FINRA Proposes Changes to Conform Rules to Shortened T+2 Settlement Cycle

SIFMA urged the SEC to adopt a proposal to shorten the settlement cycle for most broker-dealer transactions from three business days after the trade date ("T+3") to two ("T+2").

The MFA endorsed the guidance prepared by the European Securities and Markets Authority on the calibration, publication and reporting of trading halts. The MFA also endorsed the benefits of the SEC's proposed amendment to the securities transaction settlement cycle.

The SEC proposed an amendment that would shorten the standard settlement cycle for most broker-dealer securities transactions from three to two business days after the trade date.

The MSRB's approved amendments (i) defining "regular-way settlement" to mean a two-day settlement cycle for municipal securities after the trade date ("T+2"), and (ii) revising MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements").