Australia to Implement T+2 For Fixed Income By 2016
$1 trillion bond and fixed income markets follow similar move for equities.
Australia is the latest market pushing for globalized T+2, as Europe instituted the shortened settlement cycle last year with its T2S initiative while authorities in the US continue to aim for a 2017 switchover.
"We’re very confident that the timeframe we have set together as an industry is a sensible one," said Michael Go, head of markets at Afma, in a statement. “Any institution dealing in Australian fixed income products will need to talk to their counterparts to ensure their systems and processes cater for T+2. Given much of the rest of the world is already on this cycle, or moving to it, it places the Australian market in a strong position."
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