Amendment to Securities Transaction Settlement Cycle

The Securities and Exchange Commission ("Commission') proposes to amend Rule 15c6-1(a) under the Securities Exchange Act of 1934 ("Exchange Act') to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date ("T+3') to two business days after the trade date ("T+2'). The proposed amendment is designed to reduce a number of risks, including credit risk, market risk, and liquidity risk and, as a result, reduce systemic risk for U.S. market participants.