U.S.A.: SEC amends its rule to shorten the settlement cycle to T+2
On 22 March 2017, the Securities and Exchange Commission (SEC) adopted a rule amendment for most broker-dealer securities transactions to shorten the standard settlement cycle from three business days (T+3) to two business days (T+2).
These include transactions for stocks, bonds, municipal securities, exchange-traded funds, certain mutual funds, and limited partnerships that trade on an exchange.
The compliance date for the amendment to rules 15c6-1(a) of the Exchange Act of 1934, is 5 September 2017, which is in line with the target implementation date set by the Industry Steering Committee (ISC).
We continue to monitor this initiative and will provide further information as soon as it comes available.
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