Implementation Planning and Rule Changes
The industry is planning to shorten the settlement cycle to trade date plus two business days, or T+2, in the U.S. by the end of Q3 2017. The instruments subject to the shortened settlement cycle include equities, corporate and municipal bonds, unit investment trusts, and financial instruments comprised of these products.
The T+2 Industry Steering Committee (ISC), co-chaired by SIFMA and the Investment Company Institute (ICI) in collaboration with DTCC and other market participants, released a white paper on June 18, 2015, outlining the timeline and actions required to move to a two-day settlement cycle. On September 16, 2015, U.S. Securities and Exchange Commission (SEC) Chair, Mary Jo White, expressed support for the initiative in a letter to SIFMA and ICI, urging the industry to continue to pursue the necessary steps to achieve T+2. On December 18, 2015, the ISC submitted the Implementation Playbook to the SEC. The Playbook provides a detailed timeline, milestones and dependencies that impacted market participants should consider in order to migrate to the shortened settlement cycle.
Join us on Tuesday, February 23, 2016, for the implementation considerations and to discuss how firms can get ready for the move to T+2, including:
- Implementation timeline, milestones and dependencies
- Regulatory and rule changes for Legal, Compliance, Risk, Technology and Operations teams
- Vendor and service provider preparedness – will your partners be ready?
- Testing framework - what you need to know for internal and industry-wide testing
Download the White Paper >
SIFMA and ICI Submit Comments to the SEC Regarding Shortened Settlement Cycle Regulatory Initiatives >
Industry Steering Committee Applauds Regulatory Support for Move to Two Day Settlement Cycle in the U.S. >
DTCC: T+2 Settlement Project Website >