The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) are collaborating on efforts to accelerate the U.S. securities settlement cycle from T+2 to T+1. The SEC has officially announced May 28, 2024 as the implementation date for the move to T+1 settlement for transactions in US cash equities, corporates debt, and unit investment trusts.
To help you and your firm prepare for the transition to T+1 or T1, we are providing you with the following updated Equities Clearing and NSCC product-specific content. You should continue to still access the Equities Clearing section of the Learning Center to obtain the current content and process information. We will continue to add updated content to this page over the coming weeks.
T+1 Settlement Cycle Release
The current T+2 settlement cycle is a convention of market practice and shortening that period as regular-way for all market participants will require industry coordination, similar to the change in 2017 from T+3 to T+2. DTCC is prepared to move quickly to accelerate the settlement cycle to T+1 and beyond and has already implemented several key operational enhancements that lay the foundation for this change.
NSCC Primary Market Create/Redeem Functional Requirements
T+1: UTC Common Trade FIX Output Format
ETF T+1: UTC Intraday MRO Trade Capture Data Output File: AutoRoute Production 02081673/Test 02981673
T+1: Obligation Warehouse User Guide
T+1: UTC Input Test Case Scenarios
T+1: UTC Common Trade FIX Input Format
T+1: Universal Trade Capture (UTC) User Guide
T+1: UTC Intraday MRO Trade Capture Data File: AutoRoute 02081673/Test 02981673