短短5分钟, we’ll explore the world of post-trade financial services by way of new ideas, 洞察力片段, 新兴的趋势, 以及发人深省的问题. 在这一集里, 克雷格Gurien, 据导演, 股票的清算, discusses the transformational forces taking place within 存's Automated Customer Account Transfer Service (ACATS) to improve operational efficiency and enhance the client experience.
记录:
从美国存, 你现在听到的是第5段, a bite-sized post-trade financial services podcast that tackles an industry topic or trend in just five minutes. Tune in to hear a 存 executive share their perspective on how to grow, prosper and protect the global financial markets. There's a lot to uncover in five, so let's start the clock.
大家好，我是克雷格·古里安. I’m the product manager for ACATS and I’m happy to be here today to provide some additional insight on the ACATS service.
ACATS is one of the 存’s flagship services established back in 1985 under NSCC. 当我们重新审视 纪念香港数码中心成立50周年, 为什么会这样?, we are also reminded of how manually intensive the asset services, clearance and settlement process was leading up to the paper crisis of the 1960’s and 1970’s. This was no different for the transfer brokerage accounts from one firm to another.
在ACATS之前, the process of moving brokerage accounts was an extremely manual process as it could take up to 30 days or more to complete a transfer. That meant 30 days of an investor not having full access to their portfolio for trading. As the financial industry grew and more and more accounts were opened, the need to transfer those accounts grew accordingly. 转移, often one of the first experiences an investor has with a firm, became a painstaking and elongated experience for the account owner and therefore needed to be addressed. A need to streamline and automate the transfer process was critical.
在回应, a working group of firms collaborated with NSCC to create the ACATS system to reduce manual processes, create operational efficiency and reduce risk where needed. When ACATS was introduced in 1985, the transfer time frame was significantly reduced to 10 days. Now, the majority of transfers occur in 4 days or less. 随着时间的推移, additional capabilities were introduced such as processing of residual credits, 回收和部分转移. The ACATS system provided the industry the portability needed for brokerage account growth and the building block to create more capabilities for the future.
Our focus for the next several years is how we modernize the application, 与此同时, 为我们的ACATS用户提供新功能. 从功能的角度来看, we recently introduced new data fields to support the transfer of the 529 college plan account via ACATS as requested by our industry brokers/dealers. This was accomplished to support continued growth in the 529 space as the transfer of these accounts is quite the manual process. We are also focused on capabilities to help reduce the number of days to complete a transfer from five to four days, 到现在三个，甚至两个.
现在，有了 2024年5月转至T+1, several settlement changes have been made that will enable ACATS to reduce settlement days from the transfer cycle. Other areas of focus include mutual fund reclaims, integration of alternative investments into ACATS, better functionality support of foreign securities, and a revamp of the ACATS for insurance annuities process.
Many of our client are on similar modernization journeys. They are looking for the opportunity to move off the current mainframe and ultimately reduce their legacy footprint. Our modernization of ACATS will benefit clients by giving them the ability to upgrade by providing APIs and new messaging capabilities that will provide a stronger foundation for furthering the advancement of technology and workflow efficiencies.
Many of our firms have told us they are building out their API接口 and the ability to interface with 存 this way synergizes it further. API messaging provides new avenues for real-time processing, shortening the time it takes to complete a transfer, 等等.......
Any opportunity to shorten the ACATS time is going to reduce risk. That is a really important component of anything we do in the transfer space at 存. As I stated earlier, when a transfer is pending, the investor cannot trade the asset in the account. The shorter the transfer window, the less market risk for the investor. 它改善了客户体验, which means less complaints and elevates the reputation of both the firm using ACATS and 存.
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