Final Rule

Shortening the Securities Transaction Settlement Cycle

Public Comments

Overview

The Securities and Exchange Commission ("Commission') is adopting rule amendments 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'). In addition, the Commission is adopting new rules related to the processing of institutional trades by broker-dealers and certain clearing agencies. The Commission is also amending certain recordkeeping requirements applicable to registered investment advisers.

Prior Actions

Last Reviewed or Updated: May 20, 2025

Details

File Number
S7-05-22
Rule Type
Final
Release Number
34-96930
IA-6239
SEC Issue Date
Effective Date

May 5, 2023

Compliance Date

The applicable compliance dates are discussed in Part VII of this release.

Federal Register Publish Date
Document Citation

88 FR 13872

RIN
3235-AN02