Earlier this week, Securities and Exchange Commission Chair Gensler issued a statement regarding the move to a T+1 settlement cycle, which will occur just after the Memorial Day weekend, on Tuesday, May 28, 2024 in the United States. The transition in Canada will take place on Monday, May 27, 2024.
Chair Gensler reiterated his view that, “[s]hortening the settlement cycle also will help the markets because time is money and time is risk. It will make our market plumbing more resilient, timely, and orderly. Further, it addresses one of the four areas the staff recommended the Commission address in response to the GameStop stock events of 2021.”
His statement included links to the materials published by the Staff, including a risk alert, responses to frequently asked questions, and an Investor Bulletin.
Market participants have been relying on SIFMA and its resources, available here.