(Editor’s note: Last month, the SEC passed a set of amendments and new rules that make possible 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 SEC also endorsed a compliance date of May 28, 2024, for the start… Read More >>
SEC Advances T+1 via Proposed Rules Changes
The SEC has given a major boost to the movement to shorten settlement times in U.S. equities markets from T+2 to T+1 via a vote this week to formally propose rule changes that tighten clearing and settlement time-frames and facilitate T+1 by mid-2024. The SEC wants the proposed changes because they will “reduce the credit,… Read More >>
Will Blockchain Deliver on Its Promises in 2021?
I think our lead fintech news brief about Instinet and Credit Suisse completing multiple equities transactions in T+0 via blockchain/distributed ledger technology [https://bit.ly/2OwJJWJ] may have more significance than at first glance. These two major players used the Paxos Settlement Service from Paxos Trust Company, a self-described infrastructure provide, to settle U.S.-listed equities trades on a… Read More >>
Omgeo Alert Settlement Utility Hits Milestone
Omgeo Alert, an online global database of account information and standing settlement instructions (SSIs), has hit a milestone with more than six million settlement instructions — a major step forward in its push to become the dominant SSI utility, say officials of the post-trade market infrastructure services provider the DTCC, which owns Omgeo. SSIs hold… Read More >>
Top Wall Street Firms Begin Overhauls for T+2
Some of the largest buy- and sell-side firms have begun the hard work needed to revamp infrastructures, workflows and budgets to facilitate the move to the shorter T+2 settlement cycle, according to participants at the recent T+2 Symposium, hosted by the Securities and Financial Markets Association (SIFMA). Key industry players, including SIFMA, the DTCC and… Read More >>
