BlackRock, BNY see T+1 success in industry collaboration, old frameworks
Industry testing and lessons from the last settlement change from T+3 to T+2 were some of the components that made the May transition run smoothly.
In early 2023, it wasn’t a matter of if the United States would move to T+1 settlement cycles, but when. Would it be Labor Day weekend 2024, the more popular option, or would it be sometime in March, which was less thrilling? In the end, it was neither.
On the Monday following Memorial Day weekend this May, the United States, Canada, and Mexico moved to shorter settlement cycles. Overall, and to some surprise, the move has been hailed as a success.
For BNY, it was the transition in 2017 from T+3
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