The securities industry will take a major step toward nearly round-the-clock trading in September when the company 24 Exchange launches the first stage of the 24X National Exchange on September 29, offering trading of U.S. equities from 4:00 a.m. to 8:00 p.m. ET on weekdays. The new 24X National Exchange will initially serve “the growing demand for overnight… Read More >>
SIFMA’s DLT Experiment Could Overhaul Ops
A groundbreaking proof-of-concept initiative led by the Securities Industry and Financial Markets Association (SIFMA) and involving major financial services firms and top financial technology providers has shown the “potential advantages of implementing a shared ledger system” for post-trade operations that could spur “innovation in securities settlement processes” via improved operational efficiency, real-time liquidity access, and… Read More >>
North America’s Rocky Road to T+1 Begins
Like it or not, North American firms are getting new plumbing for settlement. Settlement within the shorter time frame of the trading day plus another day, or T+1, is becoming a reality for North American firms, starting with those firms in Canada and Mexico, and with a nod to South America, Argentina, on Monday, May 27,… Read More >>
T+1 Will Create a Complex Choreography for Ops
When the North American securities industry starts settling trades the day after they’re executed in May 2024, it will be the culmination of a process dating back at least 30 years. Shortly after the Securities and Exchange Commission (SEC) cut the trade settlement cycle in 1993 to the third business day following trade execution (T+3)… Read More >>
Exchanges & FINRA Told to Revamp NMS & Other News
SEC: Current NMS Has Too Many Conflicts of Interest Citing conflicts of interest in the current national market system (NMS), the SEC is ordering equity exchanges such as the Nasdaq Stock Market and New York Stock Exchange, and FINRA, the self-regulatory organization (SRO) for U.S. broker-dealers, to revamp and improve the governance of market data… Read More >>
SEC Approves Amendments to Allow T+1 Settlement
The SEC’s commissioners voted 3 to 2 on Wednesday to pass a set of amendments and new rules that would facilitate an industry-wide move from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for U.S. equity markets. The vote also endorsed a compliance date of May 28,… Read More >>
Corporate Actions Processing Needs Standards & Uniformity: SIFMA
U.S. corporate actions processing needs more standards and that will require more regulation focused on the timing of corporate actions notifications, submissions, disclosers, and supporting activities, according to a new report from industry association SIFMA and consultancy Ernst & Young (EY). Smoother corporate actions processing would also be in line with the securities industry push… Read More >>
SEC Officials Must Finalize CAT Data Security: SIFMA
Kenneth E. Bentsen, Jr., president and CEO of SIFMA, is calling upon the Securities and Exchange Commission (SEC) to pick up the pace when it comes to a data security proposal for the Consolidated Audit Trail (CAT) system, which is slated to go live in July. The CAT system is the result of SEC Rule… Read More >>
SEC Moves Comment Deadlines on Key Rules & Other News
Public Gets More Time to Respond to SEC Proposals Bowing to industry requests for more time, the Securities and Exchange Commission (SEC) is extending the public comment period for three new rules in the proposal stage. Industry participants were given more time to comment upon the proposed rule “to enhance and standardize climate-related disclosures… Read More >>
SIFMA Urges T+1 Start After Labor Day 2024
One of the leaders in the push for T+1 settlement, SIFMA has relayed in a letter to the SEC its recommendations for the start date of a shorter settlement cycle — Tuesday, Sept. 3, 2024 — and for rule changes that would mitigate “potential adverse consequences.” SIFMA, the Investment Company Institute (ICI), and The Depository… Read More >>
