SEC proposes rule amendment to expedite process for settling securities transactions


The Securities and Exchange Commission (SEC) has voted to propose a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date to two business days after the trade date. The proposed amendment is designed to reduce the risks that arise from the value and number of unsettled securities transactions prior to the completion of settlement, including credit, market, and liquidity risk directly faced by U.S. market participants.

SEC Chair Mary Jo White commented:

Today’s proposal to shorten the standard settlement cycle is an important step in the SEC’s ongoing efforts to enhance the resilience and efficiency of the U.S. clearance and settlement system. The benefits of a shortened settlement cycle should extend to all investors, not just those directly involved in the trading, clearing and settling of securities transactions.”

The public comment period will remain open for 60 days following publication of the proposing release in the Federal Register.

To see the full statement, click here.

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SEC proposes rule amendment to expedite process for settling securities transactions

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