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Reducing Risk in
Clearance and
Settlement
U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 1 OF 2
Why This Matters
Reducing time between the execution of a securities transaction and its settlement reduces risk. The
standard settlement cycle for securities transactions was shortened from T+5 to T+3 in 1993, and
from T+3 to T+2 in 2017. In each past instance, shortening the settlement cycle promoted investor
protection, risk reduction, and increases in operational efficiency.
Two recent episodes of increased market volatility in March 2020 following the outbreak of the
COVID-19 pandemic, and in January 2021 following heightened interest in certain meme stocks
highlighted potential vulnerabilities in the U.S. securities market that shortening the standard
settlement cycle and improving institutional trade processing can mitigate.
In the future, it may be beneficial to further shorten the standard settlement cycle beyond T+1. The
proposal solicits comments on potential paths to and challenges associated with achieving a same-
day settlement cycle.
How the Rule