Sri Lanka to cut settlement cycle from T+3 to T+2 in June
As the US SEC prepares to implement T+1 in less than two weeks, the Colombo Stock Exchange aligns with numerous other markets by shortening its settlement cycle.
As the US SEC prepares to implement T+1 in less than two weeks, the Colombo Stock Exchange aligns with numerous other markets by shortening its settlement cycle.
This marks the first instance of JPM Coin providing settlement capabilities to an external digital platform, and is set to be operational by June 2024.
DTCC has provided updates on affirmation progress, emphasising the drive for operational efficiency, thorough testing, and readiness for the upcoming conversion weekend, with the US transition to T+1 settlement cycle just two weeks away.
Tie-up aims to increase transparency and efficiency in the institutional trading market ahead of T+1 go-live later this month.
The initial recommendations cover the commitment to a T+1 settlement cycle, defining the transition timeline, establishing operational changes, and coordinating with European counterparts, among other key aspects to ensure a smooth transition.
The two firms aim to provide clarity on the ‘predicted to settle’ status of securities trades, helping enable the necessary liquidity for international clients trading US securities.
The Australia Securities Exchange (ASX) calls for industry feedback on a switch to T+1, with a summary to be published in August 2024.
DTCC urges organisations to accelerate their preparations and readiness ahead of the switch next month.
Mexico will transition to T+1 settlement at the end of May 2024, coinciding with the SEC's move to T+1 in the US.
Sumitomo Mitsui Trust is the first Japanese asset manager to adopt the ITP services through Nomura Research Institute’s (NRI) SmartBridge Advance – a collaborative offering built in partnership by DTCC and NRI.