FINRA to Allow Extension Requests to Support Transition to Shortened Settlement Cycle
FINRA updated its Regulatory Extension ("REX") system to support broker-dealers' transition to the shortened standard settlement cycle from two business days (T+2) to one business day (T+1) (see previous coverage).
In a Regulatory Notice, FINRA said that broker-dealers can request extensions via the REX system beginning on May 31, 2024.
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FINRA's Board of Governors approved a rule change to conform FINRA Rules to the SEC's T+1 settlement requirement.
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The SEC adopted a final rule to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date ("T+2") to one business day after the trade date ("T+1").
