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SHORTENING THE SETTLEMENT CYCLE
2014
EU begins to move to T+2 on
October 6th
US T+2 effort
discovery and
analysis phase
2012
EU decides to move to
T+2 settlement in 2014
2008
Global financial crisis spurs
regulations to reduce systemic
and operational risk
2004
SEC concept release on improving
operational efficiency of
settlement and clearing
2012
DTCC commissions cost benefit
analysis of move to T+1 or T+2
Focus on
shortening the
settlement cycle
to T+2
Emphasis on
enabling STP
Discussions on
shortening the
settlement cycle
to T+2 or T+1
1987
Market disruptions drive
analysis on shortening the
settlement cycle
2014
Industry associations expressed
support for move to T+2
2011
Hong Kong introduces T+2 Finality
on July 25th
Late 90’s
Industry discussions continue on
further shortening the settlement cycle
1995
SEC Rule 15c6-1 mandates T+3
settlement for a variety of asset classes
Focus on im-
proving clearing
and settlement
for the move to
T+3
Summer 2017
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