CMSP’s current policies and procedures for facilitating STP, the CMSP’s progress in facilitating STP in the period covered by the report, and the steps the CMSP intends to take to further facilitate and promote STP in the next 12 months.The rule reflects a move away from manual processing, which the SEC believes will reduce both risk and costs in conjunction with the move to T+1 settlement. The Commission notes that the policies and procedures under this rule should disincentivize the use of manual systems or automated systems that do not facilitate STP, and encourages CMSPs to “consider developing incentives or requirements in their policies and procedures to encourage or compel the use of [standardized settlement instructions].”7 The Commission also states that the policies and procedures should establish a timeline for transitioning away from electronic trade confirmation services that impede the development of STP.Footnotes -Shortening the Securities Transaction Settlement Cycle, 88 F.R. 13872, 13873 (March 6, 2023) (“Adopting Release”).Id. at 13883.Id. at 13886.Id. at 13895.Id. at 13896.Id. at 13895, fn. 289.Id. at 13905, fn. 378.