After more than three years of preparation, the U.S. securities settlement cycle has accelerated from T+2 to T+1 as of May 28, 2024.
ESI’s trading and execution partners (primarily NFS and Envestnet) have been working diligently to implement the shortened settlement cycle into all systems across impacted security types. Extensive industry testing has been conducted over a long period of time to confirm readiness.
A message will be input on monthly account statements for NFS customers in June and July that informs them of the reduced settlement time and directs them to their account representative with any questions.
Timeline
- Eligible securities traded prior to May 28th will settle on a T+2 basis.
- Eligible securities traded after May 28th will settle on a T+1 basis. A transaction executed on Tuesday, May 28th will settle with a settle date of Wednesday, May 29th.
Questions
If you have detailed questions regarding this initiative, please see the DTCC FAQ’s posted at their website.
TC142139(0524)1