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With the May 28 deadline to settle securities within one day approaching in North America, what FX and funding complications could laggards face? And what systemic risks are market participants worried about if settlement fails rise?
In May 2024, securities settlement in the United States, Canada and Mexico will move from two days to one (T+2 to T+1). While the move will, in theory, reduce counterparty and market risk and lower margin requirements, it will have a significant knock-on effect on the global FX markets.
Jason Vitale