SIFMA Statement on Shortening the Settlement Cycle

Washington, D.C., February 24, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr., on the DTCC’s whitepaper on shortening the settlement cycle for U.S. equities to one business day after the trade is executed (T+1):

“The DTCC paper released today addresses important issues to enhance our securities settlement processes, which are critical to the continued resiliency of our markets and market operations.  SIFMA, along with DTCC and ICI, led the effort to shorten the settlement cycle from 3 to 2 days in 2017, which required addressing multiple functions and rules.  Similarly, moving forward on both the integrated settlement model and moving to a T+1 settlement cycle will be a substantial undertaking requiring broad industry actions.  As discussions continue around the business and operational impacts on any future changes to shortening settlement times to T+1, we believe it is essential to ensure plans allow for a sufficient amount of time to successfully accomplish further changes, particularly in light of other industry operational obligations such as the Consolidated Audit Trail.”


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 nearly 1 million employees, we advocate for 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). For more information, visit