A rough race begins: Industry faces uphill transition to T+1 settlement
With T+1 compliance set to begin next May, firms will likely be burdened by reduced IT budgets, existing legacy systems and manual processes over the next 15 months. So, while faster settlement will help innovate the middle and back office, some argue industry needs a longer timeline.
Next May, on the Tuesday following Memorial Day weekend in the US, shorter settlement cycles under T+1 will begin. But it’s not the Tuesday after a holiday weekend that the industry was asking for.
Earlier this month, in letters sent to the US Securities and Exchange Commission, the Securities Industry and Financial Markets Association (Sifma), Association of Global Custodians, and Canadian Capital Markets Association advocated for a compliance date of September 3, 2024. The Labor Day holiday
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