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.

Question Title

* 1. What size company best describes the company you work for? (Please select one answer only)

Small (>99 staff/FTEs)

Medium (100-499 employees/FTEs)

Large (500+ employees/FTEs)

Please elaborate if you wish.

Question Title

* 2. Does your firm expect to be ready to transition to T+1 on May 27, 2024? (Please select one answer only)

	Very confident	Somewhat confident	Not confident	Don't know	Not applicable
Broker/dealer (Sellside)	Broker/dealer (Sellside) Very confident	Broker/dealer (Sellside) Somewhat confident	Broker/dealer (Sellside) Not confident	Broker/dealer (Sellside) Don't know	Broker/dealer (Sellside) Not applicable
Buyside	Buyside Very confident	Buyside Somewhat confident	Buyside Not confident	Buyside Don't know	Buyside Not applicable
Custodian	Custodian Very confident	Custodian Somewhat confident	Custodian Not confident	Custodian Don't know	Custodian Not applicable
Clearing agency	Clearing agency Very confident	Clearing agency Somewhat confident	Clearing agency Not confident	Clearing agency Don't know	Clearing agency Not applicable
Marketplace	Marketplace Very confident	Marketplace Somewhat confident	Marketplace Not confident	Marketplace Don't know	Marketplace Not applicable
Service provider or vendor	Service provider or vendor Very confident	Service provider or vendor Somewhat confident	Service provider or vendor Not confident	Service provider or vendor Don't know	Service provider or vendor Not applicable

Please elaborate if you wish.

Question Title

* 3. With respect to each of the following organization types, what is your firm’s testing status? (Please select one answer per row)

	We interact but aren’t testing with	We are testing with	We have completed testing with	Don’t know	Not applicable
Marketplace(s)	Marketplace(s) We interact but aren’t testing with	Marketplace(s) We are testing with	Marketplace(s) We have completed testing with	Marketplace(s) Don’t know	Marketplace(s) Not applicable
Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax)	Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax) We interact but aren’t testing with	Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax) We are testing with	Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax) We have completed testing with	Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax) Don’t know	Service bureau(s) (e.g., Broadridge, Dataphile, Kyndryl, Paramax) Not applicable
Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B)	Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B) We interact but aren’t testing with	Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B) We are testing with	Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B) We have completed testing with	Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B) Don’t know	Correspondent clearer(s)/ intermediaries (e.g., NBCN, FCC, CWT, B2B) Not applicable
Other service providers or vendors	Other service providers or vendors We interact but aren’t testing with	Other service providers or vendors We are testing with	Other service providers or vendors We have completed testing with	Other service providers or vendors Don’t know	Other service providers or vendors Not applicable
Custodians	Custodians We interact but aren’t testing with	Custodians We are testing with	Custodians We have completed testing with	Custodians Don’t know	Custodians Not applicable
Broker-dealers	Broker-dealers We interact but aren’t testing with	Broker-dealers We are testing with	Broker-dealers We have completed testing with	Broker-dealers Don’t know	Broker-dealers Not applicable
Mutual fund dealers	Mutual fund dealers We interact but aren’t testing with	Mutual fund dealers We are testing with	Mutual fund dealers We have completed testing with	Mutual fund dealers Don’t know	Mutual fund dealers Not applicable
Investment (portfolio) managers/fund manufacturers	Investment (portfolio) managers/fund manufacturers We interact but aren’t testing with	Investment (portfolio) managers/fund manufacturers We are testing with	Investment (portfolio) managers/fund manufacturers We have completed testing with	Investment (portfolio) managers/fund manufacturers Don’t know	Investment (portfolio) managers/fund manufacturers Not applicable
Other (Please specify below)	Other (Please specify below) We interact but aren’t testing with	Other (Please specify below) We are testing with	Other (Please specify below) We have completed testing with	Other (Please specify below) Don’t know	Other (Please specify below) Not applicable

Please elaborate.

Question Title

* 4. What is the status of your communication(s) with each of the following groups? (Please select one answer to each question)

	Not started	In planning	Underway	Completed	Don't know	Not applicable
Downstream to financial firm clients/members/ participants?	Downstream to financial firm clients/members/ participants? Not started	Downstream to financial firm clients/members/ participants? In planning	Downstream to financial firm clients/members/ participants? Underway	Downstream to financial firm clients/members/ participants? Completed	Downstream to financial firm clients/members/ participants? Don't know	Downstream to financial firm clients/members/ participants? Not applicable
Upstream to service providers?	Upstream to service providers? Not started	Upstream to service providers? In planning	Upstream to service providers? Underway	Upstream to service providers? Completed	Upstream to service providers? Don't know	Upstream to service providers? Not applicable
To institutional investors?	To institutional investors? Not started	To institutional investors? In planning	To institutional investors? Underway	To institutional investors? Completed	To institutional investors? Don't know	To institutional investors? Not applicable
To retail investors?	To retail investors? Not started	To retail investors? In planning	To retail investors? Underway	To retail investors? Completed	To retail investors? Don't know	To retail investors? Not applicable
To other parties?	To other parties? Not started	To other parties? In planning	To other parties? Underway	To other parties? Completed	To other parties? Don't know	To other parties? Not applicable

Please elaborate if you wish.

Question Title

* 5. How confident are you that your firm is on target...: (Please select one answer per row)

	Very confident	Somewhat confident	Not confident	Don't know	Not applicable
To successfully complete industry testing with CDS by April 30, 2024?	To successfully complete industry testing with CDS by April 30, 2024? Very confident	To successfully complete industry testing with CDS by April 30, 2024? Somewhat confident	To successfully complete industry testing with CDS by April 30, 2024? Not confident	To successfully complete industry testing with CDS by April 30, 2024? Don't know	To successfully complete industry testing with CDS by April 30, 2024? Not applicable
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 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.? Very confident	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.? Somewhat confident	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.? Not confident	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.? Don't know	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.? Not applicable
To confirm 90% of trades by 3:59 a.m. ET on T+1?	To confirm 90% of trades by 3:59 a.m. ET on T+1? Very confident	To confirm 90% of trades by 3:59 a.m. ET on T+1? Somewhat confident	To confirm 90% of trades by 3:59 a.m. ET on T+1? Not confident	To confirm 90% of trades by 3:59 a.m. ET on T+1? Don't know	To confirm 90% of trades by 3:59 a.m. ET on T+1? Not applicable
To settle 98% or more of trades by 4 p.m. ET on T+1?	To settle 98% or more of trades by 4 p.m. ET on T+1? Very confident	To settle 98% or more of trades by 4 p.m. ET on T+1? Somewhat confident	To settle 98% or more of trades by 4 p.m. ET on T+1? Not confident	To settle 98% or more of trades by 4 p.m. ET on T+1? Don't know	To settle 98% or more of trades by 4 p.m. ET on T+1? Not applicable
To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024?	To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024? Very confident	To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024? Somewhat confident	To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024? Not confident	To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024? Don't know	To smoothly handle the Canadian double settlement date volumes (T+1/T+2 trades) on May 28, 2024? Not applicable

Please elaborate if you wish.

Question Title

* 6. How worried are you regarding the following industry challenges? (Please select one answer per row)

	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.	Meeting a 3 p.m. ET on T securities loan recall cut-off. Major issue	Meeting a 3 p.m. ET on T securities loan recall cut-off. Somewhat of an issue	Meeting a 3 p.m. ET on T securities loan recall cut-off. Not an issue	Meeting a 3 p.m. ET on T securities loan recall cut-off. Don't know	Meeting a 3 p.m. ET on T securities loan recall cut-off. Not applicable
Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX).	Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX). Major issue	Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX). Somewhat of an issue	Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX). Not an issue	Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX). Don't know	Accessing an automated securities loan recall hub/ solution (e.g., offered by TMX). Not applicable
Having the ETF create process resolved.	Having the ETF create process resolved. Major issue	Having the ETF create process resolved. Somewhat of an issue	Having the ETF create process resolved. Not an issue	Having the ETF create process resolved. Don't know	Having the ETF create process resolved. Not applicable
Having fund manufacturers communicate which funds are moving to T+1.	Having fund manufacturers communicate which funds are moving to T+1. Major issue	Having fund manufacturers communicate which funds are moving to T+1. Somewhat of an issue	Having fund manufacturers communicate which funds are moving to T+1. Not an issue	Having fund manufacturers communicate which funds are moving to T+1. Don't know	Having fund manufacturers communicate which funds are moving to T+1. Not applicable
Settling trades denominated in foreign currencies on T+1.	Settling trades denominated in foreign currencies on T+1. Major issue	Settling trades denominated in foreign currencies on T+1. Somewhat of an issue	Settling trades denominated in foreign currencies on T+1. Not an issue	Settling trades denominated in foreign currencies on T+1. Don't know	Settling trades denominated in foreign currencies on T+1. Not applicable
Receiving vendor/service provider support during and following transition.	Receiving vendor/service provider support during and following transition. Major issue	Receiving vendor/service provider support during and following transition. Somewhat of an issue	Receiving vendor/service provider support during and following transition. Not an issue	Receiving vendor/service provider support during and following transition. Don't know	Receiving vendor/service provider support during and following transition. Not applicable
Keeping up with matching error corrections in the first month following transition	Keeping up with matching error corrections in the first month following transition Major issue	Keeping up with matching error corrections in the first month following transition Somewhat of an issue	Keeping up with matching error corrections in the first month following transition Not an issue	Keeping up with matching error corrections in the first month following transition Don't know	Keeping up with matching error corrections in the first month following transition Not applicable
Keeping up with an increase in fails in the first month following transition	Keeping up with an increase in fails in the first month following transition Major issue	Keeping up with an increase in fails in the first month following transition Somewhat of an issue	Keeping up with an increase in fails in the first month following transition Not an issue	Keeping up with an increase in fails in the first month following transition Don't know	Keeping up with an increase in fails in the first month following transition Not applicable
Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3	Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3 Major issue	Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3 Somewhat of an issue	Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3 Not an issue	Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3 Don't know	Returning to your current rate of daily settlement (e.g., 98%) by the end of Q3 Not applicable

Please elaborate if you wish.

Question Title

* 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)

	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 infrastructure, service providers/vendors will smoothly handle the transition to T+1? Very comfortable	Your infrastructure, service providers/vendors will smoothly handle the transition to T+1? Somewhat comfortable	Your infrastructure, service providers/vendors will smoothly handle the transition to T+1? Not comfortable	Your infrastructure, service providers/vendors will smoothly handle the transition to T+1? Don't know	Your infrastructure, service providers/vendors will smoothly handle the transition to T+1? Not applicable
Your counterparties in the industry will smoothly handle the transition to T+1?	Your counterparties in the industry will smoothly handle the transition to T+1? Very comfortable	Your counterparties in the industry will smoothly handle the transition to T+1? Somewhat comfortable	Your counterparties in the industry will smoothly handle the transition to T+1? Not comfortable	Your counterparties in the industry will smoothly handle the transition to T+1? Don't know	Your counterparties in the industry will smoothly handle the transition to T+1? Not applicable
Other firms in the industry will smoothly handle the transition to T+1?	Other firms in the industry will smoothly handle the transition to T+1? Very comfortable	Other firms in the industry will smoothly handle the transition to T+1? Somewhat comfortable	Other firms in the industry will smoothly handle the transition to T+1? Not comfortable	Other firms in the industry will smoothly handle the transition to T+1? Don't know	Other firms in the industry will smoothly handle the transition to T+1? Not applicable

Please elaborate.

Question Title

* 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)

	No change	Some change	A big change	Don't know	Not applicable
Staffing up	Staffing up No change	Staffing up Some change	Staffing up A big change	Staffing up Don't know	Staffing up Not applicable
Prefunding	Prefunding No change	Prefunding Some change	Prefunding A big change	Prefunding Don't know	Prefunding Not applicable
Changing FX practices	Changing FX practices No change	Changing FX practices Some change	Changing FX practices A big change	Changing FX practices Don't know	Changing FX practices Not applicable
Obtaining additional credit lines	Obtaining additional credit lines No change	Obtaining additional credit lines Some change	Obtaining additional credit lines A big change	Obtaining additional credit lines Don't know	Obtaining additional credit lines Not applicable
Changing error correction approach	Changing error correction approach No change	Changing error correction approach Some change	Changing error correction approach A big change	Changing error correction approach Don't know	Changing error correction approach Not applicable
End-to-end testing	End-to-end testing No change	End-to-end testing Some change	End-to-end testing A big change	End-to-end testing Don't know	End-to-end testing Not applicable
Additional contingency planning	Additional contingency planning No change	Additional contingency planning Some change	Additional contingency planning A big change	Additional contingency planning Don't know	Additional contingency planning Not applicable
Additional business resumption plan testing	Additional business resumption plan testing No change	Additional business resumption plan testing Some change	Additional business resumption plan testing A big change	Additional business resumption plan testing Don't know	Additional business resumption plan testing Not applicable

Please elaborate.

Question Title

* 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?

Help:

Impede:

Question Title

* 10. Please provide contact information in case we have any questions; this information will NOT be shared.

Name

Email Address

Phone Number