Just over a year ago, Commissioner Stein and I issued a joint statement in support of a proposal to shorten the trade settlement cycle from three business days after a trade is executed (T+3) to two business days (T+2).[1] Our voices added to the chorus of endorsements for such a rulemaking,[2] which have since reached a crescendo.[3] The drumbeat for Commission action on this important topic is premised on the general expectation that shortening the settlement cycle will, among other benefits, enhance the efficiency of the securities markets, decrease risks in the financial system to retail investors and other market participants, and conform trade processing in the United States to other global markets.
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