SIFMA Statement on First Day of T+1 Settlement

New York, NY, May 29, 2024 – SIFMA today issued the following statement from Tom Price, managing director and head of technology, operations, and business continuity for SIFMA, on today’s T+1 settlement:

“Today is the first day of settlement of in scope trades on a T+1 timeframe, and SIFMA is optimistic about the progress of the transition to date. Today is a double settlement day, with trades from May 24th settling T+2 and trades from May 28th settling T+1. SIFMA’s T+1 Command Center is fully engaged with the broad financial services industry, discussing among the designated participants such topics as conversion status information, transparency into the activity of other participants, and issue identification and socialization. We are encouraged by the feedback from the industry. The transition is moving forward.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).