DTCC Trading Platform to Accept Future-Dated T+1 Confirmations
Commentary by Steven Lofchie
DTCC will allow clients of its Institutional Trade Processing platform to submit future-dated (T+1) trade confirmations starting June 28, 2026; i.e., confirmations where the trade date shown on the confirmation is one day later than the calendar day on which the trade is agreed.
DTCC staff said the change was designed to support the expansion of U.S. equity trading into 24-hour, five-day-a-week (24x5) operations. DTCC "TradeSuite ID" will accept future-dated confirmations at approximately 9:20 p.m. Eastern time, 20 minutes after the existing 9:00 p.m. Settlement Date minus one (S-1) affirmation cutoff. The 9:00 p.m. affirmation cutoff itself remains unchanged. If the affirmation cutoff is extended on a given day, acceptance of future-dated confirmations would begin 20 minutes after the new cutoff.
Staff said confirmations submitted before the cutoff process is completed will be rejected with the message "Trade date is greater than the current date for settlement in the US." Extended confirmation submission will not be supported on Fridays or on the day before a U.S. holiday.
DTCC urged clients to (i) confirm that their systems and operational workflows can support confirmations with a future trade date submitted after the nightly cutoff, (ii) review the new validation and timing rules to avoid rejects, and (iii) brief operations, technology, and trading teams ahead of the change.
Commentary
The move to 24 hour trading will require significant rethinking of what a "day" means for regulatory purposes; e.g., what is close of day for determinations of value and for segregation requirements. This is a step in that rethinking, although there is quite a bit more that remains to be done. DTCC did not explain why future-dated confirmations would not be accepted on Fridays or before holidays.