Capco: The Transition To “T + 2” Settlement

For over 20 years, the U.S. securities industry has operated under a T+3 settlement cycle. Not since 1995 when the Securities & Exchange Commission (SEC) Rule 15c6-1 changed the cycle from T+5 to T+3, has the industry undergone settlement cycle reform.

Since then, many global markets spanning Asia and Europe have adopted a T+2 settlement cycle, or are on target to migrate in the next few years; in 2014, Europe moved to a T+2 settlement cycle, making T+2 the standard in most global markets

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