applicable
Staffing up
Prefunding
Changing FX practices
Obtaining additional credit lines
Changing error correction approach
End-to-end testing
Additional contingency planning
Additional business resumption plan testing
9.Is there anything else – whether in your firm, other firms, or in the industry – that you can think of that could (a) help or (b) impede a smooth transition to T+1 on May 27, 2024 that should be dealt with?
10.Please provide contact information in case we have any questions; this information will NOT be shared.(Required.)