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DTCC has worked with the industry over the past 25 years to advance financial markets. Significant operational and technology improvements have occurred, especially since the early 2000s, which makes today a prime opportunity to revisit all these proposals and models and make the push to T+1.

Press Releases:

• February 1, 2024 - DTCC Issues New Affirmation Progress Report and Details Post-Trade Best Practices to Achieve T+1
• February 15, 2023: DTCC Comments on SEC Announcement Regarding the T+1 Implementation Date of May 28, 2024
• August 1, 2022: SIFMA, ICI and DTCC Publish T+1 Implementation Playbook as the Industry Readies for Accelerated Settlement

New Resource Provides Guidance Around Activities, Timelines, Dependencies and Risks Associated with a Move to T+1

• December 1, 2021: SIFMA, ICI and DTCC Lay Out Path to Shorten U.S. Securities Settlement Cycle to T+1

SIFMA, ICI and DTCC today published a report targeting the first half of 2024 to shorten the U.S. securities settlement cycle from trade date plus 2 days (T+2) to trade date plus one day (T+1).

• December 1, 2021: CCMA Confirms Faster Securities Settlement Project in Canada Is a Go

Today, the Canadian Capital Markets Association (CCMA) announced plans to shorten Canada’s standard securities settlement cycle – the simultaneous exchange of securities for certain payment – from two days after trade date (T+2) to one day after trade date (T+1). The target transition timing for the change is within the first half of 2024.

• September 15, 2021: DTCC’s Project Ion Platform Moves to Development Phase Following Successful Pilot with Industry

Industry Bylines / Industry Reports:

• T+1 Affirmation Report (January 31, 2024)
• US Moving to T+1: What are the Critical Priorities for Japanese Investment Managers? – a byline by Yuichiro Araki (December 2023)
• Incoming Regulatory Changes in Post-Trade Present Significant Challenges – a byline by Julie Feaunati (Nov 2023)
• Improving the Settlement Efficiency Landscape in Europe (Nov 2023)
• Don't Delay the Inevitable: T+1 Settlement is Imminent - A byline by Val Wotton (Oct 2023)
• Readying Asia-Pacific Firms for T+1 Testing - a byline by Val Wotton (Sep 2023)
• T+1 is Looming: What Do Hedge Funds Need to Do to Be Ready?- A byline by Val Wotton (Aug 2023)
• Industry Preparedness For Accelerated Settlement (July 2023)
• Shortening The Settlement Cycle: Then And Now In Asia – a byline by Joseph Capablanca (June 2023)
• Take 5 Podcast-Tackling T+1 Together (May 2023)
• Operationalizing T+1: Global Key Findings (Mar 2023)

  In anticipation of the acceleration of the U.S. securities settlement cycle from T+2 to T+1, DTCC partnered with the Canadian Depository for Securities (CDS) with the support of the Association for Financial Markets in Europe (AFME), the Canadian Capital Markets Association (CCMA) and ISITC to sponsor ValueExchange survey that explores industry readiness and emerging challenges tied to the new regulatory requirement across critical segments of the trade lifecycle.

• Building the Settlement System of the Future – a byline by Michele Hillery (Nov 2021)
• Enhancing the U.S. Equities Settlement System – a byline by Michele Hillery (Oct 2021)
• Making the Case for Accelerated Settlement: Reducing Risk and Cost – a byline by Michael Bodson, responding to a column in The Economist (Oct 2021)
• The Importance of Accelerating Settlement – a byline by John Abel (Oct 2021)
• Achieving Optimal Us Securities Settlement Window – a byline by Michele Hillery (Sept 2021)
• Accelerating Settlement: Why T+1 Is the Right Approach at This Time – a byline by Michael Bodson (Aug 2021)
• Accelerated Settlement & Achieving Automation – a byline by Sean McEntee (July 2021)
• U.S. Settlement Cycle Myth Buster – a byline by Michele Hillery (June 2021)
• Accelerating Settlement to Reduce Risks and Costs Requires Careful Choreography – a byline by Michael Bodson (April 2021)

DTCC Connection Articles:

• December 7, 2023 - FMI Focus: Canada, U.S. and Mexico’s Move to T+1
• December 5, 2023 - Managing the Foreign Exchange Implications of T+1
• November 29, 2023 - Future-Proofing FX for T+1 and Beyond
• November 6, 2023 - Assessing the Current Settlement Efficiency Landscape
• October 23, 2023 - Understanding the Regional Impact for T+1
• October 19, 2023 - TabbFORUM and DTCC at Sibos: Next-Day Settlement
• October 13, 2023 - With T+1, Resiliency Becomes Even More Profoundly Important
• October 6, 2023 - What Is the T+1 Transition?
• October 2, 2023 - T+1: The Impact of One - and Only One - Day to Settle Securities
• October 2, 2023 - DTCC TV: Getting Ready for T+1
• September 8, 2023 - T+1: How the Shortening of the USA Settlement Cycle May Impact APAC
• September 6, 2023 - Early Indicators Point to T+1 Testing Success
• August 23, 2023 - Heard at Ops: Transitioning to T+1 with Bob Walley
• August 14, 2023 - Industry’s T+1 Testing Window Opens
• August 8, 2023 - Preparing Mutual Funds Clients for T+1 Impact
• Juy 10, 2023 - T+1 Implementation Countdown
• May 30, 2023 - The Road To U.S. T+1 Settlement
• May 24, 2023 - Get Ready For May 28, 2024: Top Five Things To Do Now
• May 5, 2023 - T+1 Readiness: Using CTM’S M2I Workflow For Automation
• March 22, 2023 - Accelerating to T+1: Industry Readiness
• March 6, 2023 - Accelerating to T+1: A Global Custodian's Perspective
• February 16, 2023 - FMI in Focus: T+1 & Market Readiness in APAC
• Feburary 8, 2023 - Accelerating to T+1: Global Buy-Side Perspectives
• February 7, 2023 - FMI in Focus: T+1 & Market Readiness
• January 23, 2023 - DTCC Ramps Up Industry T+1 Testing
• January 3, 2023 - Understanding the Drivers and Impact of Global T+1 Settlement
• The Move Towards T+1 And Its Impact on The Post-Trade Industry – highlights from ISITC Fall Forum (Sept 2021)
• PROJECT ION: Building the Settlement System of The Future (Sept 2021)
• Clearing Up the Settlement Process (Aug 2021)
• Evolution to An Accelerated Settlement Cycle – Highlights from Murray Pozmanter’s panel at SIFMA FMS Virtual Conference (June 2021)
• Leading the Industry to Accelerated Settlement – panel discussion with Shane Swanson, Head of Equities Practice, Market Structure & Technology at Greenwich Associates, and Craig Messinger, CEO of Virtu Americas LLC, Michael McClain, Managing Director and General Manager of Equity Clearing and DTC Settlement Services, DTCC, and Murray Pozmanter, Head of Clearing Agency Services and Global Business Operations, DTCC (April 2021)
• Will Blockchain Revolutionize Clearance and Settlement? – a gallery (March 2021)
• 25 Years of Advancing Settlement – a gallery (March 2021)
• Advancing Together: Leading the Industry to Accelerated Settlement (Feb 2021)
• What You Need to Know About Real Time Settlement (Feb 2021)
• The Value of Financial Market Infrastructures - A Q&A with Murray Pozmanter (Feb 2021)

Other Articles & Content:

• Navigating T+1: ALERT’s Automation and Risk Reduction in Focus (December 2023)
• How ITP is Supporting Accelerated Settlement Across the Globe (November 2023)
• How T+1 Will Impact the Buy Side (October 2023)
• SIA Partners: T+1 Accelerated Settlement: DTCC Proposal Highlights & Lessons Learned from T+2
• JDSUPRA: DTCC Proposes Path to T+1 Settlement Cycle in Two Years
• Financial Technologies Forum News: No Showstoppers for T+1 Overhaul: ISITC Panel
• The Economist (October 23, 2021) - Why it matters when trades settle
• Sibos Insider Blog – Enhancing the US Equities Settlement System (byline by Michele Hillery)
• Traders Magazine - Building the Settlement System of the Future (byline by Michele Hillery)
• SIFMA: A Shorter Settlement Cycle: T+1 Will Benefit Investors and Market Participant Firms by Reducing Systemic and Operational Risks
• SIFMA: Shortening the Settlement Cycle
• SIFMA: Accelerating Settlement: A Conversation with SIFMA and DTCC
• BusinessInsider: Here's why it's time to shorten the settlement cycle for US stocks
• WSJ: Clearinghouse Urges Faster Trade Settlement Amid GameStop Scrutiny

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