SEC: Commission Statement On T+2 Implementation

  Read (1182)
SEC: Commission Statement On T+2 Implementation

Tuesday, September 12, 2017  09.05AM / SEC

Last week, on September 5, 2017, the securities industry successfully implemented a shortened settlement cycle for most securities transactions, pursuant to amendments to Rule 15c6-1 that the Commission adopted earlier this year.  The move to a two business day standard settlement cycle – or T+2 – was the product of extensive preparation and coordination among regulators and industry.

This change represents a significant milestone for the securities markets – the standard settlement cycle was last shortened in 1995 when it moved from five business days to three business days.  The first transactions covered by the amended rule settled on September 7, 2017.

The benefits of a shortened settlement cycle extend throughout the financial sector.  The shortened settlement cycle, which was largely enabled by advances in technology, should reduce certain risks in the clearance and settlement process, including credit, market, and liquidity risks for central counterparties, their members, and other market participants.  It also should enhance efficiency by promoting innovation and changes in market infrastructures and operations.

“Last week’s transition to a T+2 standard settlement cycle represents a significant accomplishment,” said SEC Chairman Jay Clayton.  “Going forward, investors and other market participants will be able to receive the proceeds of their securities transactions one day sooner, thereby enhancing the overall efficiency of the U.S. securities markets.  I would like to thank my colleagues, including Commissioners Piwowar and Stein and the staff of the Commission, for their leadership in achieving this important result.”

“Last week, the U.S. securities markets terminated the outdated T+3 settlement cycle and successfully implemented T+2,” said Commissioner Michael Piwowar.  “I applaud the Commission staff and market participants for achieving a smooth transition to a new environment that provides greater efficiency and less risk to the American people.” 

“The shortened settlement cycle benefits investors and contributes to the resiliency of our securities markets,” said Commissioner Kara Stein.  “I look forward to future collaborative efforts as we work together to further enhance our market structure.” 

If you have additional questions about this transition to the T+2 standard settlement cycle, the Commission will continue to maintain the previously-established e-mail address – – for the submission of inquiries to SEC staff.  

Related Materials
Investor Bulletin  

Related News
1.       Implementation of Electronic Certificate of Capital Importation
2.      Exposure Draft of Regulatory Framework for Unstructured Supplementary Service Data
3.      FSB: Key Standards For Sound Financial Systems
4.      The Role Of Boards At Large Financial Firms
5.      US SEC Releases Fee Rate Advisory For Fiscal Year 2018
6.      SEC Issues Final Reminder; Directs all CMOs to Update Registration Information with the Commission
7.      CBN Introduces Funding for Liquidity and Intra-day Facilities for Non-Interest Banks
8.     SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance
9.      CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS)
10.  Outcome of the Second Capital Market Committee Meeting Held on August 15, 2017


Tags: SEC ,  Commission ,  industry ,  securities, 

Comment With Your Facebook or Yahoo! ID

News from the same Category

PMI Reading Rose to 58.5 Points in August from 56.3 Points in July
#NES23 will address issues around employment, productivity and opportunities-Udoma
Alarm Bells As Current Account Surplus Narrows Again
Lagos State Has the Highest Foreign and Domestic Debts as at June 2017
Make Your Research Relevant to National Development, Udoma Charges NISER
September 2017 Headline Inflation Projected at 16.3% YoY

Latest News

Federal Reserve issues FOMC statement
Nigeria Immigration Service Bans Cash Payment at Passport Offices
FirstBank’s Customer Wins Grand Prize in Western Union Mega Promo
Volatile Oil Prices in August
Stamp Duties on Bank Deposits and Transfers: Are There Unresolved Issues?
Naira Depreciated To N370-$ Mid-August in the Parallel Market
Our Network

Proshare Network
Content partnership

News & Events

Special Reports
Events Calendar

The Regulators



Privacy Policy
Terms of use


About us
Advertise with Us
Partner With Us
Contact Us
The Regulator is a market service provided by Proshare Nigeria Limited.

The Upper Room, Plot 1, Lekan Asuni Close, Off Toyin Omotosho Street, Omole Phase II, Isheri LGA, P.O. Box 18782, Ikeja, Lagos, Nigeria. Telephone 0700 PROSHARE (0700- 77674273). Registered in Nigeria. We may record and/or monitor telephone calls or intercept other telecommunications between us. This is to protect both of us and for training purposes.