SIFMA Supports Two-Day Settlement for Municipal Securities

SIFMA expressed its "unequivocal" support of the MSRB's proposed amendments to MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers"). The amendments would shorten the securities settlement cycle from T+3 to T+2.

SIFMA also requested that the MSRB:

• amend its rules to specify that the electronic delivery of documents is satisfactory, since firms could find it difficult to deliver paper documents within a two-day settlement period; and
• finalize related changes to MSRB Rules G-12 and G-15 no later than the second quarter of 2016 in order to allow enough time for market participants to implement necessary system and process changes, and to perform tests fully, internally and with other industry participants, prior to the move to T+2 in the third quarter of 2017.