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STP SPECIAL REPORT
The Case for T+1
The chairman of the SIA’s T+1 steering committee responds to three important questions: Why? How? When? By Arthur L. Thomas
In 1995, the US securities industry agreed to work toward condensing the trade settlement cycle to Trade Date + 3 (T+3). The five days that it had been taking to settle a trade was excessive, resulting in a good deal of risk for all parties. As soon as we began the preparations for T+3, however, the talk shifted to T+1, which is necessary for the securities
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