Washington, D.C., February 9, 2022 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the SEC’s proposal to accelerate the settlement cycle:

“SIFMA, along with our industry partners the Investment Company Institute (ICI) and The Depository Trust & Clearing Corporation (DTCC), are leading the effort to accelerate the U.S. securities settlement cycle from trade date plus 2 days (T+2) to trade date plus one day (T+1), which will improve market resiliency by further reducing risk that exists while a trade is being finalized, benefit investors by shortening the execution time frame between buying or selling their securities, and reduce the level of margin market participants must post to offset the settlement risk. We welcome the proposal today from the SEC supporting this acceleration of the settlement cycle and look forward to reviewing and commenting as the industry continues its work to follow our roadmap to T+1.  Our roadmap strives for mid-year 2024 and as we follow the road map the date will become more clear.  Importantly, the industry and its regulators need to take the time to get it right and avoid unnecessary disruptions.”

-30-

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).