SIFMA Commends SEC Action to Facilitate a Shorter Settlement Cycle

Washington, D.C., September 28, 2016 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, after the Securities and Exchange Commission (SEC) voted to propose a rule amendment that will help facilitate the industry’s initiative and timeline to achieve a shortened settlement cycle by September 5, 2017:

“We commend the SEC for its leadership in establishing a regulatory framework that supports a shortened settlement cycle. The SEC’s proactive efforts to update its rule will create the regulatory certainty the industry needs to move forward in its goal of achieving a T+2 settlement cycle by September 5, 2017. Shortening the time it takes to settle a trade will bring numerous benefits to investors and the U.S. financial system, including reducing operational risk, enhancing the overall efficiency of U.S. securities markets and aligning the U.S. with other international markets. This is truly a win for investors, the industry and all market participants.

“We also commend the self-regulatory organizations overseen by the SEC, including the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange (NYSE), Nasdaq and the Municipal Securities Rulemaking Board (MSRB), for their ongoing efforts to update their rulebooks to support a shortened settlement cycle.

“SIFMA members remain committed to working with regulators and other market participants to achieve a T+2 settlement cycle. This is a massive and complex undertaking, which must be done thoughtfully and cooperatively to ensure success. We appreciate the robust partnership with our colleagues at the Investment Company Institute and the Depository Trust & Clearing Corporation to jointly lead this initiative through the T+2 Industry Steering Committee (T+2 ISC). We encourage all market participants to utilize the Implementation Playbook developed by the T+2 ISC as a guide for achieving a two-day settlement cycle by September 2017.”

For more information on the T+2 industry effort, including the Industry Steering Committee, please visit

The T+2 Implementation Playbook is located at: