The switch to the system known as T+1 — abandoned in the earlier era as volumes became unwieldy — is ultimately intended to reduce risk in the financial system.
That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules. The change, halving the time it takes to complete every transaction, also occurred in jurisdictions including Canada and Mexico on Monday.
“There’s a lot of dependencies within the industry and there may be some rough patches with individual firms,” said Tom Price, managing director and head of technology, operations, and business continuity for Sifma. “But I’m encouraged that firms are staffing up. They’re making sure folks are not at the beach over the transition period but in the office.”
That was reduced to three in the wake of the 1987 Black Monday crash, and then to two days in 2017 to better reflect the modern market. ADVERTISEMENT CONTINUE READING BELOW The cut to a single day is different because of the size and scale of the market today, the complexity of investment across borders, and the fact the US is leaving many other jurisdictions behind.
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