The elephant in the room is whether the move to a shorter settlement cycle by the world’s most important market will stop at T+1, or whether it is inevitable that pressure will build to go shorter still.
Shorter means T+0, for same-day settlement. But it could even mean real-time settlement, what parts of the industry refer to as ‘atomic’ settlement to distinguish it from ‘instant’, which more precisely refers to the simultaneous transfer of securities and cash at the time of settlement itself and is a well-established practice.
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