The MSRB announced that municipal securities transactions will transition to a "regular-way settlement" cycle of two days ("T+2") on September 5, 2017. This effective date is consistent with the transition of the broader industry to a T+2 regular-way settlement.
On April 29, 2016, the SEC approved amendments to MSRB Rules G-12 and G-15. At the time of the approval, the MSRB stated that the compliance date would not be announced until the SEC made corresponding amendments to Exchange Act Rule 15c6-1. The SEC adopted amendments to Rule 15c6-1 on March 22, 2017.
The T+2 cycle is expected to improve capital efficiency and reduce risk.
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