T+1 After Action Report
On May 28, 2024, the United States securities market moved to an accelerated settlement cycle of one day after trade date (T+1) for equities, corporate bonds, municipal bonds, unit investment trusts, and financial instruments comprised of these security types. After more than three years of rigorous and coordinated activities to plan for – and ultimately implement – a shortened settlement cycle, the industry is recognizing reduced settlement risk across the U.S. capital markets. Firms are now able to make better use of their capital while promoting financial stability. Ultimately, T+1 has provided the appropriate balance between increasing efficiencies and successfully mitigating risk for the industry.
After-Action Report
SIFMA, Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) led the industry’s efforts to plan, coordinate and implement the transition to T+1 settlement, a process that took well over three years to complete. This After Action Report outlines the general project timeline, including its key milestones. It also discusses the obstacles that were overcome and the groundswell of global participation with the U.S. move, as well as highlighting the initial impact of the shift.
Additional Information and Resources
SIFMA and its industry partners have provided key resources for the industry to leverage ahead of the transition. These include:
- Press Release: SIFMA, ICI, and DTCC Release “T+1 After Action Report” Industry Coordination Led to Successful Transition, Reducing Risk and Costs in the System
- SIFMA T+1 Command Center
- SIFMA, DTCC and ICI T+1 Implementation Playbook
- SIFMA, CCMA and ISDA’s T+1 Settlement Cycle Booklet
- T+1 Dividend Processing FAQs
- DTCC’s T+1 Conversion Guide