Reported 4 months ago
Wall Street has successfully cleared the final major hurdle in transitioning to the faster T+1 settlement system, with trade failures dropping below previous levels. The Depository Trust & Clearing Corp. reported lower fail rates on Monday following the introduction of the new rules by the Securities and Exchange Commission, which shortened the trade completion period from two days to one. The industry's preparation efforts paid off as the transition to T+1 went relatively smoothly, with financial institutions worldwide adapting to the new system through workforce reallocation and process overhauls.
Source: YAHOO