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  3. CCMA reaffirms Canadian market鈥檚 commitment to SEC鈥檚 T+1 implementation date
Industry news

CCMA reaffirms Canadian market鈥檚 commitment to SEC鈥檚 T+1 implementation date


17 February 2023 Canada
Reporter: Jenna Lomax

Generic business image for news article
Image: Feng Yu
The Canadian Capital Markets Association (CCMA) has restated that Canada will reduce its standard securities clearing and settlement cycle to T+1 on the same date as the US.

The reaffirmation comes after the U.S. 麻豆传媒 and Exchange Commission (SEC) confirmed 28 May 2024 as the US market鈥檚 "compliance date" for moving to a shorter standard securities settlement cycle.

鈥淭here has been an inadvertent misunderstanding in the US that has led to US statements implying a different T+1 implementation date in Canada,鈥 says Barb Amsden, lead, communications and education at the CCMA.

She adds: 鈥淐anada's position, since 2021, has been that Canada will reduce the Canadian standard securities clearing and settlement cycles to T+1 on the same date as the US鈥.

However, the SEC鈥檚 recently confirmed implementation date (28 May), which is a long weekend commemorating the US Memorial Day, is only a two-day weekend in Canada.

Commenting on this, Amsden says: 鈥淭he CCMA, and other Canadian industry organisations, overwhelmingly recommended an implementation date of Labour Day 2024 (2 September) 鈥 a common US and Canada long weekend.鈥

Despite this, the CCMA has said it will 鈥渃ontinue to work with Canadian and American market participants to replicate past successful settlement-cycle reductions.鈥

The revised settlement compression time of T+1 for the US market was officially proposed by the SEC in February 2022. It ensures securities trades are cleared and settled within one working day. The move will come seven years after T+2 first became the market standard in 2017.
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