NAM installed the money market asset OMS to comply with the changes for Japanese government bond shortened settlement cycles, migrating from three days (T+3) to two days (T+2) starting in April 2012. As a result of shortening the overall settlement period, special collateral (SC) repos (government securities lending transactions collateralized with cash) were shortened from T+3 to T+2, while general collateral (GC) repos (cash loans collateralized by government securities) were shortened from T+2 to T+1. These changes increased the post-trade reconciliation workload for trades involving money market assets. NAM was then able to automate post-trade reconciliation, which it had previously been doing manually.
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