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ARTICLE · 07 APRIL 2017

T+2 Settlement For Securities Trades Begins September 5

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The U.S. securities trading settlement cycle will shorten from T+3 to T+2 (the trade date plus two business days) beginning on September 5, 2017.

CanadaCorporate/Commercial Law
Andrew Beck
Andrew Beck
Mile T. Kurta
Mile T. Kurta
Rima Ramchandani
Rima Ramchandani
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The U.S. securities trading settlement cycle will shorten from T+3 to T+2 (the trade date plus two business days) beginning on September 5, 2017. For cross-border consistency, the Canadian market is expected to adopt a T+2 settlement cycle on the same date. Financial markets participants in both jurisdictions have prepared extensively and are generally supportive of a shorter settlement cycle in light of global market practices as well as technological advancements in trading and the potential to reduce risk and increase liquidity. The SEC has also undertaken to consider and report within three years on a possible move to an even shorter settlement cycle.

Impact on Underwritten Public Offerings

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