Shortened settlement cycle requires strict trade confirmation and pay-in/pay-out deadlines to streamline market settlements. Implementation of T+2 rolling settlement shortens the settlement cycle effective April 1, 2003 and prescribes firm deadlines: trade confirmations on T+1, processing and downloading of obligation files on T+1, pay-in of securities and funds by mid-morning on T+2, and pay-out by early afternoon on T+2. Depository Participants must accept and execute pay-in instructions within specified cut-offs; depositories must download pay-in files to clearing entities and complete pay-outs by the stated deadlines. Instructions require an execution date and will fail if account balances are insufficient at the pay-in deadline.
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Provisions expressly mentioned in the judgment/order text.
Shortened settlement cycle requires strict trade confirmation and pay-in/pay-out deadlines to streamline market settlements.
Implementation of T+2 rolling settlement shortens the settlement cycle effective April 1, 2003 and prescribes firm deadlines: trade confirmations on T+1, processing and downloading of obligation files on T+1, pay-in of securities and funds by mid-morning on T+2, and pay-out by early afternoon on T+2. Depository Participants must accept and execute pay-in instructions within specified cut-offs; depositories must download pay-in files to clearing entities and complete pay-outs by the stated deadlines. Instructions require an execution date and will fail if account balances are insufficient at the pay-in deadline.
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