T+1 Transition and Readiness

T+1 Transition
and Readiness

The securities industry has been evaluating an accelerated settlement cycle, from the current two-day (T+2) cycle to a one-day (T+1) cycle.

 

On February 15, 2023 The Securities and Exchange Commission (SEC) announced that the deadline for transition to T+1 will take place on May 28, 2024. This means that before this date all industry and market participants must make and test the necessary operational changes and technological upgrades required to settle trades in one day.

 

This acceleration of the settlement cycle could have a significant impact on the capital markets and supporting market infrastructure, particularly for settlement functions and technologies in the U.S. and Canada, with other jurisdictions anticipated to also be drawn into scope.


T+1 Information Series

BNY Mellon experts take a deeper dive, highlighting observations and insights throughout the various phases of this global transition.


T+1 Accelerated Settlement | Frequenty Asked Questions

Frequently Asked Questions

Learn more about T+1 and the key changes that are happening in the markets, including answers to many common questions our clients and counterparties are asking. Updated December 2023.


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Key Insights

T+1 poses specific challenges for financial institutions in the Asia Pacific region. On March 7, 2024, BNY Mellon experts across our foreign exchange, custody and securities lending businesses will come together on a webcast to discuss these impacts.


What does T+1 mean for FX trading and securities lending? Replay our webcast featuring experts from BNY Mellon and the Value Exchange. We share industry perspectives, discuss the operational challenges and talk through some potential fixes. 


Our recent webcast on Industry and Operational Readiness Ahead of the T+1 Transition featured a panel discussion with industry experts from BNY Mellon and the Depository Trust and Clearing Corporation (DTCC), sharing their outlook and perspectives on the T+1 transition and potential Custody and FX impacts. Discussion topics included: global operational impacts across trade lifecycle and time zones; BNY Mellon’s preparations to ensure consistent client support through the transition and BNY Mellon’s insights on Custody for 2024 and beyond.


Watch a replay of BNY Mellon's Christos Ekonomidis and other industry experts on a T+1 Webinar hosted by Deloitte on Wednesday July 19. The discussion included the transition of T+1, testing participation, client outreach and readiness activities for firms.



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