OCC Shortens Settlement Schedule

On Friday, June 9, 2017, the OCC issued a press release notifying banks to prepare for a change in the regular securities settlement cycle taking effect on September 5, 2017. The regular industry settlement cycle for many U.S. securities including equities, corporate and municipal bonds, and unit investment trusts—and financial instruments composed of these products—will be shortened from the third business day after the trade date (T+3) to the second business day after the trade date (T+2).