The Securities and Exchange Commission (SEC) published its final rule on February 15, 2023. The rule amends the standard settlement cycle for DTC-eligible trades to T+1 and established May 28, 2024, as the compliance date. The move to T+1 settlement applies directly to SEC-registered broker-dealers and other covered entities within the clearance and settlement process. Operationally, it impacts all market participants because broker-dealers and their infrastructure providers cannot achieve T+1 without earlier trade affirmation, allocation, and funding actions by buy-side and sell-side counterparties.

The settlement period for most U.S. securities traded through the DTC was reduced from T+2 to T+1 on May 28, 2024. 

T+1 applies to most U.S. securities traded through the DTC, unless different terms have been established by the parties to the trade.  

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