Effective May 28, 2024, in the U.S., in accordance with SEC rule change, the standard settlement cycle for most broker-dealer transactions in securities will be shortened from two business days after the trade date (T+2) to one (T+1).
Similarly, in Canada, certain amendments to National Instrument 24-101 Institutional Trade Matching and Settlement, first published in December 2022, are expected to be approved and implemented by the relevant Canadian regulators, subject to ministerial approval, on May 27, 2024. The amendments will shorten the standard settlement cycle for equity and long-term debt market trades in Canada from T+2 to T+1, and they are intended to coincide, as much as possible, with parallel changes in the United States.
To support this change, all Cboe U.S. Equities Exchanges will facilitate T+1 testing beginning December 4, 2023, and the two Cboe Canadian…
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