The financial services industry, in coordination with its regulators, is planning to shorten the settlement cycle for equities, corporate bonds, municipal bonds, unit investment trusts, and financial instruments comprised of these security types (e.g. ADRs, ETFs), from the current cycle of trade date plus three business days (T+3) to trade date plus two business days (T+2). The changes are expected to be effective on the trade date of September 5, 2017.
The latest Business Requirements Document is a follow-up to DTCC’s T+2 High-Level Testing white paper that was issued in late February. This document outlines the systems and processing changes required to move to a two-day settlement cycle for DTCC subsidiaries — Omgeo, NSCC and DTC. Clients and participants of these entities are requested to review this document to determine any impact to their respective systems and operational processing.
To view the complete white paper, please click here.