Gary Gensler, the chair of the United States Securities and Exchange Commission, said on Friday that the redesign of the settlement cycle for U.S. securities has gone successfully this week and that all deals have settled.
On Tuesday, in order to comply with a regulation change that was established by the Securities and Exchange Commission in February, trading of stocks, corporate and municipal bonds, and other securities in the United States changed to a one-day settlement cycle (T+1) from a two-day settlement cycle (T+2).
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“The historic conversion from T+2 to T+1 has gone smoothly thus far,” Gensler stated in a statement that was sent out on Friday. “We remain in close contact with the clearing houses and other market participants as we continue to monitor the transition ahead of increases in trading volumes expected this afternoon.”
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