Another T+1 readiness survey has highlighted a persistent lack of preparedness among buy-side firms as the summer deadline for the T+1 transition for the U.S., Canada, and Mexico approaches. Despite the Depository Trust and Clearing Corp.’s (DTCC) assurances, recent reports from vendors and banks depict concerning levels of unpreparedness among investment managers. This lack of… Read More >>
Will Europe Move to T+1?
The move to a shorter settlement cycle for European equities has many more moving parts than the transition in the U.S. and Canada, which are moving fast from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for equity markets. In addition, Europe does yet face pressure from… Read More >>
It’s Time to Check the T+1 Playbook
To say the least, the securities-trading industry has been a little busy since it shifted to a trading day plus two business days settlement (T+2) cycle in 2017. Yet, despite market volatility, disruptive technologies, epic political and social changes, a pandemic, soaring inflation, and an ongoing war in Europe, the industry-wide drive to an even… Read More >>
Firms & Providers Disagree About T+1’s Rewards: Survey
Shorter settlement of U.S. equities transactions from trading day plus two days (T+2) to one day (T+1) will happen within the next five years, according to nearly half of the respondents to a global survey and study conducted by Citi Securities Services. But, beyond that point of agreement, the survey results showed that financial market… Read More >>
SIFMA, ICI, DTCC Seek SEC’s Help with T+1
The major backers of the move to shorten the U.S. securities industry settlement cycle from T+2 to T+1 by 2023 are moving full speed ahead as they reach out via a letter to the SEC about potential regulatory changes. Officials from the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and… Read More >>
DTCC Wants U.S. Equities to Shorten Settlement Again
In the wake of the move to a shorter T+2 settlement cycle last year, the DTCC is putting forward new proposals to optimize and hasten the time to settlement for U.S. equities markets. Specifically, the DTCC wants to “move settlement of eligible equity trades at its subsidiary, National Securities Clearing Corp. (NSCC), from the afternoon… Read More >>
Northern Trust Reviews Benefits of the T+2 Move
(Editor’s note: On September 5, after what was likely a marathon transition over the Labor Day weekend, the U.S. securities industry shortened the securities settlement cycle from three business days, known as T+3, to a settlement cycle of two business days, or T+2. This overhaul followed years of preparation, and was carried out by key… Read More >>
Industry Braces for the T+2 Big Bang Conversion
After years of preparation, the U.S. securities industry is taking its first steps toward shorter settlement, which for many banks and other financial services firms has meant an end-to-end overhaul for key operations. Over the Labor Day weekend, major industry associations and industry participants will be skipping their last summer holiday to oversee the shortening… Read More >>
FINRA to Conduct T+2 Tests on August 19
Tests to facilitate the move by U.S. financial markets to a shorter settlement cycle will be sponsored by the Financial Industry Regulatory Authority (FINRA) on Saturday, August 19, 2017, according to the self-regulatory organization. Underway for several years, the U.S. push for a shorter settlement cycle crossed a major milestone this past March when the… Read More >>
T+2 Settlement Clears Final SEC Hurdle
The U.S. push for a shorter settlement cycle crossed a major milestone when the SEC amended a key rule this week to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days, known as T+3, to the a settlement cycle of two business days, T+2. This sets the stage for T+2… Read More >>
